1803 (3) 1703 (3) Var. (%) 1803 (12) 1703 (12) Var.(%) Sales 10146.95 9779.47 4 28925.71 28447.04 2 OPM (%) 12.1 5.8   6.7 3.7   OP 1231.60 568.66 117 1932.89 1061.36 82 Other inc. 197.92 227.42 -13 693.05 765.92 -10 PBIDT 1429.52 796.08 80 2625.94 1827.28 44 Interest 72.58 313.59 -77 254.55 350.61 -27 PBDT 1356.94 482.49 181 2371.39 1476.67 61 Dep. 217.07 213.90 1 786.40 848.84 -7 PBT 1139.87 268.59 324 1584.99 627.83 152 Provn for taxation 682.70 53.04 999 778.39 131.97 490 PAT 457.17 215.55 112 806.60 495.86 63 PPA 0.00 0.00   0.00 0.00   Net Profit 457.17 215.55 112 806.60 495.86 63 Other Comprehensive Income 75.30 6.83 999 83.33 -29.00 LP Total Comprehensive Income 532.47 222.38 139 889.93 466.86 91 EPS (Rs)* # #   2.2 1.4   * EPS is on current equity (post bonus) of Rs 734.28 crore, Face value of Rs 2
# EPS is not annualised due to seasonality of business
Figures in Rs crore
Var. (%) exceeding 999 has been truncated to 999
Source: Capitaline Corporate Database

Bharat Heavy Electricals: Segment Results

 

 

Sales 1803 (3) 1703 (3) Var. (%) % to total 1803 (12) 1703 (12) Var.(%) % to total
Power 8308.07 8109.00 2 85 23064.17 22794.78 1 82
Industry 1520.53 1765.34 -14 15 5034.25 6045.64 -17 18
Total 9828.60 9874.34 0 100 28098.42 28840.42 -3 100
PBIT                
Power 909.42 1129.07 -19 94 2792.14 2534.58 10 94
Industry 57.15 268.25 -79 6 179.55 244.15 -26 6
PBT before tax and interest 966.57 1397.32 -31 100 2971.69 2778.73 7 100
Less: Interest 72.58 313.59     254.55 350.61    
Add: Other unallocable income 245.88 -815.14     -1132.15 -1800.29    
PBT 1139.87 268.59     1584.99 627.83    
Segment Assets                
Power 40812.18 37602.38 9 64 40812.18 37602.38 9 64
Industry 8522.98 9188.25 -7 13 8522.98 9188.25 -7 13
Unallocated 14453.99 14439.57 0 23 14453.99 14439.57 0 23
Total CE 63789.15 61230.20     63789.15 61230.20    
Segment Liability                
Power 24541.30 23250.32 6 79 24541.30 23250.32 6 79
Industry 4799.21 5480.91 -12 15 4799.21 5480.91 -12 15
Unallocated 1847.56 204.53 803 6 1847.56 204.53 803 6
Total CE 31188.07 28935.76     31188.07 28935.76    
Figures in Rs crore
Var. (%) exceeding 999 has been truncated to 999
LP: Loss to Profit; PL: Profit to Loss

Bharat Heavy Electricals: Consolidated Results

 

 

  1803 (12) 1703 (12) Var.(%)
Sales 28940.42 28477.03 2
OPM (%) 6.8 3.7  
OP 1970.11 1057.03 86
Other inc. 678.01 753.19 -10
PBIDT 2648.12 1810.22 46
Interest 255.16 351.30 -27
PBDT 2392.96 1458.92 64
Dep. 787.33 849.79 -7
PBT before JV profit/loss 1605.63 609.13 164
Share of profit from JV/ associate -390.76 -23.56 999
PBT 1214.87 585.57 107
EO Exp 0.00 0.00  
PBT 1214.87 585.57 107
Provn for taxation 776.68 130.39 496
PAT 438.19 455.18 -4
PPA 0.00 0.00  
PAT after PPA 438.19 455.18 -4
Other Comprehensive Income (net of tax) 83.47 -28.91 LP
Total Comprehensive income net of tax 521.66 426.27 22
Minority interest -2.97 -2.08 43
Net profit 524.63 428.35 22
EPS (Rs)* 1.2 1.2  
* EPS is on current equity (post bonus) of Rs 734.28 crore, Face value of Rs 2
# EPS is not annualised due to seasonality of business
Figures in Rs crore
Var. (%) exceeding 999 has been truncated to 999
Source: Capitaline Corporate Database

Bharat Heavy Electricals: Consolidated Segment Results

 

 

Sales 1803 (12) 1703 (12) Var.(%) % to total
Power 23064.17 22794.78 1 82
Industry 5048.65 6077.11 -17 18
Total 28112.82 28871.89 -3 100
PBIT        
Power 2792.14 2534.58 10 94
Industry 172.75 239.02 -28 6
PBT before tax and interest 2964.89 2773.60 7 100
Less: Interest 255.16 351.30    
Add: Other unallocable income -1494.86 -1836.73  
PBT 1214.87 585.57    
Segment Assets        
Power 40812.66 37601.20 9 64
Industry 8544.93 9210.89 -7 13
Unallocated 14187.09 14535.36 -2 22
Total CE 63544.68 61347.45    
Segment Liability        
Power 24541.30 23250.32 6 79
Industry 4829.44 5504.69 -12 15
Unallocated 1843.00 204.53 801 6
Total CE 31213.74 28959.54    
Figures in Rs crore
Var. (%) exceeding 999 has been truncated to 999
LP: Loss to Profit; PL: Profit to Loss
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Bharat Heavy Electricals has registered 1% growth in its sales for the quarter ended March 2019 to Rs 10297.16 crore. However an 80 bps expansion in operating profit margin resulted in 8% growth in operating profit to Rs 1395.23 crore. With other income stand lower by 12% to Rs 120.87 crore, the PBIDT was up by 6% to Rs 1516.10 crore. Even as interest costs (as % of OP) stand higher, the PBT was up by 13% to Rs 1285.43 crore, gained largely by lower depreciation (as % of OP). With taxation stand lower by 12% to Rs 602.73 crore, the growth at PAT jumped up by 49% to Rs 682.70 crore. Eventually the net profit (total comprehensive income) was up by 6% to Rs 566.45 crore hit by higher other comprehensive expense which was Rs 116.25 crore, a swing of Rs 191.55 crore from an income of Rs 75.30 crore in the corresponding previous period.

  • Operating income excluding other operating income was flat (up 0%) to Rs 9836.50 crore. But value of production was up by 4% to Rs 9793.70 crore. Sale for the quarter and corresponding previous period was 100.4% and 104.4% of its respective value of production. Sales higher than value of production reflects liquidation of earlier period inventory.
 
  • Flat growth in revenue is largely due to growth in revenue of industry segment. Segment revenue of power was down by modest 3% to Rs 8103.38 crore. That of industry was up by strong 14% to Rs 1733.12 crore.
  • PBIT was up by 61% to Rs 1559.99 crore driven by strong growth in segment profit of both the segments. Despite marginal lower sales, the segment profit of power was up by 44% (to Rs 1306.58 crore) gained by sharp 520 bps expansion in segment margin to 16.1%. And the segment profit of Industry was up by 343% to Rs 253.41 crore driven largely by higher sales and 1090 bps expansion in segment margin to 14.6%.
  • OPM expanded by 80 bps to 13.5% and that was largely as the impact of higher material cost was more than offset by lower staff and OE. Material cost as proportion to sales net of stocks was up by 840 bps to 56.5%. But the staff cost was lower by 10 bps to 19.3%. And the OE was down by 880 bps to 10.5%.
  • Other income was down by 12% to Rs 120.87 crore. The interest cost was up by 33% (to Rs 96.44 crore) and the depreciation was down by 38% (to Rs 134.23 crore). Thus, the PBT was up by 13% to Rs 1285.43 crore.
  • EO income for the quarter and corresponding previous period was nil. The taxation was down by 38% to Rs 134.23 crore. Thus gained by lower tax provision, the growth at PAT was 49% (to Rs 682.70 crore).

Yearly performance

Standalone sales were higher by 5% to Rs 30348.95 crore. Further with OPM expand by 40 bps to 7.1%, the operating profit leaped by 11% to Rs 2141.96 crore. After accounting for lower (down 2%) other income, higher interest (as % of OP) and lower depreciation (as % of OP), the PBT was up by 30% to Rs 2057.86 crore. Taxation was up by 8% to Rs 842.47 crore and thus the growth at PAT was up by 51% to Rs 1215.39 crore. PPA was nil for the quarter as well as corresponding previous period. Thus the PAT after PPA was up by 51% to Rs 1215.39 crore. The other comprehensive expense was Rs 119.18 crore compared to an income of Rs 83.33 crore in corresponding previous period. And thus the total comprehensive income was up by 23% to Rs 1096.21 crore. The impact on depreciation due to review and revision in the estimated useful life of certain item of PPE in FY 2018-19 is reduction of Rs 201.42 crore.

Consolidated sales was up by 5% to Rs 30367.65 crore and the operating profit was up by 9% to Rs 2137.93 crore gained by higher sales and 20 bps expansion in OPM. Eventually the net profit (total comprehensive income attributable to owner) was up by 70% to Rs 892.69 crore.

Other developments

The Company has completed the buyback of 189336645 shares in January 2019. Post Buy back, the Share Capital of the Company stands at Rs 696.41 crore.

To pay a final dividend of Rs 1.20 per share of Rs 2 face value for 2018-19 and this is in addition to interim dividend of Rs. 0.80 per share (Face value Rs 2 per share) already paid.

Bharat Heavy Electricals: Results

 

 

  1903 (3) 1803 (3) Var. (%) 1903 (12) 1803 (12) Var.(%)
Sales 10297.16 10213.04 1 30348.95 28925.71 5
OPM (%) 13.5 12.7   7.1 6.7  
OP 1395.23 1292.42 8 2141.96 1931.66 11
Other inc. 120.87 137.10 -12 677.64 694.28 -2
PBIDT 1516.10 1429.52 6 2819.60 2625.94 7
Interest 96.44 72.58 33 286.93 254.55 13
PBDT 1419.66 1356.94 5 2532.67 2371.39 7
Dep. 134.23 217.07 -38 474.81 786.40 -40
PBT 1285.43 1139.87 13 2057.86 1584.99 30
Provn for taxation 602.73 682.70 -12 842.47 778.39 8
PAT 682.70 457.17 49 1215.39 806.60 51
PPA 0.00 0.00   0.00 0.00  
Net Profit 682.70 457.17 49 1215.39 806.60 51
Other Comprehensive Income -116.25 75.30 PL -119.18 83.33 PL
Total Comprehensive Income 566.45 532.47 6 1096.21 889.93 23
EPS (Rs)* # #   3.5 2.3  
* EPS is on current equity (post buyback) of Rs 696.41 crore, Face value of Rs 2
# EPS is not annualised due to seasonality of business
Figures in Rs crore
Source: Capitaline Corporate Database

Bharat Heavy Electricals: Segment Results

 

 

Sales 1903 (3) 1803 (3) Var. (%) % to total 1903 (12) 1803 (12) Var.(%) % to total
Power 8103.38 8312.29 -3 82 23404.96 22881.04 2 80
Industry 1733.12 1520.53 14 18 5944.25 4969.40 20 20
Total 9836.50 9832.82 0 100 29349.21 27850.44 5 100
PBIT                
Power 1306.58 909.42 44 84 2812.18 2792.14 1 87
Industry 253.41 57.15 343 16 437.21 179.55 144 13
PBT before tax and interest 1559.99 966.57 61 100 3249.39 2971.69 9 100
Less: Interest 96.44 72.58     286.93 254.55    
Add: Other unallocable income -178.12 245.88     -904.60 -1132.15    
PBT 1285.43 1139.87     2057.86 1584.99    
Segment Assets                
Power 45185.71 40812.18 11 70 45185.71 40812.18 11 70
Industry 9372.15 8522.98 10 15 9372.15 8522.98 10 15
Unallocated 9858.15 14382.92 -31 15 9858.15 14382.92 -31 15
Total CE 64416.01 63718.08     64416.01 63718.08    
Segment Liability                
Power 24823.96 24541.30 1 75 24823.96 24541.30 1 75
Industry 5251.54 4799.21 9 16 5251.54 4799.21 9 16
Unallocated 2940.65 1776.49 66 9 2940.65 1776.49 66 9
Total CE 33016.15 31117.00     33016.15 31117.00    

Figures in Rs crore
Var. (%) exceeding 999 has been truncated to 999 
LP: Loss to Profit; PL: Profit to Loss

 Bharat Heavy Electricals: Consolidated Results

 

 

  1903 (12) 1803 (12) Var.(%)
Sales 30367.65 28940.42 5
OPM (%) 7.0 6.8  
OP 2137.93 1968.88 9
Other inc. 661.52 679.24 -3
PBIDT 2799.45 2648.12 6
Interest 288.01 255.16 13
PBDT 2511.44 2392.96 5
Dep. 475.74 787.33 -40
PBT before JV profit/loss 2035.70 1605.63 27
Share of profit from JV/ associate -185.60 -390.76 999
PBT 1850.10 1214.87 52
EO Exp 0.00 0.00  
PBT 1850.10 1214.87 52
Provn for taxation 840.94 776.68 8
PAT 1009.16 438.19 130
PPA 0.00 0.00  
PAT after PPA 1009.16 438.19 130
Other Comprehensive Income (net of tax) -119.15 83.47 PL
Total Comprehensive income net of tax 890.01 521.66 71
Minority interest -2.68 -2.97 -10
Net profit 892.69 524.63 70
EPS (Rs)* 2.9 1.2  
* EPS is on current equity (post bonus) of Rs 696.41 crore, Face value of Rs 2
# EPS is not annualised due to seasonality of business
Figures in Rs crore
Source: Capitaline Corporate Database

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