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Bharat Heavy Electricals Ltd's Q3FY19 standalone net profit rises 23.1% yoy to Rs192cr: Misses Estimates
The company’s standalone revenue in the quarter stood at Rs7,336cr, up 10.1% yoy and 8.2% qoq.
Feb 05, 2019 09:02 IST India Infoline Research Team
Bharat Heavy Electricals Ltd Q3FY19
Standalone Results Q3FY19: (in Rs cr)
| Q3FY19 | YoY (%) | |
|---|---|---|
| Revenue | 7,336 | 10.1 |
| EBITDA | 219 | [17.5] |
| EBITDA Margin (%) | 3 | [100] |
| Net Profit (adjusted) | 192 | 23.1 |
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BHEL Ltd's results for Q3FY19 missed the consensus expectations on the EBITDA and net profit fronts. Revenue in the quarter rose 10.1% yoy to Rs7,336cr (expectation Rs7,258cr). EBITDA stood at Rs219cr, down 17.5% yoy against the estimates of Rs458cr. EBIDTA margin fell 100bps yoy to 3%. Net profit in the quarter ended December 2018 stood at Rs192cr (up 23.1% yoy) against an estimate of Rs257cr.
- The company reported a sharp dip in EBITDA margins due to a sharp reduction in gross margins. BHEL's gross margins declined 879bps yoy in Q3FY19 to 37.6% due to a 17.6% yoy rise in raw material costs.
- Other income for the quarter stood at Rs226cr, up 35.1% yoy.
- Tax rate for 9MFY19 stood at 31% against a tax rate of 49% for FY18.
- The Board has approved a dividend of Rs0.8 per share.
Technical View:
Bharat Heavy Electricals Ltd share price is currently at Rs58.50, down 6.35 points, or 9.79%, from its previous close of Rs64.85 on the BSE. The scrip opened at Rs65.60 and has touched a high and low of Rs65.60 and Rs56.25, respectively. So far, 4,49,04,484 (NSE+BSE) shares have been traded on the counter. The stock is currently trading above its 200-DMA.
