BHARAT FORGE = RESULTS = FOR Q3 FY 2011 = QTR ENDNING DECEMBER,2010 = NET PROFIT UP BY 118% = EXCELLENT GROWTH

Bharat Forge Limited

NSE Symbol BHARATFORG

BHARAT FORGE has reported excellent results for Q3 FY2011 ending December, 2011.

NET SALES : is Rs.754 cr – up by 7.68% from Q2 FY11; by 23.91% from Q1 FY11; by 37.98% from Q4 FY11; and up by a good 52.07% from Q3 FY 2010.

Profit from Operations is Rs.139 – up by      11.08% from Q2 FY11; by 24.2% from Q1 FY11; by 44.3% from Q4 FY10; and up by a huge 77.79% from Q3 FY10.

Net Profit is Rs.83 Cr – up by 21.24% from Q2 FY11; by 39% from Q1 FY11; up by 34.85% from Q4 FY 10; and up by a fantastic 117.45% from Q3 FY 10.

Basic EPS on a Face Value of Rs.2 is Rs.3.55 against  Rs.2.93 in Q2 FY11; Rs.2.59 in Q1 FY 11; Rs.2.76 in Q4 FY 10; and Rs.1.7 in Q3 FY 10.

CMD B N Kalyani said, “With strong performance from both Indian and international operations, this quarter has been significant. The company is clearly back on the growth path and expects growth to continue with the recovery in the North American and European automotive markets. It is on track with its strategy of increasing revenues and gaining significant market share from the non-automotive sectors.”

Results table :

Bharat Forge	31-Dec-10	30-Sep-10	30-Jun-10	31-Mar-10	31-Dec-09
Net Sales	75402	70023	60850	54649	49585
DIF %1	754	7.68	23.91	37.98	52.07
Other Oprtg Income	2294	1845	2159	1588	1196
Incr./decr. in SIT / WIP	1548	-1341	-3101	-2291	-187
Raw Materials	33827	34412	31161	26893	22712
Employees Cost	5183	4892	4565	3468	3729
Depreciation	4962	4899	4682	4428	4091
Other Expenditure	18278	16494	14512	14108	12619
Total Expenditure	63798	59356	51819	46606	42964
Profit from Operations	13898	12512	11190	9631	7817
DIF %2	139	11.08	24.2	44.3	77.79
Other Income	1256	858	1014	1204	915
Interest	3014	3197	2993	2611	2675
Exceptional Items	-	-	423	65	293
Tax expense	3879	3359	2845	2033	1965
Net Profit	8261	6814	5943	6126	3799
DIF %3	83	21.24	39	34.85	117.45
Dividend (%)	-	-	-	50	-
Face Value (In Rs	2	2	2	2	2
Paid Up Equity	4657	4657	4657	4454	4454
Basic EPS	3.55	2.93	2.59	2.76	1.7
Diluted EPS	3.48	2.93	2.59	2.76	1.7
Public holding (%)	57.94	57.94	57.94	56.03	56.11

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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 3^rd 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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