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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