BHEL Q1FY22: Higher Turnover, Losses Persist, Order Book Stays Large

Turnover was 2,724 crore, EBITDA was negative 399 crore, profit before tax was negative 594 crore, and profit after tax was negative 445 crore.

Turnover increased to 2,724 crore in Q1FY22 from 1,897 crore in Q1FY21, a year-on-year increase of 44% as shown in the presentation.

The total order book was 1,02,098 crore as of 30.06.21, comprising power 84,586 crore, industry 11,187 crore, and exports 6,325 crore.

Cash and bank balances net of borrowings were 1,623 crore as on 30.06.2021, and the cash deficit for Q1FY22 was restricted to 244 crore.

Trade receivables were 7,336 crore and contract assets were 23,550 crore in Q1FY22, resulting in total receivables including contract assets of 30,885 crore.

The receivables mix in Q1FY22 was central utilities 36%, state utilities 43%, private sector 13%, and exports 8%.

Highlights included delivery of a 500 litres per minute medical-grade oxygen plant, development of a 3 to 5 kilowatt Proton Exchange Membrane fuel cell stack for mobility, and a polymer coating for flue gas desulphurization absorbers to replace imported C276 cladded plates.