BHEL Q1 positive but need more watch: Analyst

Bharat Heavy Electricals Limited (BHEL) beat street estimates with a Rs 77.7 crore profit for the first quarter ended June 30, against a profit of Rs.50.4 crore in the year ago period. Total income in the quarter rose to Rs 5,622 crore against a CNBC-TV18 poll of Rs 4,630 crore.Commenting on the BHEL's Q1 show, Rabindra Nath Nayak, Senior Research Analyst at Dolat Capital Group, said the company beat his estimates both on turnover and profit.The company's absolute order book declined to Rs 1.08 lakh crore from Rs 1.19 lakh crore. Rohit Natarajan, Analyst, Institutional Equities, at IDBI Capital Markets Services, said BHEL might have started work on slow moving orders from projects like Ennore that the company identified earlier. This could have led to the surprise, he said, adding that it is too early to cheer as management commentary is needed to get further clarity.Watch video for more...