BHEL Announces Quarterly Results (1QFY20); Net Profit Down 239.0%

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BHEL Announces Quarterly Results (1QFY20); Net Profit Down 239.0%
Tue, 13 Aug

BHEL has announced its results for the quarter ended June 2019. Here is a detailed performance review of the same:

BHEL Quarterly Financials

No. of Mths
Qtr. Ending
3
Jun-18*
3
Mar-19*
3
Jun-19*
QoQ ChangeYoY Change
Net SalesRs m59,355102,97245,317-56.0%-23.7%
Other incomeRs m1,7861,2091,45520.4%-18.5%
TurnoverRs m61,141104,18046,772-55.1%-23.5%
ExpensesRs m56,48389,01947,984-46.1%-15.0%
Gross profitRs m2,87213,952-2,667-119.1%-192.9%
DepreciationRs m1,7611,3421,148-14.5%-34.8%
InterestRs m6399641,08012.0%69.0%
Profit before taxRs m2,25912,854-3,440-126.8%-252.3%
TaxRs m7036,027-1,277-121.2%-281.8%
Profit after taxRs m1,5566,827-2,163-131.7%-239.0%
Gross profit margin%4.813.5-5.9
Effective tax rate%31.146.937.1
Net profit margin%2.56.6-4.6
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster


Year-on-Year Performance:
  • The company's operating income during the quarter fell 23.7% on a year-on-year (YoY) basis. The expenses were down by 15.0% YoY during the same period.
  • The company's operating profit declined by 192.9% YoY during the quarter. Consequently, operating profit margins witnessed a decline and stood at 5.9% in 1QFY20 as against 4.8% in 1QFY19.
  • Depreciation charges declined by 34.8% and finance costs increased by 69.0% YoY, respectively.
  • Other income declined by 18.5% YoY during the quarter.
  • Net profit for the quarter declined by 239.0% YoY. Net profit margins during the quarter declined from 2.5% in 1QFY19 to -4.6% in 1QFY20.
Quarter-on-Quarter Performance:
  • The company's operating income during the quarter fell 56.0% on a quarter-on-quarter (QoQ) basis. The expenses were down by 46.1% QoQ during the same period.
  • The company's operating profit declined by 119.1% QoQ during the quarter. Consequently, operating profit margins witnessed a decline and stood at 5.9% in 1QFY20 as against 13.5% in 4QFY19.
  • Net profit for the quarter declined by 131.7% QoQ, while net profit margins declined from 6.6% in 4QFY19 to -4.6% in 1QFY20.

To see how BHEL has performed over the last eight quarters,please visit here.

BHEL Share Price Performance

Over the last one year,BHEL share price has moved down from Rs 72.6 to Rs 54.3, registering a Loss of Rs 18.3 or around 25.2%.

Meanwhile, the S&P BSE CAPITAL GOODS Index is trading at Rs 17,102.1 (down 1.2%). Over the last one year it has moved down from 18,029.9 to 17,102.1, a gain of 928 points (down 5.1%).

Overall, the S&P BSE SENSEX is down 1.3% over the year.

Current Valuations

At the current price of Rs 54.3, the price to earnings (P/E) ratio of BHEL stands at 23.6 times its trailing twelve months earnings, while its price to book value (P/BV) ratio stands at 0.6 times.

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