Bharat Heavy Electricals Limited reports Rs 238 crore loss in Q2; stock drops 1%

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November 9, 2023
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Bharat Heavy Electricals (BHEL): The state-owned power equipment maker has posted a consolidated net loss of Rs 238.1 crore for the quarter ended September FY24, against a profit of Rs 12.1 crore in the corresponding period last fiscal, impacted by weak operating performance and a lower topline. Revenue from operations declined 1.5 percent YoY to Rs 5,125.3 crore in Q2 FY24.

Shares of Bharat Heavy Electricals Limited (BHEL) dropped more than 1 percent in trade on November 9 post reporting dismal Q2 numbers. At 11:39 am the BHEL stock was trading at Rs 124.57 on NSE.

State-owned engineering firm Bharat Heavy Electricals Ltd (BHEL) reported a consolidated net loss of Rs 238.12 crore for the September quarter of 2023-24. The company had logged a profit of Rs 12.10 crore in the year-ago period, a BSE filing showed.

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Total income dipped to Rs 5,305.38 crore in the quarter from Rs 5,418.74 crore in the same period a year ago. The company also reported a consolidated net loss of Rs 343.89 crore in the April-June period this fiscal year.

Also Read: BHEL reports Rs 238 crore loss in Q2

BHEL stock call: Check brokerage views

Brokerage firm Prabhudas Lilladher in its first cut report after the results has assigned a ‘reduce’ rating to the BHEL stock. Amit Anwani, Research Analyst, Prabhudas Lilladher stated in the report that “BHEL’s Q2FY24 performance has been dismal and below estimates on all fronts.”

The report further stated that, “the stock is currently trading at 49.4x/28.1x FY24/25E and we have a ‘reduce’ rating.

BHEL Stock Performance

The BHEL stock has given a return of 57.68 percent over the last six months. The benchmark Nifty50 index has given a return of 6.45 percent over the same duration.

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