“We are on track to become a $10 billion to $11 billion turnover company by 2011-12 in line with our strategic plan,” BHEL Chairman & Managing Director B Prasada Rao told reporters here announcing the company’s results for 2009-10. BHEL’s annual turnover ballooned to Rs 34,050 crore during 2009-10 compared to Rs 28,033 crore in 2008-09 posting a growth rate of 21 per cent.

On BHEL’s proposed foray into production of defence items Rao said “talks are on for supplying certain type of equipment for the armed forces.” BHEL is working on supplying heavy duty 127-mm guns for the Indian Navy. BHEL is already supplying 76-MM guns to Navy.

Besides, BHEL is looking at business opportunities by supplying high-tech offshore oil rigs for oil and gas explorer. On BHEL’s investment plan, he said “BHEL has developed the capacity to deliver 15,000 MW of power equipment per annum. We plan to enhance it to 20,000 MW by 2012. We may make an additional investment of Rs 1600 crore for this. We will raise the necessary resources internally.”

BHEL made a capital investment of Rs 1,767 crore during 2009-10 to augment its manufacturing capacity. It spent Rs 1,082 crore in 2008-09 for capacity expansion. BHEL secured orders worth Rs 59031 crore in 2009-10. At the end of 2009-10 BHEL’s total orders in hand for executiuon in 2010-11 and beyond stand at Rs 1,43,800 crore.  BHEL posted a jump of 36.61 per cent in its net profit to Rs 4,287 crore during  2009-10. It made a net profit of Rs 3,138 crore during 2008-09.