Moneycontrol Bureau
BHEL surprised the street with better-than-expected June quarter results supported by good business in its power segment. Its net profit jumped 54.2 percent to Rs 77.7 crore in April-June from Rs 50.4 crore in corresponding quarter last fiscal. Total income, during the quarter, saw a growth 29 percent at Rs 5622 crore against Rs 4368 crore in year-ago period. BHEL’s outstanding order book stood at Rs 1.08 lakh crore till June-end.
In Q1 its EBITDA also improved to Rs 71 crore versus EBITDA loss of Rs 183 crore while EBITDA margin was at 1.3 percent on annual basis.
According to a CNBC-TV18 poll, BHEL was expected to post weak June quarter. The company was seen reporting net loss at Rs 15 crore in April-June quarter while revenue was likely to be flat at Rs 4630 crore. Its EBITDA loss in Q1 was expected at Rs 205 crore year-on-year.
During the period, its other income fell 49.2 percent at Rs 249.3 crore against Rs 491.2 crore year-on-year.
Its power business revenue grew 38.1 percent at Rs 4335 crore against Rs 3290 crore while industry business revenue was up 22.5 percent at Rs 1385.7 crore versus Rs 1131.2 crore (YoY). Its power business EBIT grew 43.9 percent at Rs 310 crore.
Shares of BHEL rose 15 percent intraday on Wednesday. At 13:50 hrs Bharat Heavy Electricals was quoting at Rs 158.95, up Rs 20.60, or 14.89 percent on the BSE.Posted by Nasrin Sultana
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