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BHEL Announces Quarterly Results (4QFY19); Net Profit Up 49.3%
Wed, 29 May

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

BHEL Quarterly Financials

No. of Mths
Qtr. Ending
3
Mar-18*
3
Dec-18*
3
Mar-19*
QoQ ChangeYoY Change
Net SalesRs m101,43773,364102,97240.4%1.5%
Other incomeRs m1,9792,2651,209-46.6%-38.9%
TurnoverRs m103,41675,629104,18037.8%0.7%
ExpensesRs m89,12171,17789,01925.1%-0.1%
Gross profitRs m12,3162,18713,952537.9%13.3%
DepreciationRs m2,1711,1241,34219.4%-38.2%
InterestRs m72657796467.1%32.9%
Profit before taxRs m11,3992,75112,854367.3%12.8%
TaxRs m6,8278316,027625.0%-11.7%
Profit after taxRs m4,5721,9206,827255.7%49.3%
Gross profit margin%12.13.013.5
Effective tax rate%59.930.246.9
Net profit margin%4.42.56.6
* 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 grew 1.5% on a year-on-year (YoY) basis. The expenses were down by 0.1% YoY during the same period.
  • The company's operating profit increased by 13.3% YoY during the quarter. Consequently, operating profit margins witnessed a growth and stood at 13.5% in 4QFY19 as against 12.1% in 4QFY18.
  • Depreciation charges declined by 38.2% and finance costs increased by 32.9% YoY, respectively.
  • Other income declined by 38.9% YoY during the quarter.
  • Net profit for the quarter increased by 49.3% YoY. Net profit margins during the quarter increased from 4.4% in 4QFY18 to 6.6% in 4QFY19.
Quarter-on-Quarter Performance:
  • The company's operating income during the quarter grew 40.4% on a quarter-on-quarter (QoQ) basis. The expenses were up by 25.1% QoQ during the same period.
  • The company's operating profit increased by 537.9% QoQ during the quarter. Consequently, operating profit margins witnessed a growth and stood at 13.5% in 4QFY19 as against 3.0% in 3QFY18.
  • Net profit for the quarter increased by 255.7% QoQ, while net profit margins increased from 2.5% in 3QFY18 to 6.6% in 4QFY19.

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 83.6 to Rs 71.7, registering a Loss of Rs 11.9 or around 14.2%.

Meanwhile, the S&P BSE CAPITAL GOODS Index is trading at Rs 20,004.4 (down 0.6%). Over the last one year it has moved up from 19,070.9 to 20,004.4, a gain of 934 points (up 4.9%).

Overall, the S&P BSE SENSEX is up 12.8% over the year.

Current Valuations

At the current price of Rs 71.7, the price to earnings (P/E) ratio of BHEL stands at 21.6 times its trailing twelve months earnings, while its price to book value (P/BV) ratio stands at 0.8 times.