Bharat Heavy Electricals Ltd

BHEL serves the core sectors of the economy and provides a wide range of solutions to customers in power, transmission, transportation, renewables, water, defence & aerospace, oil & gas, and industry.

Pros:
Company is virtually debt free.
Stock is trading at 0.72 times its book value
Company has been maintaining a healthy dividend payout of 49.01%
Cons:
The company has delivered a poor growth of -9.79% over past five years.
Company has a low return on equity of 0.58% for last 3 years.
Contingent liabilities of Rs.8773.86 Cr.

Peer Comparison Sector: Capital Goods - Electrical Equipment // Industry: Electric Equipment

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Quarterly Results Standalone Figures in Rs. Crores / View Consolidated

Jun 2016 Sep 2016 Dec 2016 Mar 2017 Jun 2017 Sep 2017 Dec 2017 Mar 2018 Jun 2018 Sep 2018 Dec 2018 Mar 2019
5,612 6,601 6,321 9,779 5,583 6,463 6,666 10,213 5,935 6,780 7,336 10,297
5,541 6,446 6,097 9,211 5,380 6,292 6,401 8,921 5,648 6,539 7,118 8,902
Operating Profit 71 155 224 569 203 171 265 1,292 287 241 219 1,395
OPM % 1% 2% 4% 6% 4% 3% 4% 13% 5% 4% 3% 14%
Other Income 249 196 136 227 171 218 168 137 179 152 226 121
Interest 6 5 26 314 66 55 61 73 64 69 58 96
Depreciation 218 208 209 214 200 187 182 217 176 52 112 134
Profit before tax 97 138 125 269 108 147 190 1,140 226 272 275 1,285
Tax % 19% 21% 25% 20% 25% 22% 19% 60% 31% 32% 30% 47%
Net Profit 78 109 94 216 81 115 153 457 156 185 192 683
Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes

Profit & Loss Standalone Figures in Rs. Crores / View Consolidated

Mar 2007 Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 TTM
17,321 19,486 26,590 33,303 42,234 47,964 48,411 39,101 30,717 25,467 28,435 28,922 30,349
13,815 15,842 22,428 27,428 33,651 38,076 39,024 34,581 28,619 26,834 27,312 26,914 28,207
Operating Profit 3,505 3,644 4,163 5,875 8,584 9,888 9,387 4,520 2,098 -1,367 1,123 2,008 2,142
OPM % 20% 19% 16% 18% 20% 21% 19% 12% 7% -5% 4% 7% 7%
Other Income 547 1,119 1,051 1,207 1,021 1,266 1,124 1,610 1,211 1,498 766 693 678
Interest 43 35 31 34 55 51 125 133 92 359 412 330 287
Depreciation 273 297 334 458 544 800 953 983 1,077 936 849 786 475
Profit before tax 3,736 4,430 4,849 6,591 9,005 10,302 9,432 5,014 2,140 -1,164 628 1,585 2,058
Tax % 35% 35% 35% 35% 33% 32% 30% 31% 34% 39% 21% 49%
Net Profit 2,415 2,859 3,138 4,311 6,011 7,040 6,615 3,461 1,419 -710 496 807 1,215
EPS in Rs 6.32 7.44 8.16 11.22 15.69 18.48 18.02 9.11 3.71 0.00 1.35 2.20
Dividend Payout % 25% 26% 27% 26% 25% 22% 20% 20% 20% -14% 78% 83%
* Sales is net of excise duty and discounts
Compounded Sales Growth
10 Years:4.03%
5 Years:-9.79%
3 Years:-1.99%
TTM:4.92%
Compounded Profit Growth
10 Years:-12.14%
5 Years:-34.68%
3 Years:-17.90%
TTM:50.68%
Return on Equity
10 Years:12.60%
5 Years:3.34%
3 Years:0.58%
Last Year:2.42%

Balance Sheet Standalone Figures in Rs. Crores / View Consolidated

Mar 2007 Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019
245 490 490 490 490 490 490 490 490 490 490 734 696
Reserves 8,544 10,285 12,449 15,428 19,664 24,884 29,955 32,558 33,595 31,692 31,805 31,867 30,703
Borrowings 89 95 149 128 157 186 1,490 2,722 118 202 150 99 2,553
17,583 20,125 28,443 32,573 39,072 41,415 38,364 37,157 34,402 33,096 29,192 31,566 30,463
Total Liabilities 26,460 30,994 41,531 48,618 59,383 66,974 70,298 72,926 68,604 65,480 61,636 64,266 64,416
989 981 1,470 2,415 3,401 4,297 4,458 4,693 4,141 3,962 3,596 3,069 2,979
CWIP 303 658 1,157 1,550 1,734 1,348 1,172 642 518 318 168 203 223
Investments 8 8 52 80 439 462 429 420 418 664 661 691 669
25,161 29,347 38,851 44,573 53,809 60,868 64,239 67,171 63,528 60,535 57,210 60,304 60,544
Total Assets 26,460 30,994 41,531 48,618 59,383 66,974 70,298 72,926 68,604 65,480 61,636 64,266 64,416

Cash Flows Standalone Figures in Rs. Crores / View Consolidated

Mar 2007 Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018
2,821 3,478 3,291 1,585 2,659 -814 1,865 4,518 775 347 562 994
-213 -13 -513 -967 -1,343 -330 -338 -168 464 51 -566 961
-934 -888 -850 -1,143 -1,476 -1,815 -467 -209 -3,300 -124 -470 -671
Net Cash Flow 1,675 2,577 1,929 -525 -160 -2,958 1,060 4,141 -2,060 274 -474 1,284

Ratios Standalone Figures in Rs. Crores / View Consolidated

Mar 2007 Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018
ROCE % 45% 45% 41% 45% 50% 45% 33% 15% 6% -2% 3% 6%
Debtor Days 203 224 219 227 174 201 220 262 312 321 283 287
Inventory Turnover 4.35 3.90 3.89 3.88 4.19 3.92 3.81 3.60 3.05 2.53 3.23 4.00