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 0.48 times its book value
Stock is providing a good dividend yield of 4.67%.
Company has been maintaining a healthy dividend payout of 72.71%
Debtor days have improved from 201.99 to 144.44 days
Cons:
The company has delivered a poor growth of -4.94% over past five years.
Company has a low return on equity of 2.57% for last 3 years.
Contingent liabilities of Rs.7484.64 Cr.
Earnings include an other income of Rs.644.56 Cr.

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

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Quarterly Results Standalone Figures in Rs. Crores / View Consolidated

Sep 2016 Dec 2016 Mar 2017 Jun 2017 Sep 2017 Dec 2017 Mar 2018 Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019
6,601 6,321 9,779 5,583 6,463 6,666 10,213 5,935 6,780 7,336 10,297 4,532
6,446 6,097 9,211 5,380 6,292 6,401 8,921 5,648 6,539 7,118 8,902 4,798
Operating Profit 155 224 569 203 171 265 1,292 287 241 219 1,395 -267
OPM % 2% 4% 6% 4% 3% 4% 13% 5% 4% 3% 14% -6%
Other Income 196 136 227 171 218 168 137 179 152 226 121 146
Interest 5 26 314 66 55 61 73 64 69 58 96 108
Depreciation 208 209 214 200 187 182 217 176 52 112 134 115
Profit before tax 138 125 269 108 147 190 1,140 226 272 275 1,285 -344
Tax % 21% 25% 20% 25% 22% 19% 60% 31% 32% 30% 47% 37%
Net Profit 109 94 216 81 115 153 457 156 185 192 683 -216
EPS in Rs 0.29 0.17 0.59 0.22 0.31 0.42 1.25 0.42 0.50 0.52 1.88 -0.62
Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes

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

Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 TTM
19,486 26,590 33,303 42,234 47,964 48,411 39,101 30,717 25,467 28,435 28,813 30,349 28,945
15,842 22,428 27,428 33,651 38,076 39,024 34,581 28,619 26,834 27,312 26,806 28,117 27,357
Operating Profit 3,644 4,163 5,875 8,584 9,888 9,387 4,520 2,098 -1,367 1,123 2,007 2,232 1,588
OPM % 19% 16% 18% 20% 21% 19% 12% 7% -5% 4% 7% 7% 5%
Other Income 1,119 1,051 1,207 1,021 1,266 1,124 1,610 1,211 1,498 766 694 678 645
Interest 35 31 34 55 51 125 133 92 359 412 330 377 331
Depreciation 297 334 458 544 800 953 983 1,077 936 849 786 475 414
Profit before tax 4,430 4,849 6,591 9,005 10,302 9,432 5,014 2,140 -1,164 628 1,585 2,058 1,488
Tax % 35% 35% 35% 33% 32% 30% 31% 34% 39% 21% 49% 41%
Net Profit 2,859 3,138 4,311 6,011 7,040 6,615 3,461 1,419 -710 496 807 1,215 844
EPS in Rs 7.44 8.16 11.22 15.69 18.48 18.02 9.11 3.71 0.00 1.35 2.20 3.49 2.28
Dividend Payout % 26% 27% 26% 25% 22% 20% 20% 20% -14% 78% 83% 57%
* Sales is net of excise duty and discounts
Compounded Sales Growth
10 Years:1.33%
5 Years:-4.94%
3 Years:6.02%
TTM:-1.14%
Compounded Profit Growth
10 Years:-9.13%
5 Years:-19.07%
3 Years:54.47%
TTM:-4.29%
Stock Price CAGR
10 Years:-18.55%
5 Years:-21.79%
3 Years:-21.51%
1 Year:-43.51%
Return on Equity
10 Years:11.00%
5 Years:1.95%
3 Years:2.57%
Last Year:3.76%

Balance Sheet Standalone Figures in Rs. Crores / View Consolidated

Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019
490 490 490 490 490 490 490 490 490 490 734 696
Reserves 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 95 149 128 157 186 1,490 2,722 118 202 150 99 2,611
20,125 28,443 32,573 39,072 41,415 38,364 37,157 34,402 33,096 29,192 31,495 30,960
Total Liabilities 30,994 41,531 48,618 59,383 66,974 70,298 72,926 68,604 65,480 61,636 64,195 64,971
981 1,470 2,415 3,401 4,297 4,458 4,693 4,141 3,962 3,596 3,069 2,967
CWIP 658 1,157 1,550 1,734 1,348 1,172 642 518 318 168 203 235
Investments 8 52 80 439 462 429 420 418 664 661 691 669
29,347 38,851 44,573 53,809 60,868 64,239 67,171 63,528 60,535 57,210 60,233 61,100
Total Assets 30,994 41,531 48,618 59,383 66,974 70,298 72,926 68,604 65,480 61,636 64,195 64,971

Cash Flows Standalone Figures in Rs. Crores / View Consolidated

Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019
3,478 3,291 1,585 2,659 -814 1,865 4,518 775 347 562 991 -3,881
-13 -513 -967 -1,343 -330 -338 -168 464 51 -566 964 1,915
-888 -850 -1,143 -1,476 -1,815 -467 -209 -3,300 -124 -470 -671 -7
Net Cash Flow 2,577 1,929 -525 -160 -2,958 1,060 4,141 -2,060 274 -474 1,284 -1,973

Ratios Standalone Figures in Rs. Crores / View Consolidated

Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019
ROCE % 45% 41% 45% 50% 45% 33% 15% 6% -2% 3% 6% 7%
Debtor Days 224 219 227 174 201 220 262 312 321 283 178 144
Inventory Turnover 3.90 3.89 3.88 4.19 3.92 3.81 3.60 3.05 2.53 3.23 3.99 3.94