PSU stock falls 7% after company’s net profit decreased by 58% in FY24

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PSU stock falls 7% after company’s net profit decreased by 58% in FY24
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Share price of India’s largest engineering and manufacturing enterprise in the energy and infrastructure sectors moved down by 7.6 percent on BSE to hit an intraday low at Rs. 295 in the morning trading session of Wednesday, after reporting a fall in net profit of 58.3 percent for FY23-24.

With a market capitalisation of Rs. 1.06 lakh crore, at 10:34 a.m., the shares of Bharat Heavy Electricals Limited (NS: BHEL ) were trading in the red at Rs. 305.85, down by 4.2 percent.

The fluctuations in the share prices were observed after the company announced the financial results for Q4 FY23-24 and FY24, through the recent filings with the stock exchanges on Tuesday post-market hours.

The consolidated revenue from operations stood at Rs. 8,260.25 crore in Q4 FY23-24, indicating a growth of 50 percent QoQ from Rs. 5,503.81 crore in Q3 FY23-24, while on a year-on-year basis, it increased by 2.25 percent from Rs. 23,365 crore in FY22-23 to Rs. 23,893 crore in FY23-24.

BHEL witnessed a rise in the net profit to Rs. 489.62 crore in Q4 FY23-24, increasing from Rs. 60.31 crore in Q3 FY23-24 by 711.8 percent QoQ, but falling to Rs. 260 crore in FY23-24 from Rs. 624 crore in FY22-23 by 58.3 percent YoY.

On a year-on-year basis, the Earnings Before Interest, Taxes, Depreciation, and Amortisation, or EBITDA dropped from Rs. 1,161 crore in Q4 FY22-23 to Rs. 893 crore in Q4 FY23-24, a 23.08 percent decline.

As of 31st March 2024, BHEL’s outstanding order book stood in excess of Rs. 1.3 lakh crore. It experienced the highest-ever quarterly order booking increasing five times from Rs. 8,316 crore in Q4 FY23-24 to Rs. 41,859 crore in Q4 FY23-24, while growing three times in FY22-23 from Rs. 23,548 crore to Rs. 77,907 crore in FY23-24.

Further, the Board of the company has recommended a final dividend of Rs. 0.25 per share of the face value of Rs. 2 per share.

As of March 2024, FIIs hold 8.75 percent of the shares, whereas DIIs hold 15.95 percent of the shares in the company, aggregating to 24.7 percent of the institutional holdings.

Bharat Heavy Electricals Limited (BHEL) is an integrated power plant equipment manufacturer engaged in the design, engineering, manufacture, erection, testing, commissioning and servicing of a wide range of products and services for the core sectors of the economy, including power, transmission, industry, transportation, renewable energy, oil & gas, and defence.

Written by Shivani Singh


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