BHEL · Capital Goods
Bharat Heavy Electricals Ltd. reported revenue of ₹7,277 cr for October to December 2024, +32.2% on the year and +10.5% on the quarter.
Operating profit (EBITDA) was ₹304 cr, a margin of 4.2%, +23 bps on the year and 0 bps on the quarter. Over the last 7 quarters the margin has ranged from −3.6% to 8.8%, averaging 1.6%. Operating costs grew +31.9% against revenue growth of +32.2%, so more of each rupee of sales reached operating profit.
Net profit was ₹135 cr, +125.0% on the year and +27.4% on the quarter, with earnings per share of ₹0.39.
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.
On earnings per share of ₹1.49 over the last four quarters, the stock at ₹434.00 trades at 291.3 times trailing earnings.
Written from the quarterly statements. The filing read adds the balance sheet and cash flow, the auditor's review, segment results, one-off items line by line and what management said on the call.
Half or more of pre-tax profit came from other income. What is it, and does it repeat?
Source: Quarterly statements
Could not run on this quarter: Headline vs core profit, Exceptional items that recur, 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).
Net profit a year ago, each driver's change, and net profit now. Blue added profit, red took it away.
| 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 ₹7,277 cr (+32.2% on the year) and net profit of ₹135 cr (+125.0% on the year) for October to December 2024.
1 check raised a question: Half or more of pre-tax profit came from other income. What is it, and does it repeat?
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