Sunday, December 25, 2011

BHEL=BHARAT HEAVY ELECTRICALS LTD=RESULTS FOR = 2ND QUARTER ENDING SEPT 2011=Q2 FY2012 = ALWAYS A GREAT BUY


BHARAT HEAVY ELECTRICALS LTD

RESULTS FOR Q2 FY 2012
QTR ENDING SEPT, 2011


BHEL has performed well in the second quarter ending Sept, 2011.

Net Sales in Q2 FY 12 comes to Rs.10298.56 cr – against Rs.7125.68 cr in Q1 FY 12 , an increase of  44.53% - and against Rs.8328.41 Cr in Q2 FY 11, an increase of 23.66%.

Raw Materials consumption comes to Rs.6565.82 cr in Q2 FY 12 – against Rs.4580.56 Cr in Q1 FY 12, an increase of 43.34% - and against Rs.5357.21 cr in Q2 FY 11, an increase of 22.56%.

Other Expenditure comes to  Rs.1119.20 cr in Q2 FY 12 – against Rs.707.31 cr in Q1 FY 12, an increase of 58.23% - and against Rs.630.11 cr in Q2 FY 11, an increase of 77.62%

Total Expenditure comes to Rs.8775.12 cr  in Q2 FY 12 – against Rs.6329.14 cr in Q1 FY 12, an increase of 38.65% - and against Rs.6992.36 cr in Q2 FY 11, an increase of 25.5%.

Profit from Operations has increased to Rs.1770.39 cr  in Q2 FY 12 – against Rs.942.32 cr in Q1 FY 12, an increase of 87.88% - and against Rs.1498.29 cr in Q2 FY 11, an increase of 18.16%.

Profit before tax has increased to Rs.1980.61 cr in Q2 FY 12 – against Rs.1182.17 cr in Q1 FY 12, an increase of 67.54% - and against Rs.1654.35 crin Q2 FY 11, an increase of 19.72%

Net Profit has increased  to Rs.1412.03 cr in Q2 FY 12 – against Rs.815.51 cr in Q1 FY 12 – an increase of 73.15% - and against Rs.1142.28 cr in Q2 FY11, an increase of 23.62%.

Basic EPS on a FV of Rs.10 comes to a decent Rs.28.85 in Q2 FY 12, against Rs.16.66 in Q1 FY 12, and against Rs.23.33 in Q2 FY 11.

Thus, for the first half year, the EPS amounts to Rs.28.85 + Rs.16.66 =  Rs. 45.51. Last year, the 2nd half had a EPS of Rs. 57.16 + 28.67 =85.83. If we assume the same second half EPS as last year, the annual EPS for current year should come to around Rs.131.  Current MP is Rs.245.40 – with the 52 week high price being Rs.2363 and  52 week low price being Rs.223.35 .But, current FV of each share is revised to Rs.2 from October 2011 onwards by sub dividing the earlier Face value of the share of Rs.10. 

BHEL is always a GOOD BUY for medium to Long term Investment.

ANNOUNCEMENTS TO NSE

14-11-2011        Bharat Heavy Electricals Limited had informed the Exchange regarding for setting up of "Power Equipment Fabrication Plant". The Company has now informed the Exchange that In terms of the in-principle approval given by the Board in its meeting held on November 14, 2011 the plant will now be set up in Bhandara district, Maharashtra.
14-11-2011        standalone Results for the quarter ended on 30-SEP-2011 as follows: Net Sales of Rs. 1029856 lacs for quarter ending on 30-SEP-2011. Net Profit / (Loss) of Rs. 141203 lacs for the quarter ending on 30-SEP-2011.         -
20-09-2011        Bharat Heavy Electricals Limited has fixed October 04, 2011 as the Record date for the purpose of Sub-division of existing equity shares of face value of Rs. 10/- each into 5 equity shares of face value of Rs. 2/- each.
26-07-2011        standalone Results for the quarter ended on 30-JUN-2011 as follows: Net Sales of Rs. 712568 lacs for quarter ending on 30-JUN-2011 against Rs. 647969 lacs for the quarter ending on 30-JUN-2010. Net Profit / (Loss) of Rs. 81551 lacs for the quarter ending on 30-JUN-2011 against Rs. 66765 lacs for the quarter ending on 30-JUN-2010.
23-05-2011        The Board at its meeting held on May 23, 2011, have recommended Final Dividend @ 179% (Rs.17.90 per share) on the Paid-up share capital of the Company for the year 2010-11.  
23-05-2011        standalone Results for the year ended on 31-MAR-2011 as follows: Net Sales of Rs. 4157880 lacs for year ending on 31-MAR-2011 against Rs. 3288030 lacs for the year ending on 31-MAR-2010. Net Profit / (Loss) of Rs. 601120 lacs for the year ending on 31-MAR-2011 against Rs. 431064 lacs for the year ending on 31-MAR-2010.
23-05-2011        consolidated Results for the year ended on 31-MAR-2011 as follows: Net Sales of Rs. 4186733 lacs for year ending on 31-MAR-2011 against Rs. 3317334 lacs for the year ending on 31-MAR-2010. Net Profit / (Loss) of Rs. 605336 lacs for the year ending on 31-MAR-2011 against Rs. 432692 lacs for the year ending on 31-MAR-2010.

RESULTS  TABLE

BHEL
30-Sep-11
30-Jun-11
% DIF
31-Mar-11
31-Dec-10
30-Sep-10
% DIF
Net Sales
1029856
712568
44.53
1792143
884927
832841
23.66
Other Operting Income
24695
14578
69.4
45907
17405
16224
52.21
Increase in SIT / WIP
-44785
-43059
4.01
66695
-27590
-39315
13.91
Raw Materials
656582
458056
43.34
829319
508569
535721
22.56
Employees Cost
134914
130095
3.7
145991
134866
126409
6.73
Depreciation
18881
17091
10.47
13844
14469
13410
40.8
Other Expenditure
111920
70731
58.23
366685
79317
63011
77.62
Total Expenditure
877512
632914
38.65
1422534
709631
699236
25.5
Profit from Operations
177039
94232
87.88
415516
192701
149829
18.16
Other Income
21986
24865
-11.6
16343
15294
16199
35.72
Interest
964
880
9.55
3050
1447
593
62.56
Profit before tax
198061
118217
67.54
428809
206548
165435
19.72
Tax expense
56858
36666
55.07
149005
66225
51207
11.04
Net Profit
141203
81551
73.15
279804
140323
114228
23.62
Face Value (In Rs
10
10
0
10
10
10
0
Paid Up Equity
48952
48952
0
48952
48952
48952
0
Basic EPS
28.85
16.66
73.17
57.16
28.67
23.33
23.66
Public holding (%)
32.28
32.28
0
32.28
32.28
32.28
0

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2 comments:

  1. Hello Sir,
    NIce analysis. Your EPS numbers are before split. Hence the CMP should be multiplied by 5 which comes to Rs 1175. Hence the stock is trading at 8xFY12 earnings which is quite attractive. There is every chance for the stock to be doubled.
    Regards
    Srinath

    ReplyDelete