BHEL Announces Quarterly Results (3QFY20); Net Profit Down 17.3%

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BHEL Announces Quarterly Results (3QFY20); Net Profit Down 17.3%
Thu, 13 Feb

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

BHEL Quarterly Financials

No. of Mths
Qtr. Ending
3
Dec-18*
3
Sep-19*
3
Dec-19*
QoQ ChangeYoY Change
Net SalesRs m73,36462,25756,794-8.8%-22.6%
Other incomeRs m2,2651,3561,51211.5%-33.2%
TurnoverRs m75,62963,61458,305-8.3%-22.9%
ExpensesRs m71,17759,58853,506-10.2%-24.8%
Gross profitRs m2,1872,6693,28723.2%50.3%
DepreciationRs m1,1241,1931,145-4.0%1.8%
InterestRs m5771,1871,39117.2%141.1%
Profit before taxRs m2,7511,6452,26337.6%-17.7%
TaxRs m83145967546.9%-18.8%
Profit after taxRs m1,9201,1861,58833.9%-17.3%
Gross profit margin%3.04.35.8
Effective tax rate%30.227.929.8
Net profit margin%2.51.92.7
* 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 fell 22.6% on a year-on-year (YoY) basis. The expenses were down by 24.8% YoY during the same period.
  • The company's operating profit increased by 50.3% YoY during the quarter. Consequently, operating profit margins witnessed a growth and stood at 5.8% in 3QFY20 as against 3.0% in 3QFY19.
  • Depreciation charges increased by 1.8% and finance costs increased by 141.1% YoY, respectively.
  • Other income declined by 33.2% YoY during the quarter.
  • Net profit for the quarter declined by 17.3% YoY. Net profit margins during the quarter increased from 2.5% in 3QFY19 to 2.7% in 3QFY20.
Quarter-on-Quarter Performance:
  • The company's operating income during the quarter fell 8.8% on a quarter-on-quarter (QoQ) basis. The expenses were down by 10.2% QoQ during the same period.
  • The company's operating profit increased by 23.2% QoQ during the quarter. Consequently, operating profit margins witnessed a growth and stood at 5.8% in 3QFY20 as against 4.3% in 2QFY19.
  • Net profit for the quarter increased by 33.9% QoQ, while net profit margins increased from 1.9% in 2QFY19 to 2.7% in 3QFY20.

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

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BHEL Share Price Performance

Over the last one year,BHEL share price has moved down from Rs 60.9 to Rs 36.7, registering a Loss of Rs 24.2 or around 39.7%.

Meanwhile, the S&P BSE CAPITAL GOODS Index is trading at Rs 16,782.2 (down 0.4%). Over the last one year it has moved up from 16,276.8 to 16,782.2, a gain of 505 points (up 3.1%).

Overall, the S&P BSE SENSEX is up 14.6% over the year.

Current Valuations

At the current price of Rs 36.7, the price to earnings (P/E) ratio of BHEL stands at 18.1 times its trailing twelve months earnings, while its price to book value (P/BV) ratio stands at 0.4 times.

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