Saturday, January 22, 2011

BHARAT HEAVY ELECTRICALS LTD (BHEL) = Q3 FT 2011 RESULTS = FOR QTR ENDIGN DECEMBER 2010 = NET PROFIT UP 31% = BRIGHT FUTURE AHEAD


Bharat Heavy Electricals Limited
NSE Symbol       BHEL

BHEL has produced EXCELLENT RESULTS for 3rd qtr ending December,2010.

NET SALES :is Rs.8849 cr – up by 6.25% from Q2; Up by 36.57% from Q1; down by 34.74% from Q4 of FY10; and up by 24.63% from Q3 of FY10.

Profit from operations : is Rs.1927 Cr – up by 28.61% from Q2; Up by 129.92% from Q1; Down by 28.84% from Q4 of FY10; and up by 32.18% from Q3 of FY10.

Net Profit : is Rs.1403 Cr – up by 22.84% from Q2; up by 110.17 % from Q1; down by 26.52% from Q4 of FY10 ; and up by 30.83% from Q3 of FY10.

BASIC EPS : is Rs.28.67 – up by 22.89% from Q2; up by 110.19% from Q1; down by 26.51% from Q4 of FY10; and Up by 30.85% from Q3 of FY10.

CURRENT MP: IS RS.2220. The annual EPS is likely to be around Rs.95 Plus. Last year, the Q4 EPS was the highest. If that repeats, which is likely, EPS could be much above Rs.100. Thus, PE ratio is around 22.

OTHER DETAILS :

BHEL maintains growth momentum; Cumulative order book at record Rs.1,580,000 Million

BHEL’s turnover has increased by three times and net profit by four times in the last five years.

With a highest-ever order book position of Rs.1,580,000 Million at the end of the third quarter, the company expects to achieve robust growth in 2010-11 and beyond.

BHEL paid an equity dividend of 233% on the enhanced equity capital post-bonus for fiscal 2009-10, as against 170% paid in the year before. At Rs.11,410 Million, this was the highest-ever dividend payout by the company so far.

BHEL has established the capability to deliver 15,000 MW per annum and further augmentation to 20,000 MW per annum is underway.

Thus, while current performance is excellent, it can further improve in coming quarters.


RESULTS IN NUMBERS :

BHEL
31-Dec-10
30-Sep-10
30-Jun-10
31-Mar-10
31-Dec-09
Net Sales
884927
832841
647969
1355910
710034
DIF %1
8849
6.25
36.57
-34.74
24.63
Other Operating Income
17405
16224
12135
38555
12888
Increase/decrease in SIT /WIP
-27590
-39315
-12525
-2475
-55319
Raw Materials
508569
535721
393461
805204
449481
Employees Cost
134866
126409
133775
174336
122693
Depreciation
14469
13410
12689
16469
10381
Other Expenditure
79317
63011
48891
130119
49898
Total Expenditure
709631
699236
576291
1123653
577134
Profit from Operations
192701
149829
83813
270812
145788
DIF %2
1927
28.61
129.92
-28.84
32.18
Other Income
15294
16199
16345
20798
19329
Interest
1447
593
383
1780
690
Tax expense
66225
51207
33010
98872
57168
Net Profit
140323
114228
66765
190958
107259
DIF %3
1403
22.84
110.17
-26.52
30.83
Dividend (%)
-
-
-
123
110
Face Value (In Rs
10
10
10
10
10
Paid Up Equity
48952
48952
48952
48952
48952
Basic EPS
28.67
23.33
13.64
39.01
21.91
DIF %4
28.67
22.89
110.19
-26.51
30.85
Public holding (%)
32.28
32.28
32.28
32.28
32.28


21-01-2011             Bharat Heavy Electricals Limited has informed the Exchange regarding the standalone Results for the quarter ended on 31-DEC-2010 as follows: Net Sales of Rs. 884927 lacs for quarter ending on 31-DEC-2010 against Rs. 710034 lacs for the quarter ending on 31-DEC-2009. Net Profit / (Loss) of Rs. 140323 lacs for the quarter ending on 31-DEC-2010 against Rs. 107259 lacs for the quarter ending on 31-DEC-2009.

25-11-2010             Bharat Heavy Electricals Limited has informed the Exchange that the Board of Directors, in its meeting held on November 25, 2010 has accorded in-principle approvals for the following: "(1) Setting up of a new BHEL plant as "Power Equipment Fabrication Plant" at Latur, Maharashtra. (2) Forwarding the proposal for initiating the process of merger of Bharat Heavy Plate & Vessels Ltd. (a wholly owned subsidiary of BHEL) with BHEL, to Department of Heavy Industry (DHI). The merger shall be subject to obtaining necessary approvals from appropriate authorities."

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