Bharat Heavy Electricals Financial Statements

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Y/e 31 Mar Mar-2020 Mar-2018 Mar-2017 Mar-2016
Growth matrix (%)        
Revenue growth (26) 1.63 11.60 (17)
Op profit growth (112) 86.40 (178) (163)
EBIT growth (112) 53.10 (218) (136)
Net profit growth (432) (3.50) (165) (148)
Profitability ratios (%)        
OPM (1.10) 6.81 3.71 (5.30)
EBIT margin (0.80) 5.08 3.37 (3.20)
Net profit margin (6.80) 1.52 1.61 (2.80)
RoCE (0.50) 4.52 2.95 (2.40)
RoNW (1.20) 0.34 0.35 (0.50)
RoA (1.10) 0.34 0.35 (0.50)
Per share ratios ()        
EPS -- 1.19 1.86 --
Dividend per share -- 1.82 1.58 0.40
Cash EPS (5.70) (0.90) (1.60) (6.70)
Book value per share 82.30 88.10 132 132
Valuation ratios        
P/E -- 68.40 58.50 --
P/CEPS (3.70) (86) (68) (11)
P/B 0.25 0.92 0.82 0.57
EV/EBIDTA 18 8.34 16.30 150
Payout (%)        
Dividend payout (5.90) 151 42.80 (14)
Tax payout 118 (64) (21) (39)
Liquidity ratios        
Debtor days 180 228 285 350
Inventory days 137 91.20 113 144
Creditor days (165) (132) (117) (121)
Leverage ratios        
Interest coverage 0.35 (5.80) (2.70) 2.27
Net debt / equity -- (0.30) (0.30) (0.30)
Net debt / op. profit 5.65 (5.60) (9.80) 7.28
Cost breakup ()        
Material costs (50) (44) (50) (52)
Employee costs (25) (21) (19) (21)
Other costs (26) (28) (28) (32)
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Y/e 31 Mar( In .Cr) Mar-2020 Mar-2018 Mar-2017 Mar-2016
Revenue 21,490 28,940 28,477 25,520
yoy growth (%) (26) 1.63 11.60 (17)
Raw materials (10,766) (12,864) (14,119) (13,239)
As % of sales 50.10 44.40 49.60 51.90
Employee costs (5,409) (6,035) (5,403) (5,387)
As % of sales 25.20 20.90 19 21.10
Other costs (5,553) (8,072) (7,898) (8,251)
As % of sales 25.80 27.90 27.70 32.30
Operating profit (237) 1,970 1,057 (1,357)
OPM (1.10) 6.81 3.71 (5.30)
Depreciation (503) (787) (850) (937)
Interest expense (508) (255) (351) (360)
Other income 564 287 753 1,476
Profit before tax (685) 1,215 609 (1,177)
Taxes (809) (777) (130) 456
Tax rate 118 (64) (21) (39)
Minorities and other 2.34 2.97 2.08 1.45
Adj. profit (1,492) 441 481 (720)
Exceptional items -- -- -- --
Net profit (1,466) 441 457 (704)
yoy growth (%) (432) (3.50) (165) (148)
NPM (6.80) 1.52 1.61 (2.80)
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Y/e 31 Mar ( In .Cr) Mar-2020 Mar-2018 Mar-2017 Mar-2016
Profit before tax (685) 1,215 609 (1,177)
Depreciation (503) (787) (850) (937)
Tax paid (809) (777) (130) 456
Working capital (3,445) 101 (1,851) (4,644)
Other operating items -- -- -- --
Operating cashflow (5,442) (248) (2,222) (6,302)
Capital expenditure (2,006) (4,384) (5,704) (7,197)
Free cash flow (7,448) (4,632) (7,926) (13,499)
Equity raised 49,389 56,986 61,697 65,307
Investments 151 423 751 791
Debt financing/disposal 5,145 55.30 (2,132) (4,136)
Dividends paid 85.90 668 196 97.90
Other items -- -- -- --
Net in cash 47,322 53,501 52,585 48,560
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Y/e 31 Mar ( In .Cr) Mar-2020 Mar-2019 Mar-2018 Mar-2017
Equity capital 696 696 734 490
Preference capital -- -- -- --
Reserves 27,964 30,208 31,601 31,899
Net worth 28,661 30,904 32,335 32,389
Minority interest
Debt 5,077 2,598 110 156
Deferred tax liabilities (net) -- -- 10.90 55.70
Total liabilities 33,728 33,496 32,452 32,599
Fixed assets 3,131 3,206 3,276 3,770
Intangible assets
Investments 162 152 429 757
Deferred tax asset (net) 2,766 3,505 3,643 3,902
Net working capital 21,251 19,129 13,927 13,677
Inventories 9,451 8,356 6,730 7,730
Inventory Days 161 -- 84.90 99.10
Sundry debtors 7,109 11,863 14,065 22,078
Debtor days 121 -- 177 283
Other current assets 32,290 29,904 24,632 13,024
Sundry creditors (8,964) (11,417) (10,632) (8,814)
Creditor days 152 -- 134 113
Other current liabilities (18,635) (19,576) (20,868) (20,340)
Cash 6,419 7,504 11,176 10,494
Total assets 33,728 33,496 32,452 32,599
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Particulars ( Rupees In Crores.) Sep-2020 Jun-2020 Mar-2020 Dec-2019 Sep-2019
Gross Sales 3,444 1,897 4,594 5,459 6,030
Excise Duty -- -- -- -- --
Net Sales 3,444 1,897 4,594 5,459 6,030
Other Operating Income 252 94.30 456 222 197
Other Income 109 100 147 157 140
Total Income 3,805 2,091 5,197 5,838 6,367
Total Expenditure ** 4,329 3,050 5,609 5,354 5,962
PBIDT (524) (959) (413) 484 405
Interest 94.50 115 141 140 119
PBDT (619) (1,074) (554) 344 286
Depreciation 115 119 154 115 119
Minority Interest Before NP -- -- -- -- --
Tax 2.33 -- 1.52 -- --
Deferred Tax (184) (299) 822 67.50 45.90
Reported Profit After Tax (552) (893) (1,532) 162 121
Minority Interest After NP (0.40) (0.30) 0.49 (0.90) (0.80)
Net Profit after Minority Interest (552) (893) (1,533) 163 122
Extra-ordinary Items -- -- -- -- --
Adjusted Profit After Extra-ordinary item (552) (893) (1,533) 163 122
EPS (Unit Curr.) (1.60) (2.60) (4.40) 0.46 0.35
Book Value (Unit Curr.) -- -- -- -- --
Dividend (%) -- -- -- -- --
Equity 696 696 696 696 696
Public Shareholding (Number) -- -- -- -- --
Public Shareholding (%) -- -- -- -- --
Pledged/Encumbered - No. of Shares -- -- -- -- --
Pledged/Encumbered - % in Total Promoters Holding -- -- -- -- --
Pledged/Encumbered - % in Total Equity -- -- -- -- --
Non Encumbered - No. of Shares -- -- -- -- --
Non Encumbered - % in Total Promoters Holding -- -- -- -- --
Non Encumbered - % in Total Equity -- -- -- -- --
PBIDTM(%) (15) (51) (9) 8.86 6.72
PBDTM(%) (18) (57) (12) 6.30 4.75
PATM(%) (16) (47) (33) 2.96 2.01