Results     21-Jul-24
Analysis
Bharat Bijlee
Sales up 15% and net up 6%
Standalone net sales (including other operating income) of Bharat Bijlee for the quarter ended Jun 2024 has declined 15.11% to Rs 374.76 crore.  Operating profit margin has jumped from 7.40% to 7.86%, leading to 9.80% decline in operating profit to Rs 29.45 crore.  Raw material cost as a % of total sales (net of stock adjustments) decreased from 73.31% to 72.10%.   Purchase of finished goods cost rose from 1.74% to 2.46%.   Employee cost increased from 9.31% to 10.94%.   Other expenses fell from 7.79% to 7.61%.   Other income fell 0.72% to Rs 9.6 crore.  PBIDT fell 7.73% to Rs 39.05 crore.  Provision for interest fell 51.37% to Rs 2.66 crore.  PBDT fell 1.25% to Rs 36.39 crore.  Provision for depreciation rose 34.31% to Rs 4.58 crore.  Profit before tax down 4.87% to Rs 31.81 crore.  Provision for tax was expense of Rs 7.88 crore, compared to Rs 8.11 crore.  Effective tax rate was 24.77% compared to 24.25%. Profit after tax fell 5.53% to Rs 23.93 crore.  

Sales of Industrial Systems segment has gone down 9.74% to Rs 191.22 crore (accounting for 51.02% of total sales).  Sales of Power Systems segment fell 20.06% to Rs 183.54 crore (accounting for 48.98% of total sales).  

Profit before interest, tax and other unallocable items (PBIT) has slumped 4.10% to Rs 45.19 crore.  PBIT of Industrial Systems segment fell 34.14% to Rs 18.04 crore (accounting for 39.92% of total PBIT).  PBIT of Power Systems segment rose 37.61% to Rs 27.15 crore (accounting for 60.08% of total PBIT).  

PBIT margin of Industrial Systems segment fell from 12.93% to 9.43%.  PBIT margin of Power Systems segment rose from 8.59% to 14.79%.  Overall PBIT margin rose from 10.67% to 12.06%.  

Full year results analysis


Net sales (including other operating income) of Bharat Bijlee has increased 32% to Rs 1,872.48 crore.  Sales of Industrial Systems segment has gone up 6.00% to Rs 818.97 crore (accounting for 43.74% of total sales).  Sales of Power Systems segment rose 63.10% to Rs 1,053.51 crore (accounting for 56.26% of total sales).  

Profit before interest, tax and other unallocable items (PBIT) has jumped 43.34% to Rs 240.56 crore.  PBIT of Industrial Systems segment fell 29.61% to Rs 83.57 crore (accounting for 34.74% of total PBIT).  PBIT of Power Systems segment rose 219.67% to Rs 156.99 crore (accounting for 65.26% of total PBIT).  

PBIT margin of Industrial Systems segment fell from 15.37% to 10.20%.  PBIT margin of Power Systems segment rose from 7.60% to 14.90%.  Overall PBIT margin rose from 11.83% to 12.85%.  

Operating profit margin has jumped from 8.27% to 9.18%, leading to 46.52% rise in operating profit to Rs 171.87 crore.  Raw material cost as a % of total sales (net of stock adjustments) decreased from 73.17% to 71.00%.   Purchase of finished goods cost fell from 1.76% to 1.69%.   Employee cost increased from 9.73% to 9.82%.   Other expenses rose from 7.60% to 8.02%.   

Other income up 31.62% to Rs 38.25 crore.  PBIDT rose 43.56% to Rs 210.12 crore.  Provision for interest fell 6.62% to Rs 20.61 crore.  Loan funds declined from Rs 295.12 crore as of 31 March 2023 to Rs 158.42 crore as of 31 March 2024.  Inventories declined from Rs 316.66 crore as of 31 March 2023 to Rs 262.35 crore as of 31 March 2024.  Sundry debtors were lower at Rs 379.48 crore as of 31 March 2024 compared to Rs 386.21 crore as of 31 March 2023.  Cash and bank balance rose to Rs 169.33 crore as of 31 March 2024 from Rs 16.09 crore as of 31 March 2023.  Investments rose to Rs 1,324.47 crore as of 31 March 2024 from Rs 890.23 crore as of 31 March 2023 .  

PBDT rose 52.47% to Rs 189.51 crore.  Provision for depreciation rose 19.41% to Rs 15.44 crore.  Fixed assets increased to Rs 129.89 crore as of 31 March 2024 from Rs 108.41 crore as of 31 March 2023.  Intangible assets increased from Rs 2.09 crore to Rs 2.65 crore.  

Profit before tax grew 56.31% to Rs 174.07 crore.  Provision for tax was expense of Rs 42.63 crore, compared to Rs 28.14 crore.  Effective tax rate was 24.49% compared to 25.27%.

Profit after tax rose 57.94% to Rs 131.44 crore.  

Promoters’ stake was 33.72% as of 31 March 2024 ,compared to 33.86% as of 31 March 2023 .  

Cash flow from operating activities increased to Rs 241.06 crore for year ended March 2024 from Rs 51.68 crore for year ended March 2023.  Cash flow used in acquiring fixed assets during the year ended March 2024 stood at Rs 34.03 crore, compared to Rs 15.80 crore during the year ended March 2023.  




Bharat Bijlee : Standalone Results
Quarter endedYear ended
Particulars202406202306Var.(%)202403202303Var.(%)
Net Sales (including other operating income)374.76441.45-15.111,872.481,418.5032.00
OPM (%)7.867.4046 bps9.188.2791 bps
OP29.4532.65-9.80171.87117.3046.52
Other Inc.9.609.67-0.7238.2529.0631.62
PBIDT39.0542.32-7.73210.12146.3643.56
Interest2.665.47-51.3720.6122.07-6.62
PBDT36.3936.85-1.25189.51124.2952.47
Depreciation4.583.4134.3115.4412.9319.41
PBT31.8133.44-4.87174.07111.3656.31
PBT before EO31.8133.44-4.87174.07111.3656.31
EO Income00-00-
PBT after EO31.8133.44-4.87174.07111.3656.31
Taxation7.888.11-2.8442.6328.1451.49
PAT23.9325.33-5.53131.4483.2257.94
P/(L) from discontinued operations net of tax00-00-
Net profit after discontinued operations23.9325.33-5.53131.4483.2257.94
EPS (Rs)*21.1722.41-5.53116.2973.6357.94
* EPS is on current equity of Rs 5.65 crore, Face value of Rs 5, Excluding extraordinary items.
# EPS is not annualised
bps : Basis points
EO : Extraordinary items
Figures in Rs crore
Source: Capitaline Corporate Database


Bharat Bijlee : Standalone Segment Results
 Quarter endedYear ended
% of (Total)202406202306Var.(%)% of (Total)202403202303Var.(%)
Sales
Industrial Systems51.02191.22211.86-9.7443.74818.97772.586.00
Works & Construction Contracts0.000.000.00-
Power Systems48.98183.54229.59-20.0656.261,053.51645.9263.10
Total Reported Sales100.00374.76441.45-15.11100.001,872.481,418.5032.00
Less: Inter segment revenues 0.000.00- 0.000.00-
Net Sales100.00374.76441.45-15.11100.001,872.481,418.5032.00
PBIT
Industrial Systems39.9218.0427.39-34.1434.7483.57118.72-29.61
Works & Construction Contracts0.000.000.00-
Power Systems60.0827.1519.7337.6165.26156.9949.11219.67
Total PBIT100.0045.1947.12-4.10100.00240.56167.8343.34
Less : Interest2.495.31-53.1119.9421.58-7.60
Add: Other un-allcoable-10.89-8.37-30.11-46.55-34.89-33.42
PBIT Margin(%)
Industrial Systems 9.4312.93-349.42 10.2015.37-516.24
Works & Construction Contracts 0.000.000.00
Power Systems 14.798.59619.88 14.907.60729.85
PBT100.0031.8133.44-4.87100.00174.07111.3656.31
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