BHEL - FY10 &Q4 -EXCELLENT RESULTS - HEALTHY ORDER BOOK & MOUs

B H E L LIMITED

FY10 VS FY 09 RESULTS

COMPARISON

BHEL has performed excellently in FY 10 over the previous year FY 09.

Net sales on Non-consolidated / stand alone basis has improved from Rs.26234 cr to Rs.32880 Cr, by 25.33 percent YOY.

Total Expenditure has however gone up by only 21.99 percent YOY  to Rs.27773 Cr  in FY 10 from  Rs.22767 Cr in FY 09

Net Profit  has therefore up by 37.36 percent on stand alone  basis  to Rs.4311 Cr in FY 10 from Rs.3138 Cr in FY 09. 

The stand alone Basic EPS has gone up superbly to Rs.88.06 in FY 10  from Rs.64.11 in FY 09, on the Face value of Rs.10 - an increase of 37.36% YOY.

The consolidated Basic EPS also approximately the same at Rs.88.39, up from Rs.63.64 YOY – an increase of 38.89 percent.

Dividend  has been increased to 233 percent in FY 10 from 170 percent last year.       

The quarterly results indicate excellent progress in Q4 of FY 10 compared to Q3 and also Q4 of FY 09.              

Net Sales have increased in Q4 of FY 10 by 91 percent QOQ and 29 percent compared to Q4 of FY 09.

Net Profit  has increased likewise  in Q4 of FY 10 to Rs.1910 Cr  from Rs.1073 Cr in Q3 (by 78 percent); and from  Rs.1347 Cr in Q4 of FY 09 (by 42 percent)

Over all. BHEL has achieved excellent Progress in FY 10 over the previous Year.

At the current Market price of Rs.2255/-, the Price earning Ratio works out to 25.61 for stand alone EPS and 25.51 on consolidated EPS. Though it looks adequately priced, the Q4 results indicate that BHEL is likely to improve its performance QOQ excellently. 

Its order Book also is quite healthy and  its joint ventures are likely to strengthen its position in securing further orders.

Thus, it is still a good buy for medium to long term investors.

The results in figures are below :

B H E L NON CONSOLIDATED	FY 10 in lakhs	FY 09 in lakhs	%AGE
Net Sales	3288030	2623419	25.33
Other OPRTG Income	69251	62444	10.9
SIT & WIP	-78665	-115154	-31.69
Raw Materials	2009405	1712039	17.37
Employees Cost	515293	411279	25.29
Depreciation	45801	33427	37.02
Other Expnditur	285418	235114	21.4
Total Expenditur	2777252	2276705	21.99
O P T	580029	409158	41.76
Other Income	82386	78798	4.55
Interest	3350	3071	9.08
P B T	659065	484885	35.92
Tax Expense	228001	171064	33.28
P A T	431064	313821	37.36
Net Profit	431064	313821	37.36
Dividend (%)	233	170	37.06
F V.in Rs	10	10	0
Paid-up Equity	48952	48952	0
Reserves	1542784	1244929	23.93
Basic EPS (in Rs.)	88.06	64.11	37.36
Public Shareholding (%)	32.28	32.28	0

BHEL CONSOLIDATED	FY 10(lakhs)	FY 09(lakhs)	%AGE
Net Sales	3317334	2651326	25.12
Other OPRTG Income	69732	63078	10.55
S I T & W I P	-77580	-116399	-33.35
Raw Materials	2028083	1733672	16.98
Employees Cost	520359	414865	25.43
Depreciation	46026	34307	34.16
Other Expenditure	287682	239117	20.31
Total Expenditure	2804570	2305562	21.64
O P T	582496	408842	42.47
Other Income	83262	78471	6.11
Interest	3669	3518	4.29
P  B T	662089	483795	36.85
Tax Expense	229397	172278	33.16
P A T	432692	311517	38.9
Net Profit	432692	311517	38.9
Consolidated NPT	432692	311517	38.9
Dividend (%)	-	-	#VALUE!
Face Value (in Rs.)	10	10	0
Paid-up Equity	48952	48952	0
Reserves	1540646	1243322	23.91
Basic EPS(in Rs.)	88.39	63.64	38.89
Public Shareholding (%)	32.28	32.28	0

BHEL QTRLY	10-Mar	9-Dec	9-Mar	%AGE	%AGE2
Net Sales	1355910	710034	1054007	91	29
Other OPRTG Income	38555	12888	30998	199	24
Raw Materials	805204	449481	692267	79	16
Employees Cost	174336	122693	140747	42	24
Depreciation	16469	10381	10083	59	63
Other Expdr	130119	49898	68584	161	90
Total Expenditure	1123653	577134	894462	95	26
O P T	270812	145788	190543	86	42
Other Income5	20798	19329	19719	8	5
Interest6	1780	690	809	158	120
P B T	289830	164427	209453	76	38
Tax expense	98872	57168	74706	73	32
P A T	190958	107259	134747	78	42
Net Profit	190958	107259	134747	78	42
Dividend (%)	123	110	80	12	54
Face Value (In Rs	10	10	10	0	0
Paid Up Equity	48952	48952	48952	0	0
Basic EPS	39.01	21.91	27.53	78	42

ANNOUNCEMENTS TO THE EXCHANGE

26-05-2010        Bharat Heavy Electricals Limited has submitted to the Exchange a copy of particulars of the Financial Results of the Company, for the financial year 2009-10.

26-05-2010        Bharat Heavy Electricals Limited has informed the Exchange that the Board at its meeting held on May 26, 2010, have recommended Final Dividend @ 123% (Rs.12.30 per share) on the Paid-up share capital of the Company for the year 2009-10.         -

26-05-2010        Bharat Heavy Electricals Limited has informed the Exchange regarding the standalone Results for the quarter ended on 31-MAR-2010 as follows: Net Sales of Rs. 1355910 lacs for quarter ending on 31-MAR-2010 against Rs. 1054007 lacs for the quarter ending on 31-MAR-2009. Net Profit / (Loss) of Rs. 190958 lacs for the quarter ending on 31-MAR-2010 against Rs. 134747 lacs for the quarter ending on 31-MAR-2009.         -

26-05-2010        Bharat Heavy Electricals Limited has informed the Exchange regarding the consolidated Results for the year ended on 31-MAR-2010 as follows: Net Sales of Rs. 3317334 lacs for year ending on 31-MAR-2010 against Rs. 2651326 lacs for the year ending on 31-MAR-2009. Net Profit / (Loss) of Rs. 432692 lacs for the year ending on 31-MAR-2010 against Rs. 311517 lacs for the year ending on 31-MAR-2009.     -

26-05-2010        Bharat Heavy Electricals Limited has informed the Exchange regarding the standalone Results for the year ended on 31-MAR-2010 as follows: Net Sales of Rs. 3288030 lacs for year ending on 31-MAR-2010 against Rs. 2623419 lacs for the year ending on 31-MAR-2009. Net Profit / (Loss) of Rs. 431064 lacs for the year ending on 31-MAR-2010 against Rs. 313821 lacs for the year ending on 31-MAR-2009.     -

17-02-2010        Bharat Heavy Electricals Ltd has informed the Exchange that "Signing Ceremony of Memorandum of Understanding (MoU) between Bharat Heavy Electricals Limited, India and Toshiba Corporation, Japan for formation of a Joint Venture Company to address transmission and distribution business will take place on Wednesday, February 17, 2010, at 1900 Hrs. at New Delhi."    -

27-01-2010        Bharat Heavy Electricals Ltd has informed the Exchange that the company will be signing a joint Venture Agreement with Madhya Pradesh Power Generating Company o January 28, 2010 for formation of a Joint Venture Company to set Up 2X800 MW Supercritical Thermal Power Plant in Khandwa, Madhya Pradesh.    -

21-01-2010        Bharat Heavy Electricals Ltd has informed the Exchange that the Board of Directors in their meeting held on January 21, 2010 has declared and approved payment of interim dividend @ 110% i.e. Rs.11 per Equity Share for the Financial Year 2009-10. Further, for the purpose of payment of interim dividend Februrary 10, 2010 has been fixed as the Record Date and interim dividend shall be paid on or after February 11, 2010.       

FURTHER NEWS

BHEL has signed a memorandum of understanding with National Oil Well Varco, a US-based oil and gas drilling equipment firm, to build 35 AC (alternating current)deep land drilling rigs in phases.

“AC technology rigs are eco-friendly and highly fuel-efficient with less maintenance cost. With this deal, BHEL’s turnover for oilrigs will increase to Rs 400 crore,” a company statement said.