BHEL Announces Quarterly Results (3QFY19); Net Profit Up 25.3%

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BHEL Announces Quarterly Results (3QFY19); Net Profit Up 25.3%
Wed, 13 Feb

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

BHEL Quarterly Financials

No. of Mths
Qtr. Ending
3
Dec-17*
3
Sep-18*
3
Dec-18*
QoQ ChangeYoY Change
Net SalesRs m66,26467,79973,3648.2%10.7%
Other incomeRs m1,3751,5172,26549.3%64.7%
TurnoverRs m67,63869,31675,6299.1%11.8%
ExpensesRs m63,30965,39171,1778.8%12.4%
Gross profitRs m2,9542,4082,187-9.2%-26.0%
DepreciationRs m1,8205211,124115.9%-38.2%
InterestRs m610689577-16.2%-5.5%
Profit before taxRs m1,8982,7152,7511.3%44.9%
TaxRs m367863831-3.7%126.8%
Profit after taxRs m1,5321,8521,9203.7%25.3%
Gross profit margin%4.53.63.0
Effective tax rate%19.331.830.2
Net profit margin%2.32.72.5
* 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 10.7% on a year-on-year (YoY) basis. The expenses were up by 12.4% YoY during the same period.
  • The company's operating profit declined by 26.0% YoY during the quarter. Consequently, operating profit margins witnessed a decline and stood at 3.0% in 3QFY19 as against 4.5% in 3QFY18.
  • Depreciation charges declined by 38.2% and finance costs declined by 5.5% YoY, respectively.
  • Other income increased by 64.7% YoY during the quarter.
  • Net profit for the quarter increased by 25.3% YoY. Net profit margins during the quarter increased from 2.3% in 3QFY18 to 2.5% in 3QFY19.
Quarter-on-Quarter Performance:
  • The company's operating income during the quarter grew 8.2% on a quarter-on-quarter (QoQ) basis. The expenses were up by 8.8% QoQ during the same period.
  • The company's operating profit declined by 9.2% QoQ during the quarter. Consequently, operating profit margins witnessed a decline and stood at 3.0% in 3QFY19 as against 3.6% in 2QFY18.
  • Net profit for the quarter increased by 3.7% QoQ, while net profit margins declined from 2.7% in 2QFY18 to 2.5% in 3QFY19.

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 97.6 to Rs 61.1, registering a Loss of Rs 36.5 or around 37.4%.

Meanwhile, the S&P BSE CAPITAL GOODS Index is trading at Rs 16,489.9 (down 0.5%). Over the last one year it has moved down from 19,558.3 to 16,489.9, a gain of 3,068 points (down 15.7%).

Overall, the S&P BSE SENSEX is up 5.7% over the year.

Current Valuations

At the current price of Rs 61.1, the price to earnings (P/E) ratio of BHEL stands at 22.7 times its trailing twelve months earnings, while its price to book value (P/BV) ratio stands at 0.7 times.

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