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Bharat Heavy Electricals Ltd

Updated on February 11, 2020

Stock/Share Code - BHEL

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.

Below is the details of BHEL Bharat Heavy Electricals Ltd

Market Cap₹18,559 Cr.
Current Price ₹44.7 as on 10 Dec 19
52 Week High / Low Price₹78.85 / ₹41.3
Face Value₹2
Stock P/E23.89
Book Value₹88.43
Dividend Yield3.75 %
ROCE7.24 %
ROE3.76 %
Sales Growth (3yrs)6.02 %
SectorCapital Goods - Electrical Equipment
IndustryElectric Equipment
Listed onBSE  AND  NSE
Company WebsiteCompany Website
Pros: Stock is trading at 0.60 times its book value Stock is providing a good dividend yield of 3.75%. 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.628.52 Cr.

Bharat Heavy Electricals Ltd Price Chart

Bharat Heavy Electricals Ltd Price Chart

Bharat Heavy Electricals Ltd Peer Comparison in Capital Goods - Electrical Equipment

S.No. Name CMP Rs. P/E Mar Cap Rs.Cr. Div Yld % NP Qtr Rs.Cr. Qtr Profit Var % Qtr Sales Var % Sales Qtr Rs.Cr. ROCE %
1. Siemens ₹1,464.75 48.17 ₹52,356.8 Cr. 0.48 ₹330.6 Cr. 18.41 4.81 4128.80 17.81
2. Havells India ₹647.4 55.60 ₹41,769.21 Cr. 0.67 ₹179.51 Cr. -0.11 1.76 2232.65 28.55
3. A B B ₹14.85 219.30 ₹30,680.09 Cr. 0.33 ₹135.28 Cr. 1745.62 9.77
4. B H E L ₹114.35 23.89 ₹18,559.4 Cr. 3.75 ₹118.58 Cr. -35.96 -8.17 6225.72 7.24
5. Crompton Gr. Con ₹243.05 35.22 ₹15,972.34 Cr. 0.79 ₹110.88 Cr. 44.17 3.66 1075.79 38.90
6. V-Guard Inds. ₹214.6 50.02 ₹10,140.27 Cr. 0.34 ₹57.32 Cr. 50.13 3.64 619.31 25.98
7. GE Power ₹701.9 183.93 ₹4,675.51 Cr. 0.86 -₹22.32 Cr. -141.44 -7.84 519.25 34.18
8. GE T&D India ₹144.7 78.81 ₹4,084 Cr. 1.13 -₹81.08 Cr. -159.62 -17.34 821.07 30.67

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Bharat Heavy Electricals Ltd Fundamentals

Quarterly Results

Quarterly reports are issued by companies every three months. Most companies have a financial year-end of Mar. 31 and quarters that end on June 30, Sept. 30, Dec. 31 and March 31.

Standalone Figures in Rs. Crores

Dec 2016Mar 2017Jun 2017Sep 2017Dec 2017Mar 2018Jun 2018Sep 2018Dec 2018Mar 2019Jun 2019Sep 2019
Sales6,3219,7795,5836,4636,66610,2135,9356,7807,33610,2974,5326,226
YOY Sales Growth %18.65%-1.98%-0.51%-2.09%5.46%4.43%6.31%4.9%10.05%0.82%-23.65%-8.17%
Expenses6,0979,2115,3806,2926,4018,9215,6486,5397,1188,9024,7985,959
Material Cost %62.63%54.34%59.02%59.18%58.41%50.22%56.74%58.64%62.44%56.71%57.53%62.8%
Employee Cost %22.42%11.09%25.23%21.64%20.01%18.57%24.02%22.83%17.82%19.24%32.02%23.63%
Operating Profit2245692031712651,2922872412191,395-267267
OPM %4%6%4%3%4%13%5%4%3%14%-6%4%
Other Income136227171218168137179152226121146136
Interest263146655617364695896108119
Depreciation20921420018718221717652112134115119
Profit before tax1252691081471901,1402262722751,285-344165
Tax %25%20%25%22%19%60%31%32%30%47%37%28%
Net Profit9421681115153457156185192683-216119
EPS in Rs0.170.590.220.310.421.250.420.500.521.88-0.620.34
NotesNotesNotesNotesNotesNotesNotesNotesNotesNotesNotesNotes

Profit & Loss

The profit and loss (P&L) statement is a financial statement that summarizes the revenues, costs and expenses incurred during a specified period, usually a fiscal quarter or year. The P&L statement is synonymous with the income statement. These records provide information about a company's ability or inability to generate profit" by increasing revenue, reducing costs or both. Some refer to the P&L statement as a statement of profit and loss, income statement, statement of operations, statement of financial results or income, earnings statement or expense statement.

Standalone Figures in Rs. Crores

Mar 2008Mar 2009Mar 2010Mar 2011Mar 2012Mar 2013Mar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019TTM
Sales19,48626,59033,30342,23447,96448,41139,10130,71725,46728,43528,81330,34928,391
Sales Growth %12.5%36.46%25.24%26.82%13.57%0.93%-19.23%-21.44%-17.09%11.65%1.33%5.33%%
Expenses15,84222,42827,42833,65138,07639,02434,58128,61926,83427,31226,80628,11726,777
Material Cost %47.23%52.41%49.21%45.51%49.25%47.84%46.53%43.51%51.88%49.58%44.54%45.99%%
Manufacturing Cost %11.13%11.23%11.64%10.9%11.2%12.4%15.64%16.6%16.25%14.82%17%17.82%%
Employee Cost %13.4%11.22%19.63%12.77%11.39%11.88%15.18%17.74%21.12%18.97%21.06%20.63%%
Other Cost %9.54%9.48%1.88%10.49%7.55%8.48%11.09%15.31%16.11%12.68%10.44%8.21%%
Operating Profit3,6444,1635,8758,5849,8889,3874,5202,098-1,3671,1232,0072,2321,614
OPM %19%16%18%20%21%19%12%7%-5%4%7%7%6%
Other Income1,1191,0511,2071,0211,2661,1241,6101,2111,498766694678629
Interest353134555112513392359412330377381
Depreciation2973344585448009539831,077936849786475481
Profit before tax4,4304,8496,5919,00510,3029,4325,0142,140-1,1646281,5852,0581,381
Tax %35%35%35%33%32%30%31%34%39%21%49%41%
Net Profit2,8593,1384,3116,0117,0406,6153,4611,419-7104968071,215777
EPS in Rs7.448.1611.2215.6918.4818.029.113.710.001.352.203.492.12
Dividend Payout %26%27%26%25%22%20%20%20%-14%78%83%57%

Compounded Sales Growth

  • 10 Years:: 1.33%
  • 5 Years:: -4.94%
  • 3 Years:: 6.02%
  • TTM:: -4.07%

Compounded Profit Growth

  • 10 Years:: -9.13%
  • 5 Years:: -19.07%
  • 3 Years:: 54.47%
  • TTM:: -18.31%

Return on Equity

  • 10 Years:: -15.71%
  • 5 Years:: -21.69%
  • 3 Years:: -14.68%
  • 1 Year:: -21.79%

Balance Sheet

A balance sheet is a financial statement that reports a company's assets, liabilities and shareholders' equity at a specific point in time, and provides a basis for computing rates of return and evaluating its capital structure. It is a financial statement that provides a snapshot of what a company owns and owes, as well as the amount invested by shareholders. It is used alongside other important financial statements such as the income statement and statement of cash flows in conducting fundamental analysis or calculating financial ratios.

Standalone Figures in Rs. Crores

Mar 2008Mar 2009Mar 2010Mar 2011Mar 2012Mar 2013Mar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Sep 2019
Share Capital490490490490490490490490490490734696696
Equity Capital489.52489.52489.52489.52489.52489.52489.52489.52489.52489.52734.28696.41696.41
Reserves10,28512,44915,42819,66424,88429,95532,55833,59531,69231,80531,86730,70330,096
Borrowings951491281571861,4902,722118202150992,6114,886
Other Liabilities20,12528,44332,57339,07241,41538,36437,15734,40233,09629,19231,49530,96028,780
Trade Payables44245852.857579.88052.5810143.899600.058643.518948.328796.488807.6110629.2711411.5810685.39
Total Liabilities30,99441,53148,61859,38366,97470,29872,92668,60465,48061,63664,19564,97164,459
Fixed Assets9811,4702,4153,4014,2974,4584,6934,1413,9623,5963,0692,9672,859
Gross Block4443.475224.876580.148049.749706.6410783.2612050.4912588.774896.015372.485626.145996.15
Accumulated Depreciation3403.083713.254150.524648.645413.476328.127360.398451.3933.531776.62557.33029.16
CWIP6581,1571,5501,7341,3481,172642518318168203235311
Investments85280439462429420418664661691669669
Other Assets29,34738,85144,57353,80960,86864,23967,17163,52860,53557,21060,23361,10060,619
Inventories5782.367888.879292.5810852.0513606.8911818.599884.2910242.079858.697722.596725.158668.959441.84
Trade receivables11974.8715975.520688.7520103.526356.9329234.4928071.9226223.522430.1222075.5614064.0612009.579152.82
Cash Equivalents8386.0210314.679790.089630.156671.987732.0511872.939812.710085.9910491.7911175.877503.346816.44
Loans n Advances3203.344671.964801.244978.723948.593894.674293.644617.196726.646851.2514276.214228.02295.67
Other Assets etc0008245.0310283.7211559.2613048.1512632.6511433.9110069.2313991.7518689.834912.67
Total Assets30,99441,53148,61859,38366,97470,29872,92668,60465,48061,63664,19564,97164,459

Cash Flows

Cash flow is the net amount of cash and cash-equivalents being transferred into and out of a business. At the most fundamental level, a company’s ability to create value for shareholders is determined by its ability to generate positive cash flows, or more specifically, maximize long-term free cash flow.

Standalone Figures in Rs. Crores

Mar 2008Mar 2009Mar 2010Mar 2011Mar 2012Mar 2013Mar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019
Cash from Operating Activity3,4783,2911,5852,659-8141,8654,518775347562991-3,881
Profit from operations3887.414399.557175.189616.110954.8110654.617183.473651.11334.962527.264221.193839.37
Working Capital Changes1863.791198.56-3686.67-4024.65-8585.2-5552.31-534.03-1845.72-682.68-1376.37-3273.78-7300.09
Taxes paid-2273.3-2306.89-1903.45-2932.83-3183.18-3237.52-2131.3-1029.9-305.35-588.9243.14-420.73
Cash from Investing Activity-13-513-967-1,343-330-338-16846451-5669641,915
Fixed Assets Purchased-702.97-1355.57-1722.25-1730.04-1307.21-988.52-791.42-500.43-584.84-353.02-281.25-425.03
Fixed Assets Sold5.3431.948.546.269.2712.72121.7243.6632.3319.7311.431.04
Investments purchased0-44.050000000000
Investments sold00000640.0200036.6717
Cash from Financing Activity-888-850-1,143-1,476-1,815-467-209-3,300-124-470-671-7
Proceeds from Borrowings5.152.57035.1128.601233.0100002457.27
Repayment of Borrowings00-21.47000000000
Interest Paid-34.46-29.33-33.69-54.52-49.8-122.52-126.65-101.38-25.38-63.6-37.33-94.63
Dividends Paid-858.89-872.99-1087.85-1456.32-1793.7-1648.57-1315.55-594.02-183.09-293.71-484.63-652.75
Net Cash Flow2,5771,929-525-160-2,9581,0604,141-2,060274-4741,284-1,973

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Ratios

Mar 2008Mar 2009Mar 2010Mar 2011Mar 2012Mar 2013Mar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019
ROCE %45%41%45%50%45%33%15%6%-2%3%6%7%
Debtor Days224219227174201220262312321283178144
Inventory Turnover3.903.893.884.193.923.813.603.052.533.233.993.94

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Disclaimer:
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