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Entry Price

57.00

Target

60.00

Recommend Date

14-09-2020

Return

5.26 %
BUY

Date : 14-09-2020

Bhel’s Q1FY20 revenues came in at | 4531.7 crore, down 23.7% YoY (vs. our estimate of | 6376.1 crore) impacted by execution headwinds due to land constraints, clearances and local agitations. On the segmental front, power segment revenues declined 24.7% to | 3491.5 crore YoY whereas industrial segment revenues declined 20.4% to 918.8 crore YoY. It registered an EBITDA loss at | 266.7 crore (vs. our estimate of | 327.4 crore), owing to reduced revenues. It posted a net loss of | 216.2 crore (vs. our estimated PAT of | 153.6 crore), owing mainly to execution headwinds, increased interest cost, lower other income. For Q1FY20, order inflow came in at | 3892 crore while order backlog was at | 107806 crore.