Bharat Heavy Electricals Ltd Q1 FY25 Share Price & Earnings Call Analysis

Financials of Bharat Heavy Electricals Ltd

Quarterly Results, Profit & Loss, Balance Sheet, Cash Flows, and Ratios are shown below as separate sections.

Financials of Bharat Heavy Electricals Ltd

Quarterly Results

Quarter-by-quarter operating performance

Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Sales +8,2275,0035,1255,5048,2605,4856,5847,2778,9935,4877,5128,47312,310
Expenses +7,1785,1825,2795,2877,5325,6546,3096,9738,1626,0246,9317,92810,557
Operating Profit1,049-178-154217728-169275304832-5375815451,753
OPM %13%-4%-3%4%9%-3%4%4%9%-10%8%6%14%
Other Income +125130192118170111128126159185189235260
Interest161168180190193162201184201181195182198
Depreciation73606061685960688575757888
Profit before tax940-276-20284636-279141179704-6084995201,728
Tax %30%-26%-69%29%23%-24%25%25%28%-25%25%25%25%
Net Profit +658-205-6360490-211106135504-4563753901,290
EPS in Rs1.89-0.59-0.180.171.41-0.610.300.391.45-1.311.081.123.71

Financials of Bharat Heavy Electricals Ltd

Profit & Loss

Annual income statement trend

Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Sales +31,32325,50528,46528,82730,44121,46317,30921,21123,36523,89328,33933,782
Expenses +29,18326,86227,37027,17428,40921,59620,35720,38322,32123,18226,94031,440
Operating Profit2,141-1,3571,0951,6532,032-133-3,0498281,0447111,3992,342
OPM %7%-5%4%6%7%-1%-18%4%4%3%5%7%
Other Income +1,2211,492753679662590393405544608524869
Interest92360413330378613467448612828906756
Depreciation1,082937850787476503473314260249272316
Profit before tax2,187-1,1615861,2151,840-659-3,5964707162437462,139
Tax %34%-39%22%64%46%123%-25%5%9%-16%28%25%
Net Profit +1,450-7064554381,002-1,468-2,7004456542825341,600
EPS in Rs3.96-1.921.251.202.89-4.21-7.751.281.880.811.534.60
Dividend Payout %20%-14%85%151%69%0%0%31%21%31%33%30%

Financials of Bharat Heavy Electricals Ltd

Balance Sheet

Capital structure and asset base

Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital490490490734696696696696696696696696
Reserves33,71731,82531,89931,60130,20827,96425,28725,81023,68223,74224,02625,450
Borrowings +1,8892111561102,5985,0804,9514,8305,4548,8569,0158,187
Other Liabilities +34,88733,05129,15331,49530,98726,55025,02525,65427,83226,48935,11241,852
Total Liabilities70,98365,57761,69863,94064,49060,29155,96056,99157,66459,78468,84976,186
Fixed Assets +4,2303,9693,6013,0732,9702,8172,4912,3982,4762,5742,9473,094
CWIP2,614318168203235314420431354308195399
Investments6796757429152162185205235256276302
Other Assets +64,13460,49457,17160,23561,13256,99852,86453,95654,59956,64665,43172,390
Total Assets70,98365,57761,69863,94064,49060,29155,96056,99157,66459,78468,84976,186

Financials of Bharat Heavy Electricals Ltd

Cash Flows

Operating, investing and financing cash movement

Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from Operating Activity +821374560989-3,860-2,892560660-741-3,7132,1925,837
Cash from Investing Activity +65023-5659611,9191,877-42-1,1181,4801,331-2,731-3,035
Cash from Financing Activity +-3,543-122-468-667-321,622-394-329892,656-857-1,806
Net Cash Flow-2,071275-4731,283-1,973608123-787829274-1,396996
Free Cash Flow544-178227719-4,284-3,276311498-921-3,9361,9245,261
CFO/OP87%-50%105%57%-169%1,930%-25%30%-82%-554%151%258%

Financials of Bharat Heavy Electricals Ltd

Ratios

Working capital efficiency and return ratios

Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days309321283178142121855249737673
Inventory Days270272200191218321333274261253289212
Days Payable239240225301297300281291345270259167
Cash Conversion Cycle340353258686314213735-3556106119
Working Capital Days19220816212110072421-5609979
ROCE %6%-2%3%5%7%-0%-10%3%4%3%5%9%