Bharat Heavy Electricals Ltd.

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Company Background

Bharat Heavy Electricals is a state-owned integrated power plant equipment manufacturer and one of the largest engineering and manufacturing company in India. Through six joint ventures, the company enjoys the leadership position in the Indian power sector with over 70% market share. The Indian government holds around 64% of the stake.

Since October 2009, B.P. Rao has led the company as chairman and managing director. Starting his career in 1978, he now has experience in strategic and operational areas in all major segments of BHEL. He spearheaded efforts for its entry into defense simulators and telecom products, apart from being instrumental in setting up its Electronics Systems Division. He was due to retire on Dec. 31, 2013, but his term was extended for two years.

The company was set up in 1964 as part of then Prime Minister Jawaharlal Nehru's vision to make the country self-reliant in manufacturing of heavy electrical equipment. Under the jurisdiction of the Ministry of Heavy Industries and Public Enterprises, Bharat Heavy has been making profits continuously since 1971-72 and paying dividends since 1976-77. It has operations in 76 countries, including Malaysia, Oman, Libya, Iraq, the United Arab Emurates, Bhutan, Egypt and New Zealand. Its operations are organized around the power sector; industries including power transmission, transportation, telecommunications and renewable energy; and overseas businesses.

Business Summary

Bharat Heavy Electricals Ltd. is a holding company, which engages in construction of power plants and manufacturing of steam generators, turbine and electric motors. It operates through the following segments: Power and Industry segments. The Power segment comprises thermal, gas, hydro and nuclear power plant businesses apart from new businesses of emission control equipment and spares for Non-BHEL sets. The Industry segment caters to major equipment supplies for a number of industries including transportation, transmission, defence & aerospace, Renewables, downstream oil & gas, Energy storage and electric mobility. The company was founded on November 13, 1964 and is headquartered in New Delhi, India.

Financial Highlights

Mar 2022	INR	USD
Revenue	208,441.30M	2,797.50M
Gross Profit	-4,954.40M	-66.49M
Operating income	707M	9.48M
Income before tax	4,200.40M	56.37M
Net income	4,460.30M	59.86M
EBITDA	3,848.20M	51.64M
Diluted EPS	1.28	0.01
Dividends Per Share	0.40	0.00
Total Assets	562,437.60M	7,422.46M
Total liabilities	297,179.40M	3,921.86M
Total equity	265,066M	3,498.06M
Operating cash flow	7,652.30M	102.70M
	Currency in INR	Currency in USD

Historical Data

INR | USD

	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022
Revenue	287,794.90M	302,156.10M	211,194.60M	167,765M	208,441.30M
Gross Profit	42,304.80M	48,375.80M	2,739.30M	-15,888.40M	-4,954.40M
Operating income	5,863.10M	14,763.40M	-13,860.30M	-40,948.40M	707M
Income before tax	16,056.30M	20,253.40M	-6,847.90M	-36,400.70M	4,200.40M
Net income	4,411.60M	10,051M	-14,660.10M	-26,971.10M	4,460.30M
EBITDA	13,736.40M	19,520.80M	-8,827.60M	-36,215.90M	3,848.20M
Diluted EPS	1.20	2.76	-4.21	-7.74	1.28
Dividends Per Share	1.82	2	0	0	0.40
Total Assets	634,845.10M	639,343.10M	597,485.60M	552,402.10M	562,437.60M
Total liabilities	311,269.70M	329,987.50M	310,654.20M	292,431.70M	297,179.40M
Total equity	323,349.90M	309,043.40M	286,607.20M	259,836.60M	265,066M
Operating cash flow	16,564M	-33,317.40M	-26,309.10M	7,039.20M	7,652.30M

	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022
Revenue	4,464.28M	4,320.05M	2,978.51M	2,259.91M	2,797.50M
Gross Profit	656.23M	691.64M	38.63M	-214.02M	-66.49M
Operating income	90.94M	211.07M	-195.47M	-551.60M	9.48M
Income before tax	249.06M	289.57M	-96.57M	-490.34M	56.37M
Net income	68.43M	143.70M	-206.75M	-363.32M	59.86M
EBITDA	213.07M	279.09M	-124.49M	-487.85M	51.64M
Diluted EPS	0.01	0.03	-0.05	-0.10	0.01
Dividends Per Share	0.02	0.02	0	0	0.00
Total Assets	9,733.64M	9,229.05M	7,897.89M	7,555.37M	7,422.46M
Total liabilities	4,772.48M	4,763.44M	4,106.39M	3,999.68M	3,921.86M
Total equity	4,957.70M	4,461.10M	3,788.53M	3,553.86M	3,498.06M
Operating cash flow	256.94M	-476.35M	-371.04M	94.82M	102.70M

Valuation Measures

Mar 2022
PER	38.52
ROA	0.80%
ROE	1.69%
Operating margin	0.33%
Profit margin	2.13%

Key executives

Chairman & Managing Director: Nalin Shinghal
Finance Director & Director: Subodh Gupta
Director-Engineering, Research & Development: Jai Prakash Srivastava
Secretary & Compliance Officer: Rajeev Kalra
Director, Director-Industrial Systems & Products: Renuka Gera

Shareholders

Government of India (63.1%)
Life Insurance Corporation of India (Investment Portfolio) (10.0%)
The Vanguard Group, Inc. (1.0%)
Massachusetts Financial Services Co. (0.4%)
Dimensional Fund Advisors LP (0.4%)
Kotak Mahindra Asset Management Co. Ltd. (0.3%)
Nippon Life India Asset Management Ltd. (Invt Mgmt) (0.3%)
Aditya Birla Sun Life Insurance Co. Ltd. (0.3%)
Tata Asset Management Ltd. (0.3%)
BlackRock Fund Advisors (0.2%)

Contact Details

Website:http://www.bhel.com
Address: BHEL House, Siri Fort, New Delhi, 110049, India
Phone: +91.11.66337000

Related Companies

Bhel Employees Provident Fund-Hyderabad
BHEL (BAP Unit) EPF Trust
BHEL Employees Provident Fund Trust Jhansi
Bharat Heavy Electricals Ltd. Power Projects Division Emplo
BHEL Electrical Machines Ltd.
Bharat Heavy Plates & Vessels Ltd.

Competitors

Last Updated on 4 Oct, 2022