BHEL Q3FY22: Backlog Strength, Better Collections, and a Return to Profit

For Q3FY22, the presentation reported turnover of Rs 4,919 crore, revenue from operations of Rs 5,136 crore, EBITDA of Rs 180 crore, profit before tax of Rs 20 crore, and profit after tax of Rs 14 crore.

Turnover increased to Rs 4,919 crore in Q3FY22 from Rs 4,203 crore in Q3FY21, a year on year growth of 17% as stated in the presentation.

Total order book as on 31.12.21 was Rs 107,058 crore, split into power Rs 91,079 crore, industry Rs 10,473 crore, and exports Rs 5,506 crore.

Trade receivables were Rs 6,888 crore in Q3FY22 compared with Rs 10,920 crore in Q3FY21 and Rs 7,213 crore in FY21, and the presentation noted this was the lowest level in 27 quarters.

The presentation reported the receivables share as 35.4% central utilities, 42.3% state utilities, 14.4% private sector, and 7.9% exports for Q3FY22.

The presentation cited commercial operation declaration for units at Suratgarh and Nabinagar thermal power stations, multiple synchronizations including large thermal units and solar projects, full load achievement at Tuticorin and Nabinagar units, and rollout of a 3-phase mainline electrical multiple unit with BHEL electrics.

It reported an FGD package order for NTPC Sipat (2x500 MW) and stated that total FGD orders received by BHEL from Indian power sector utilities were about 32 gigawatt.