BHEL · Capital Goods
Bharat Heavy Electricals Ltd. reported revenue of ₹5,125 cr for July to September 2023, — on the year and +2.4% on the quarter.
Operating profit (EBITDA) was −₹154 cr, a margin of −3.0%, — on the year and +55 bps on the quarter.
The net loss was ₹63.0 cr, with earnings per share of −₹0.18.
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.
No check fired. That is a statement about the checks below, not a verdict on the company.
Could not run on this quarter: Headline vs core profit, Other income carrying 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 | ₹5,125 cr | ₹5,504 cr | ₹8,260 cr | ₹5,485 cr | ₹6,584 cr | ₹7,277 cr | ₹8,993 cr | ₹5,487 cr | ₹7,512 cr | ₹8,473 cr | ₹12,310 cr | ₹7,698 cr |
| YoY | — | — | — | +10% | +28% | +32% | +9% | +0% | +14% | +16% | +37% | +40% |
| EBITDA margin | −3.0% | 3.9% | 8.8% | −3.1% | 4.2% | 4.2% | 9.3% | −9.8% | 7.7% | 6.4% | 14.2% | 6.5% |
| Other income, % of PBT | — | 140% | 27% | — | 91% | 70% | 23% | — | 38% | 45% | 15% | 44% |
| Exceptional items | — | — | — | — | — | — | — | — | — | — | — | — |
| Tax rate | — | 29% | 23% | — | 25% | 25% | 28% | — | 25% | 25% | 25% | 26% |
| Net profit | −₹63.0 cr | ₹60.0 cr | ₹490 cr | −₹211 cr | ₹106 cr | ₹135 cr | ₹504 cr | −₹456 cr | ₹375 cr | ₹390 cr | ₹1,290 cr | ₹377 cr |
| YoY | — | — | — | — | — | +125% | +3% | — | +254% | +189% | +156% | — |
| Core profit YoY | — | — | — | — | — | — | +17% | — | +2,285% | +438% | +169% | — |
| EPS | −₹0.18 | ₹0.17 | ₹1.41 | −₹0.61 | ₹0.30 | ₹0.39 | ₹1.45 | −₹1.31 | ₹1.08 | ₹1.12 | ₹3.71 | ₹1.08 |
| Flags | · | 1 | · | ✓ | 1 | 1 | ✓ | 1 | ✓ | ✓ | ✓ | 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.
Bharat Heavy Electricals Ltd. reported revenue of ₹5,125 cr (— on the year) and net profit of −₹63.0 cr (— on the year) for July to September 2023.
None of the 1 checks that could run raised a question.
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