BHEL Q2 Results: Net Profit Surpasses Expectations, Shares Soar
Shares of BHEL are now up 20% so far in 2024, after the surge seen in the stock post the announcement of its quarterly results.
Shares of Bharat Heavy Electricals Ltd. (BHEL) surged following the announcement of its Q2 FY24 results, where the company reported a net profit of ₹96.7 crore, surprising market expectations. This result significantly contrasted with analyst predictions of a net loss of nearly ₹100 crore. Shares of the PSU have now risen 20% year-to-date, continuing the rally seen after the results announcement.
Key Financial Highlights:
- Net Profit: ₹96.7 crore (vs. expectations of a ₹100 crore loss)
- Revenue: ₹6,584 crore (vs. ₹6,002 crore expected by CNBC-TV18 poll)
- EBITDA: Positive ₹275 crore (vs. an EBITDA loss of ₹153.3 crore in Q2 FY23)
- EBITDA Margin: 4.2%
- Power Segment Revenue: ₹5,028.8 crore (vs. ₹4,073 crore in the same quarter last year)
- Industry Segment Revenue: ₹1,556 crore (vs. ₹1,052 crore in the year-ago quarter)
The PSU’s positive performance was achieved despite a decline in other income compared to the same quarter last year and the absence of exceptional items that were part of the previous year’s results. In Q2 FY23, BHEL had reported a net loss of ₹58.3 crore.
Stock Performance:
Following the earnings release, BHEL shares jumped 10%, currently trading at ₹238.5. The stock remains 29% below its record high of ₹335 but has gained 20% so far in 2024.
Analysts' View:
Analysts remain divided on BHEL’s future prospects. Out of 17 analysts covering the stock:
- Buy: 5 analysts
- Hold: 2 analysts
- Sell: 10 analysts
Price targets vary significantly, with Nuvama giving a bullish target of ₹425, while Nomura and HSBC have conservative targets of ₹61 and ₹72 respectively.
Conclusion:
BHEL’s Q2 results have defied market expectations, bringing in a surprise profit that has excited investors. With growth in both its power and industry segments and improved margins, the company’s turnaround has caught the market’s attention. However, with analysts offering mixed views, the stock’s future trajectory remains uncertain.
This news blog summarizes the financial performance of BHEL in Q2 FY24 and highlights the significant developments in the company's stock performance, offering readers a concise breakdown of the essential details.
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