The revenue for the September quarter was up 38.3 percent at Rs 5,112.9 crore as against Rs 3,695.96 crore.
November 10, 2021 / 09:34 AM IST
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The Bharat Heavy Electricals (BHEL) share price slipped more than 6 percent in the opening trade on November 10 after the company narrowed its losses in the quarter ended September 2021.
BHEL in the second quarter ended September 2021 has reported a consolidated net loss of Rs 46.58 crore as against Rs 552.38 crore in the same quarter last fiscal. Its net loss stood at Rs 448.20 crore in the quarter ended in June 2021.
The revenue for the September quarter was up 38.3 percent to Rs 5,112.9 crore as against Rs 3,695.96 crore a year ago.
Earnings before interest, tax, depreciation and amortisations (EBITDA) loss was at Rs 30 crore as against an EBITDA loss of Rs 633.3 crore in the previous corresponding quarter.
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Here is what brokerages have to say about the stock and the company after its September quarter earnings:
Goldman Sachs
The research house has kept the ‘sell’ rating on the stock with a target at Rs 24 per share as the results were slightly below expectation at revenue and EBITDA levels.
The lower-than-expected D&A costs led to profit coming ahead of expectation.
The focus on cost rationalisation and cash collection is generating results, while there are limited opportunities to improve its profitability hereon.
Morgan Stanley
The foreign broking firm has kept ‘underweight’ rating with a target price at Rs 34, despite positively surprised on execution and is focused on cash collection.
The EBITDA loss of Rs 29.2 crore was the best effort after six quarters of huge EBITDA losses.
The management expects margin headwinds in H2, while ordering outlook remains uninspiring.
Jefferies
The broking house has maintained ‘underperform’ call with a target at Rs 30 per share.
The company’s losses narrowed as execution rose 38 percent YoY and 76 percent QoQ, however EBITDA still a loss at Rs 29.2 crore as gross margin is down 284 bps YoY.
The core outlook remains weak and non-BTG business at a nascent stage with limited value-creation prospects over two years.
At 9:23am, Bharat Heavy Electricals was quoting at Rs 67.80, down Rs 4.30, or 5.96 percent, on the BSE.
Disclaimer: The above report is compiled from information available on public platforms. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.
