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BHEL: Electrifying performance! - Views on News from Equitymaster
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BHEL: Electrifying performance!
Nov 25, 2005

PSU engineering major, BHEL, had recently announced strong results for the second quarter and first half ended September 2005. For 2QFY06, while topline has grown strongly by 46% YoY, the net profit growth has been much higher at 65% YoY. The performance has been equally robust for the first half quarter. Margins have improved by 160 and 280 basis points for 2QFY06 and 1HFY06 respectively.

Financial performance: A snapshot…
(Rs m) 2QFY05 2QFY06 Change 1HFY05 1HFY06 Change
Sales 19,137 27,878 45.7% 31,893 49,021 53.7%
Expenditure 16,913 24,188 43.0% 29,272 43,616 49.0%
Operating profit (EBDITA) 2,224 3,690 65.9% 2,621 5,405 106.2%
Operating profit margin (%) 11.6% 13.2%   8.2% 11.0%  
Other income 935 1,057 13.0% 1,721 1,987 15.5%
Interest 172 133 -22.7% 296 256 -13.5%
Depreciation 516 624 20.9% 1,026 1,200 17.0%
Profit before tax 2,471 3,990 61.5% 3,020 5,936 96.6%
Extraordinary income/(expense) (1) -   (180) -  
Tax 888 1,388 56.3% 1,023 2,056 101.0%
Profit after tax/(loss) 1,582 2,602 64.5% 1,817 3,880 113.5%
Net profit margin (%) 8.3% 9.3%   5.7% 7.9%  
No. of shares 244.7 244.7   244.7 244.7  
Diluted earnings per share* (Rs) 25.9 42.5   14.8 31.7  
P/E ratio (x)         42.2  
(* annualised)            

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