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BHEL: Cementing foothold

Jan 30, 2004

Engineering major, BHEL, has declared good results for the 3QFY04. The topline of the company has gone up by 9% in the December quarter. However, the bottomline of the company has grown at a faster rate of 71% YoY. Nine-month results of the company fares better with the topline and bottomline growing by 15% and 64% respectively.

(Rs m) 3QFY03 3QFY04 Change 9mFY03 9mFY04 Change
Net sales 16,637 18,121 8.9% 38,298 44,127 15.2%
Other income 360 697 93.6% 1,159 1,730 49.3%
Expenditure 14,920 15,272 2.4% 34,786 38,899 11.8%
Operating profit (EBDITA) 1,717 2,849 65.9% 3,512 5,228 48.9%
Operating profit margin (%) 10.3% 15.7%   9.2% 11.8%  
Interest 126 136 7.9% 363 367 1.1%
Depreciation 462 511 10.6% 1,364 1,476 8.2%
Profit before tax 1,489 2,899 94.7% 2,944 5,115 73.7%
Deffered revenue exp. write off (381) (814) 113.6% (1,151) (1,608) 39.7%
Tax 295 698 136.6% 383 1,202 213.8%
Profit after tax/(loss) 813 1,387 70.6% 1,410 2,305 63.5%
Net profit margin (%) 4.9% 7.7%   3.7% 5.2%  
No. of shares (m) 244.8 244.8   244.8 244.8  
Diluted earnings per share (Rs)* 13.3 22.7   7.7 12.6  
P/E (x)         41.8  
*(annualised)            

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