BEML · Capital Goods
BEML Ltd. reported revenue of ₹917 cr for July to September 2023, — on the year and +58.9% on the quarter.
Operating profit (EBITDA) was ₹59.0 cr, a margin of 6.4%, — on the year and +1,527 bps on the quarter.
Net profit was ₹52.0 cr, — on the year and — on the quarter, with earnings per share of ₹6.22.
Capital goods and EPC revenue follows project execution, which makes quarters uneven; the order book and new orders tell more about the year than one quarter does. The quarterly statements do not carry the order book, new orders and working capital; those come with the filing read.
Written from the quarterly statements. The filing read adds the balance sheet and cash flow filed with this quarter, the auditor's review, segment results, one-off items line by line and what management said on the call.
A tax credit added to profit this quarter. Deferred tax recognised, or a reversal?
Profit before tax ₹42.0 cr; tax −₹9.7 cr, a credit.
Source: Quarterly statements
Could not run on this quarter: Headline vs core profit, Exceptional items that recur, Operating margin on the year, Depreciation falling, Finance cost rising, Swing to loss or profit, Cash behind the profit, Receivables against sales, Inventory against sales, Borrowing while holding cash, Auditor's review or audit report, IPO money used as stated, Related-party transactions, Exits, postponements, restatements, Promoter pledges and allotments, Earlier promises against delivery, When the results were filed. Most need the filing read (balance sheet, cash flow, auditor, disclosures).
This quarter's filing carries a balance sheet and a cash flow statement. The cash, receivables and borrowing checks run once the filing read is in.
| Q2 FY24 | Q3 FY24 | Q4 FY24 | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ₹917 cr | ₹1,047 cr | ₹1,514 cr | ₹634 cr | ₹860 cr | ₹876 cr | ₹1,653 cr | ₹634 cr | ₹839 cr | ₹1,083 cr | ₹1,794 cr | ₹820 cr |
| YoY | — | — | — | +10% | −6% | −16% | +9% | 0% | −2% | +24% | +9% | +29% |
| EBITDA margin | 6.4% | 5.3% | 24.4% | −7.9% | 8.5% | 6.8% | 25.5% | −7.7% | 8.7% | 0.4% | 15.2% | 0.2% |
| Other income, % of PBT | 24% | 51% | 1% | — | 27% | 17% | 1% | — | 14% | — | 4% | — |
| Exceptional items | — | — | — | — | — | — | — | — | — | — | — | — |
| Tax rate | −23% | 28% | 26% | — | 7% | 17% | 27% | — | 5% | — | 27% | — |
| Net profit | ₹52.0 cr | ₹48.0 cr | ₹257 cr | −₹70.0 cr | ₹51.0 cr | ₹24.0 cr | ₹288 cr | −₹64.0 cr | ₹48.0 cr | −₹22.0 cr | ₹180 cr | −₹27.0 cr |
| YoY | — | — | — | — | −2% | −50% | +12% | — | −6% | −192% | −38% | — |
| Core profit YoY | — | — | — | — | +25% | −24% | +14% | — | +7% | −216% | −40% | — |
| EPS | ₹6.22 | ₹5.79 | ₹30.83 | −₹8.46 | ₹6.13 | ₹2.93 | ₹34.52 | −₹7.70 | ₹5.77 | −₹2.69 | ₹21.59 | −₹3.24 |
| Flags | 1 | 1 | · | ✓ | 2 | 1 | ✓ | ✓ | 1 | 2 | 1 | ✓ |
Each quarter is read with the same rules. Balance-sheet and cash checks run on half-year and annual quarters; filing-read checks run where a read exists.
BEML Ltd. reported revenue of ₹917 cr (— on the year) and net profit of ₹52.0 cr (— on the year) for July to September 2023.
1 check raised a question: A tax credit added to profit this quarter. Deferred tax recognised, or a reversal?
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