Saturday, January 28, 2012

Bharat Heavy Electricals Limited - BHEL - QTRLY RESULTS - Q3 FY 2012 - 3rd Q /E DEC,2011 - NET SALES UP 19.2%; NPT UP 2.1% YoY


Bharat Heavy Electricals Limited
NSE Symbol        BHEL
BHEL has declared its results for the third quarter ending Dec,2011.

Net Sales in Q3 FY 11 (Current Quarter) stands at Rs.10547.97 cr – up by 2.42% from Q2 FY 12; up by 48.03% from Q1 FY 12 and up by 19.2% from Q3 FY 11. 

In the manner of sales operations of BHEL, Sales happen in no fixed sequence. 4th Quarter seems to be usually Higher than other quarters. In the table below, the last year 4th Quarter also is furnished. 

Though Sales are increasing marginally from Quarter to Quarter, the huge order Book is not really translating into huge sales.

Other Operating Income stands at Rs.195.11 cr – down by -20.99% from Q2 FY 12; up by 33.84% from Q1 FY 12; and up by 12.1% from Q3 FY 11.

Raw Materials consumption stands at Rs.6488.24 cr – down by -1.18% from Q2 FY 12; up by 41.65% from Q1 FY 12; and up by 27.58% from Q3 FY 11.

Other Expenditure     stands at Rs.1311.25 cr – up by 17.16% from Q2 FY 12; up by 85.39% from Q1 FY 12; and up by 65.32% from Q3 FY11.

Total Expenditure stands at Rs.8848.77 Cr in Q3 FY 12 – up by 0.84% from Q2 FY 12; Up by 39.81% from Q1 FY 12; and up by  24.7% from Q3 FY 11.

Profit from Operations stands at Rs.1894.31 cr in Q3 FY 12 – up by 7% from Q2 FY 12; up by  101.03% from Q1 FY 12; but down by  -1.7% from Q3 FY 11.

Other Income stands at Rs.196.02 cr in Q3 FY 12; down by -10.84% from Q2 FY 12; down by -21.17% from Q1 FY 12; but up by  28.17% from Q3 FY 11.

Profit before tax (after adding other income and reducing Interest expense) comes to Rs.2075.83 cr – up by 4.81% from Q2 FY 12; up by 75.59% from Q1 FY 12; and up by 0.5% from Q3 FY 11.

Tax expense      stands at Rs.643.22 cr – up by          13.13% from Q2 FY 12; up by 75.43% from Q1 FY 12; and down by  -2.87% from Q3 FY 11.

Net Profit stands at Rs.1432.61 cr – up by 1.46% from Q2 FY 12;  up by 75.67% from Q1 FY 12; and up by 2.09% from Q3 FY 11.

Margin declined at 19.37% in the quarter ended December FY12 versus 22.96% in the corresponding quarter of last fiscal. 

As is known for some time, there is competition for domestic Electrical equipment makers – from Chinese manufacturers. Both BHEL and L&T  had voiced this to the Government periodically. There is need to neutralize the unfair advantage enjoyed by Chinese Manufacturers in many such fields – to protect the qualitatively more conscious Domestic Manufacturers.

Face Value  of the share is Rs.2.  Paid Up Equity stands at Rs.489.52 Cr.

Basic EPS stands at Rs.5.85 on a FV of Rs.2 in Q3 FY 12; and Rs.28.85 in Q2FY12 and Rs.16.66 in Q1 FY 12  on a FV of Rs.10. The same in Q3 FY 11 is Rs.28.67.

The annualized EPS will be Rs.5.85 x 5 = 29.25 For  FV of Rs.10 x 4 =117 for FV of Rs.10. or 5.85 x 4 = 23.4 for FV of Rs.2.

The current Market Price is Rs.273.45 and the 52 week high price  is Rs.2313 (on FV of Rs.10) and the 52 week low price  is Rs.223.35.

The Price Earnings Ratio on this basis is 11.69. Considering the order Book of BHEL, its future is bright – and good upside is possible on this price for medium to long term Investors.

RESULTS TABLE

B H E L
31-Dec-11
30-Sep-11
%DIF1
30-Jun-11
%DIF2
31-Mar-11
31-Dec-10
%DIF3
Net Sales
1054797
1029856
2.42
712568
48.03
1792143
884927
19.2
Other Oprting Income
19511
24695
-20.99
14578
33.84
45907
17405
12.1
Increase in SIT / WIP
-47454
-44785
5.96
-43059
10.21
66695
-27590
72
 Raw Materials
648824
656582
-1.18
458056
41.65
829319
508569
27.58
Employees Cost
133768
134914
-0.85
130095
2.82
145991
134866
-0.81
Depreciation
18614
18881
-1.41
17091
8.91
13844
14469
28.65
Other Expenditure
131125
111920
17.16
70731
85.39
366685
79317
65.32
Total Expenditure
884877
877512
0.84
632914
39.81
1422534
709631
24.7
Profit from Operations
189431
177039
7
94232
101
415516
192701
-1.7
Other Income
19602
21986
-10.84
24865
-21.17
16343
15294
28.17
Interest
1450
964
50.41
880
64.77
3050
1447
0.21
Profit before tax
207583
198061
4.81
118217
75.59
428809
206548
0.5
Tax expense
64322
56858
13.13
36666
75.43
149005
66225
-2.87
Net Profit
143261
141203
1.46
81551
75.67
279804
140323
2.09
Face Value (In Rs
2
10

10

10
10

Paid Up Equity
48952
48952
0
48952
0
48952
48952
0
Basic EPS
5.85
28.85

16.66

57.16
28.67

Public holding (%)
32.28
32.28
0
32.28
0
32.28
32.28
0

 *  *  *  E  N  D  *  *  *

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