Bharat Heavy Electricals Ltd

About

Bharat Heavy Electricals 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.(Source : 202003 Annual Report Page No:254)

  • Market Cap 25,889 Cr.
  • Current Price 74.4
  • High / Low 80.4 / 27.0
  • Stock P/E
  • Book Value 76.1
  • Dividend Yield 0.00 %
  • ROCE -9.59 %
  • ROE -9.77 %
  • Face Value 2.00

Pros

  • Stock is trading at 0.98 times its book value
  • Debtor days have improved from 116.09 to 85.06 days.

Cons

  • Company has low interest coverage ratio.
  • The company has delivered a poor sales growth of -7.43% over past five years.
  • Company has a low return on equity of -3.34% for last 3 years.
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Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021
6,780 7,336 10,371 4,532 6,226 5,679 5,022 1,991 3,695 4,451 7,171 2,901
6,539 7,118 8,986 4,798 5,959 5,351 5,584 3,050 4,328 4,631 8,435 3,375
Operating Profit 241 219 1,385 -267 267 329 -562 -1,059 -632 -180 -1,264 -474
OPM % 4% 3% 13% -6% 4% 6% -11% -53% -17% -4% -18% -16%
Other Income 152 226 121 146 136 151 148 96 105 85 84 75
Interest 69 58 97 108 119 139 141 115 94 86 78 84
Depreciation 52 112 134 115 119 114 154 118 115 113 127 111
Profit before tax 272 275 1,275 -344 165 226 -709 -1,196 -737 -293 -1,385 -594
Tax % 32% 30% 47% 37% 28% 30% -116% 25% 25% 21% 25% 25%
Net Profit 185 192 676 -216 119 159 -1,534 -897 -556 -231 -1,033 -445
EPS in Rs 0.50 0.52 1.94 -0.62 0.34 0.46 -4.41 -2.58 -1.60 -0.66 -2.97 -1.28

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 TTM
33,303 42,234 47,964 48,411 39,101 30,717 25,467 28,435 28,813 30,423 21,459 17,308 18,219
27,428 33,651 38,076 39,022 34,581 28,619 26,834 27,312 26,806 28,268 21,588 20,351 20,769
Operating Profit 5,875 8,584 9,888 9,390 4,520 2,098 -1,367 1,123 2,007 2,155 -129 -3,043 -2,550
OPM % 18% 20% 21% 19% 12% 7% -5% 4% 7% 7% -1% -18% -14%
Other Income 1,207 1,021 1,266 1,121 1,610 1,211 1,498 766 694 744 581 370 349
Interest 34 55 51 125 133 92 359 412 330 377 611 466 342
Depreciation 458 544 800 953 983 1,077 936 849 786 475 503 473 466
Profit before tax 6,591 9,005 10,302 9,432 5,014 2,140 -1,164 628 1,585 2,048 -662 -3,612 -3,009
Tax % 35% 33% 32% 30% 31% 34% 39% 21% 49% 41% -122% 25%
Net Profit 4,311 6,011 7,040 6,615 3,461 1,419 -710 496 807 1,209 -1,473 -2,717 -2,265
EPS in Rs 11.74 16.37 19.18 18.02 9.43 3.87 -1.93 1.35 2.20 3.47 -4.23 -7.80 -6.51
Dividend Payout % 26% 25% 22% 20% 20% 20% -14% 78% 83% 58% -0% -0%
Compounded Sales Growth
10 Years:-9%
5 Years:-7%
3 Years:-16%
TTM:-4%
Compounded Profit Growth
10 Years:%
5 Years:%
3 Years:%
TTM:-5%
Stock Price CAGR
10 Years:-10%
5 Years:-4%
3 Years:0%
1 Year:173%
Return on Equity
10 Years:5%
5 Years:-1%
3 Years:-3%
Last Year:-10%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
490 490 490 490 490 490 490 490 734 696 696 696
Reserves 15,428 19,664 24,884 29,955 32,558 33,595 31,692 31,805 31,867 30,735 28,485 25,788
Borrowings 128 157 186 1,490 2,722 118 202 150 99 2,586 5,065 4,935
32,499 38,949 41,275 38,249 37,108 34,402 33,036 29,136 31,484 30,969 26,531 25,001
Total Liabilities 48,544 59,260 66,834 70,183 72,878 68,604 65,419 61,580 64,184 64,987 60,778 56,421
2,415 3,401 4,297 4,458 4,693 4,141 3,962 3,596 3,069 2,967 2,814 2,488
CWIP 1,550 1,734 1,348 1,172 642 518 318 168 203 235 314 420
Investments 80 439 462 429 420 418 664 661 691 669 670 670
44,499 53,686 60,728 64,124 67,123 63,528 60,475 57,155 60,222 61,115 56,980 52,843
Total Assets 48,544 59,260 66,834 70,183 72,878 68,604 65,419 61,580 64,184 64,987 60,778 56,421

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
1,585 2,659 -814 1,865 4,518 775 347 562 991 -3,856 -2,892 562
-967 -1,343 -330 -338 -168 464 51 -566 964 1,915 1,877 -43
-1,143 -1,476 -1,815 -467 -209 -3,300 -124 -470 -671 -32 1,622 -395
Net Cash Flow -525 -160 -2,958 1,060 4,141 -2,060 274 -474 1,284 -1,973 607 124

Ratios

Standalone Figures in Rs. Crores / View Consolidated

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
Debtor Days 227 174 201 220 262 312 321 283 178 142 121 85
Inventory Days 207 206 210 186 198 280 272 200 191 218 321 333
Days Payable 169 153 157 151 173 239 239 225 299 296 299 276
Cash Conversion Cycle 265 227 254 255 287 352 355 258 70 65 143 142
Working Capital Days 7 76 103 126 161 198 206 158 115 124 148 131
ROCE % 45% 50% 45% 33% 15% 6% -2% 3% 6% 7% -0% -10%

Shareholding Pattern

Numbers in percentages

Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021 Sep 2021
63.06 63.17 63.17 63.17 63.17 63.17 63.17 63.17 63.17 63.17 63.17 63.17
12.08 11.68 12.13 11.36 9.96 9.36 5.09 4.24 4.34 4.47 4.67 4.31
18.07 18.54 18.82 19.09 19.24 17.81 18.14 15.58 13.51 12.49 12.39 13.73
6.80 6.61 5.88 6.38 7.63 9.66 13.60 17.01 18.98 19.87 19.76 18.79

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