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BHEL Announces Quarterly Results (2QFY19); Net Profit Up 60.4%

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BHEL Announces Quarterly Results (2QFY19); Net Profit Up 60.4%
Fri, 9 Nov

BHEL has announced its results for the quarter ended September 2018. Here is a detailed performance review of the same:

BHEL Quarterly Financials

No. of Mths
Qtr. Ending
3
Sep-17*
3
Jun-18*
3
Sep-18*
QoQ ChangeYoY Change
Net SalesRs m62,97159,35567,79914.2%7.7%
Other incomeRs m4,8501,7861,517-15.1%-68.7%
TurnoverRs m67,82161,14169,31613.4%2.2%
ExpensesRs m63,92556,48365,39115.8%2.3%
Gross profitRs m-9542,8722,408-16.2%
DepreciationRs m1,8721,761521-70.4%-72.2%
InterestRs m5526396897.8%24.7%
Profit before taxRs m1,4732,2592,71520.2%84.4%
TaxRs m31870386322.9%171.3%
Profit after taxRs m1,1541,5561,85219.0%60.4%
Gross profit margin%-1.54.83.6
Effective tax rate%21.631.131.8
Net profit margin%1.72.52.7
* 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 grew 7.7% on a year-on-year (YoY) basis. The expenses were up by 2.3% YoY during the same period.
  • The company's operating profit declined by 352.4% YoY during the quarter. Consequently, operating profit margins witnessed a growth and stood at 3.6% in 2QFY19 as against 1.5% in 2QFY18.
  • Depreciation charges declined by 72.2% and finance costs increased by 24.7% YoY, respectively.
  • Other income declined by 68.7% YoY during the quarter.
  • Net profit for the quarter increased by 60.4% YoY. Net profit margins during the quarter increased from 1.7% in 2QFY18 to 2.7% in 2QFY19.
Quarter-on-Quarter Performance:
  • The company's operating income during the quarter grew 14.2% on a quarter-on-quarter (QoQ) basis. The expenses were up by 15.8% QoQ during the same period.
  • The company's operating profit declined by 16.2% QoQ during the quarter. Consequently, operating profit margins witnessed a decline and stood at 3.6% in 2QFY19 as against 4.8% in 1QFY18.
  • Net profit for the quarter increased by 19.0% QoQ, while net profit margins increased from 2.5% in 1QFY18 to 2.7% in 2QFY19.

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 up from Rs 92.0 to Rs 70.1, registering a Loss of Rs 22.0 or around 23.9%.

Meanwhile, the S&P BSE CAPITAL GOODS Index is trading at Rs 18,244.8 (up 0.3%). Over the last one year it has moved down from 18,392.8 to 18,244.8, a gain of 148 points (down 0.8%).

Overall, the S&P BSE SENSEX is up 5.3% over the year.

Current Valuations

At the current price of Rs 70.1, the price to earnings (P/E) ratio of BHEL stands at 27.0 times its trailing twelve months earnings, while its price to book value (P/BV) ratio stands at 0.8 times.

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