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BHEL
BHEL announced its 3QFY2011, which were ahead of our expectations. The current
quarter’s results were positively impacted by the one-off adjustment in turnover, PBT and
PAT, arising on account of modifications in the method of calculating the percentage
completion. The above adjustments resulted in turnover, PBT and PAT increasing by `444cr,
`88cr and `60, respectively. Inclusive of the above, total income grew by 24.8% yoy to
`9,023cr (`7,229cr), which was lower by 4% from our expectation of `9,389cr. EBITDA
margin for the quarter came in at 23%, which was ahead of our estimate of 18%. On a yoy
basis, the margin expanded by around 136bp. Strong top-line growth coupled with margin
expansion resulted in EBITDA growing by 32.7% yoy to `2,072cr. Segment wise, the power
segment reported revenue growth of 27.6% yoy to `7,282cr (`5,709cr), while the industry
segment grew by 19% yoy to `2,413cr (`1,802cr). The bottom line increased by healthy
30.8% yoy to `1,403cr (`1,073cr), which exceeded our estimate of `1,135cr. We maintain
our Neutral recommendation on the stock.
India Equity Research Reports, IPO and Stock News Visit http://indiaer.blogspot.com/ for complete details �� ��
BHEL
BHEL announced its 3QFY2011, which were ahead of our expectations. The current
quarter’s results were positively impacted by the one-off adjustment in turnover, PBT and
PAT, arising on account of modifications in the method of calculating the percentage
completion. The above adjustments resulted in turnover, PBT and PAT increasing by `444cr,
`88cr and `60, respectively. Inclusive of the above, total income grew by 24.8% yoy to
`9,023cr (`7,229cr), which was lower by 4% from our expectation of `9,389cr. EBITDA
margin for the quarter came in at 23%, which was ahead of our estimate of 18%. On a yoy
basis, the margin expanded by around 136bp. Strong top-line growth coupled with margin
expansion resulted in EBITDA growing by 32.7% yoy to `2,072cr. Segment wise, the power
segment reported revenue growth of 27.6% yoy to `7,282cr (`5,709cr), while the industry
segment grew by 19% yoy to `2,413cr (`1,802cr). The bottom line increased by healthy
30.8% yoy to `1,403cr (`1,073cr), which exceeded our estimate of `1,135cr. We maintain
our Neutral recommendation on the stock.
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