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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