Bharat Heavy Electricals Ltd
Bharat Heavy Electricals Ltd is an integrated power plant equipment manufacturer engaged in design, engineering, manufacture, erection, testing, commissioning and servicing of a wide range of products and services for the core sectors of the economy, viz. Power, transmission, Industry, transportation, renewable energy, Oil & Gas and defence.[1] It is the flagship engineering and manufacturing company of India owned and controlled by the Govt. of India.[2]
- Market Cap ₹ 88,636 Cr.
- Current Price ₹ 255
- High / Low ₹ 276 / 75.0
- Stock P/E
- Book Value ₹ 76.1
- Dividend Yield 0.16 %
- ROCE 3.19 %
- ROE 1.56 %
- Face Value ₹ 2.00
Pros
- Company has been maintaining a healthy dividend payout of 21.7%
- Debtor days have improved from 62.0 to 48.9 days.
Cons
- Stock is trading at 3.34 times its book value
- Company has low interest coverage ratio.
- The company has delivered a poor sales growth of -4.11% over past five years.
- Company has a low return on equity of -2.32% over last 3 years.
- Earnings include an other income of Rs.535 Cr.
* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.
Peer comparison
Sector: Capital Goods - Electrical Equipment Industry: Electric Equipment
Quarterly Results
Standalone Figures in Rs. Crores / View Consolidated
Profit & Loss
Standalone Figures in Rs. Crores / View Consolidated
Mar 2012 | Mar 2013 | Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | TTM | |
---|---|---|---|---|---|---|---|---|---|---|---|---|---|
47,964 | 48,411 | 39,101 | 30,717 | 25,467 | 28,435 | 28,813 | 30,423 | 21,459 | 17,308 | 21,211 | 23,365 | 23,860 | |
38,076 | 39,022 | 34,581 | 28,619 | 26,834 | 27,312 | 26,806 | 28,268 | 21,588 | 20,351 | 20,381 | 22,557 | 23,688 | |
Operating Profit | 9,888 | 9,390 | 4,520 | 2,098 | -1,367 | 1,123 | 2,007 | 2,155 | -129 | -3,043 | 830 | 807 | 171 |
OPM % | 21% | 19% | 12% | 7% | -5% | 4% | 7% | 7% | -1% | -18% | 4% | 3% | 1% |
1,266 | 1,121 | 1,610 | 1,211 | 1,498 | 766 | 694 | 744 | 581 | 370 | 368 | 515 | 535 | |
Interest | 51 | 125 | 133 | 92 | 359 | 412 | 330 | 377 | 611 | 466 | 447 | 612 | 699 |
Depreciation | 800 | 953 | 983 | 1,077 | 936 | 849 | 786 | 475 | 503 | 473 | 314 | 260 | 253 |
Profit before tax | 10,302 | 9,432 | 5,014 | 2,140 | -1,164 | 628 | 1,585 | 2,048 | -662 | -3,612 | 437 | 450 | -246 |
Tax % | 32% | 30% | 31% | 34% | 39% | 21% | 49% | 41% | -122% | 25% | 6% | 0% | |
7,040 | 6,615 | 3,461 | 1,419 | -710 | 496 | 807 | 1,209 | -1,473 | -2,717 | 410 | 448 | -150 | |
EPS in Rs | 19.18 | 18.02 | 9.43 | 3.87 | -1.93 | 1.35 | 2.20 | 3.47 | -4.23 | -7.80 | 1.18 | 1.29 | -0.43 |
Dividend Payout % | 22% | 20% | 20% | 20% | -14% | 78% | 83% | 58% | 0% | 0% | 34% | 31% |
Compounded Sales Growth | |
---|---|
10 Years: | -7% |
5 Years: | -4% |
3 Years: | 3% |
TTM: | 3% |
Compounded Profit Growth | |
---|---|
10 Years: | -24% |
5 Years: | -12% |
3 Years: | 32% |
TTM: | -120% |
Stock Price CAGR | |
---|---|
10 Years: | 7% |
5 Years: | 28% |
3 Years: | 79% |
1 Year: | 238% |
Return on Equity | |
---|---|
10 Years: | 1% |
5 Years: | -2% |
3 Years: | -2% |
Last Year: | 2% |
Balance Sheet
Standalone Figures in Rs. Crores / View Consolidated
Mar 2012 | Mar 2013 | Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Sep 2023 | |
---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Equity Capital | 490 | 490 | 490 | 490 | 490 | 490 | 734 | 696 | 696 | 696 | 696 | 696 | 696 |
Reserves | 24,884 | 29,955 | 32,558 | 33,595 | 31,692 | 31,805 | 31,867 | 30,735 | 28,485 | 25,788 | 26,275 | 26,566 | 25,817 |
186 | 1,490 | 2,722 | 118 | 202 | 150 | 99 | 2,586 | 5,065 | 4,935 | 4,830 | 5,454 | 9,172 | |
41,275 | 38,249 | 37,108 | 34,402 | 33,036 | 29,136 | 31,484 | 30,969 | 26,531 | 25,001 | 25,654 | 27,832 | 25,665 | |
Total Liabilities | 66,834 | 70,183 | 72,878 | 68,604 | 65,419 | 61,580 | 64,184 | 64,987 | 60,778 | 56,421 | 57,455 | 60,548 | 61,350 |
4,297 | 4,458 | 4,693 | 4,141 | 3,962 | 3,596 | 3,069 | 2,967 | 2,814 | 2,488 | 2,398 | 2,476 | 2,481 | |
CWIP | 1,348 | 1,172 | 642 | 518 | 318 | 168 | 203 | 235 | 314 | 420 | 431 | 354 | 323 |
Investments | 462 | 429 | 420 | 418 | 664 | 661 | 691 | 669 | 670 | 670 | 670 | 670 | 670 |
60,728 | 64,124 | 67,123 | 63,528 | 60,475 | 57,155 | 60,222 | 61,115 | 56,980 | 52,843 | 53,956 | 57,048 | 57,877 | |
Total Assets | 66,834 | 70,183 | 72,878 | 68,604 | 65,419 | 61,580 | 64,184 | 64,987 | 60,778 | 56,421 | 57,455 | 60,548 | 61,350 |
Cash Flows
Standalone Figures in Rs. Crores / View Consolidated
Mar 2012 | Mar 2013 | Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | |
---|---|---|---|---|---|---|---|---|---|---|---|---|
-814 | 1,865 | 4,518 | 775 | 347 | 562 | 991 | -3,856 | -2,892 | 560 | 660 | -742 | |
-330 | -338 | -168 | 464 | 51 | -566 | 964 | 1,915 | 1,877 | -43 | -1,125 | 1,480 | |
-1,815 | -467 | -209 | -3,300 | -124 | -470 | -671 | -32 | 1,622 | -393 | -330 | 89 | |
Net Cash Flow | -2,958 | 1,060 | 4,141 | -2,060 | 274 | -474 | 1,284 | -1,973 | 607 | 124 | -795 | 828 |
Ratios
Standalone Figures in Rs. Crores / View Consolidated
Mar 2012 | Mar 2013 | Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | |
---|---|---|---|---|---|---|---|---|---|---|---|---|
Debtor Days | 201 | 220 | 262 | 312 | 321 | 283 | 178 | 142 | 121 | 85 | 52 | 49 |
Inventory Days | 210 | 186 | 198 | 280 | 272 | 200 | 191 | 218 | 321 | 333 | 274 | 261 |
Days Payable | 158 | 152 | 175 | 240 | 240 | 225 | 301 | 297 | 300 | 281 | 291 | 345 |
Cash Conversion Cycle | 252 | 254 | 285 | 351 | 354 | 258 | 68 | 63 | 142 | 137 | 35 | -35 |
Working Capital Days | 103 | 126 | 161 | 198 | 209 | 162 | 121 | 130 | 157 | 146 | 84 | 98 |
ROCE % | 45% | 33% | 15% | 6% | -2% | 3% | 6% | 7% | -0% | -10% | 3% | 3% |
Documents
Announcements
- Certificate Under Regulation 40 Of The Listing Regulations 1d
- Certificate Under Regulation 40 Of The Listing Regulations 1d
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Announcement under Regulation 30 (LODR)-Resignation of Director
12 Apr - Resignation of Dr. Lekhasri Samantsinghar, Independent Director from Board of BHEL.
- Compliance Certificate Under Regulation 7(3) Of Listing Regulation For The Year Ended On 31.03.2024 8 Apr
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Compliances-Certificate under Reg. 74 (5) of SEBI (DP) Regulations, 2018
6 Apr - Certificate of Compliance under Regulation 74(5) of SEBI (DP) Regulations, 2018 for quarter ended on 31.03.2024 is attached.
Annual reports
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Financial Year 2023
from bse
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Financial Year 2022
from bse
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Financial Year 2021
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Financial Year 2020
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Financial Year 2019
from bse
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Financial Year 2018
from bse
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Financial Year 2017
from bse
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Financial Year 2016
from bse
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Financial Year 2015
from bse
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Financial Year 2014
from bse
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Financial Year 2013
from nse
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Financial Year 2013
from bse
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Financial Year 2012
from nse
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Financial Year 2012
from bse
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Financial Year 2011
from bse
Concalls
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Nov 2023TranscriptNotesPPT
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May 2023TranscriptPPTREC
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Feb 2023TranscriptNotesPPT
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May 2022TranscriptPPT
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Jul 2021TranscriptPPT
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Sep 2020TranscriptPPT
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Jun 2020TranscriptPPT
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Feb 2020TranscriptPPT
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Oct 2019TranscriptPPT
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Aug 2019TranscriptPPT
Power Sector (~76% of revenues)[1]
The company has capabilities to manufacture the entire range of power plant equipment including thermal, gas, hydro and nuclear power projects.[2]