Recommend HOLD

CMP 120.00

Target Price 134.00

ISIN: INE257A01026 SEPTEMBER 2nd

, 2013

BHARAT HEAVY ELECTRICALS LTD

Q1 FY14

STOCK DETAILS

Sector Engineering

BSE Code 500103

Face Value 2.00

52wk. High / Low (Rs.) 272.45/100.35

Volume (2wk. Avg ) 209000

Market Cap ( Rs in mn ) 293712.00

Annual Estimated Results (A*: Actual / E*: Estimated)

Years FY13A FY14E FY15E

Net Sales 484247.00 489089.47 493980.36

EBITDA 105111.00 96188.28 102290.58

Net Profit 66147.00 59054.03 61804.84

EPS 27.03 24.13 25.25

P/E 4.44 4.97 4.75

Shareholding Pattern (%)

1 Year Comparative Graph

BHARAT HEAVY ELECTRICALS LTD BSE SENSEX

SYNOPSIS

Bharat Heavy Electricals Ltd engaged in the design,

engineering, testing, manufacture, construction,

commissioning & servicing of a wide range of

products and services for the core sectors of the

economy.

The company net profit falls to Rs. 4654.30 million

against Rs. 9209.00 million in the corresponding

quarter ending of previous year, a decrease of

49.46%.

Revenue for the quarter declines by 23.47% to Rs.

64581.20 million from Rs. 84390.10 million, when

compared with the prior year period.

EBITDA is Rs. 9270.60 millions as against Rs.

15684.60 millions in the corresponding period of the

previous year.

The company has an outstanding order book position

of about Rs. 1086000 million at the end of Q1 FY14.

BHEL has won a contract from BPCL for its

Integrated Refinery Project at Kochi Refinery in

Kerala, valued at around Rs. 2650 Million.

BHEL has won major turnkey contracts for setting up

two eco-friendly Grid-Connected Solar Power Plants

of 10 MW capacity each, valued at Rs.1320 Million

from NTPC.

BHEL bags Rs. 4500 mn World Bank funded

Renovation and Modernization Contract for 210 MW

thermal unit at Koradi TPS in Maharashtra.

During the year 2012-13, BHEL invested an all-time

high Rs. 12,520 Million on R&D initiatives, over 4%

higher than the previous year.

PEER GROUPS CMP MARKET CAP EPS P/E (X) P/BV(X) DIVIDEND

COMPANY NAME (Rs.) Rs. in Mn. (Rs.) Ratio Ratio (%)

BHEL Ltd 120.00 293712.00 27.03 4.44 0.96 270.50

ABB Ltd 454.20 96248.80 5.71 79.54 3.70 150.00

ALSTOM India Ltd 307.90 20699.30 29.43 10.46 2.58 100.00

Recommendation & Analysis - ‘HOLD’

For Q1 FY14, Bharat Heavy Electricals Ltd posted a revenue declines by 23.47% to Rs. 64581.20 million from

Rs.84390.10 million, when compared with the prior year period. During the year 2012-13, BHEL recorded a

turnover of Rs. 484247 mn. Profit before tax is Rs. 94324 mn and Profit after tax is placed at Rs. 66147 mn. Net

worth of the company has gone up from Rs. 253730 mn to Rs. 304440 mn registering an increase of 19.9%. Net

asset value (NAV) per share has been placed at Rs. 124.38 in 2012-13 as against Rs. 103.67 in 2011-12. During

2012-13, the Company has received orders worth Rs. 316500 mn as against Rs. 220960 mn in 2011-12. During

2012-13, BHEL added 3500 MW Capacity as against 1000 MW last year for NTPC. With this, BHEL's contribution

to NTPC's capacity of 41,184 MW stands at 70%. Udangudi Power Corporation Ltd. (UPCL) a joint venture

between BHEL & TNEB was incorporated on 26th December, 2008, to build, own and operate a 1600 MW (2x800

MW) Super Critical Thermal Power Plant at Udangudi. On 26.03.2013, BHEL has sold its entire stake in UPCL.

The company has an outstanding order book position of about Rs. 1086000 millions at the end of Q1 FY14. In Q1

FY14, The company net profit falls to Rs.4654.30 million against Rs.9209.00 million in the corresponding quarter

ending of previous year, a decrease of 49.46%. During the quarter Q1 FY14, the revenue from power segment

decreased by 21% to Rs. 53786 mn as against Rs. 67692.7 mn.

Power sector will continue to remain major contributor to company’s top line with transportation and

transmission emerging as next big business verticals. Strategies are in place to strengthen its presence in

Nuclear, Renewable and Water segments. The company is continuously sharpening its focus on ‘6-Point’ priority

areas for action viz. Capability Enhancement, Accelerated Project Execution, Product Cost Competitiveness &

Quality, Diversification, Engineering & Technology and People Development aligned with its Strategic Plan

initiatives to sustain its leadership position in its areas of operations. Hence, we recommend ‘HOLD’ for

‘Bharat Heavy Electricals Ltd’ with a target price of Rs. 134.00 on the stock.

FINANCIAL HIGHLIGHTS STANDALONE

Results updates- Q1 FY14,

Bharat Heavy Electricals Ltd is an integrated power

plant equipment manufacturer and one of the

largest engineering and manufacturing companies in

India, reported its financial results for the quarter

ended 30th June, 2013.

Months Jun-13 Jun-12 % Change

Net Sales 64581.20 84390.10 (23.47)

PAT 4654.30 9209.00 (49.46)

EPS 1.90 18.81 (89.89)

EBITDA 9270.60 15684.60 (40.89)

The company net profit falls to Rs.4654.30 million against Rs.9209.00 million in the corresponding quarter

ending of previous year, a decrease of 49.46%. Revenue for the quarter declines by 23.47% to Rs. 64581.20

million from Rs.84390.10 million, when compared with the prior year period. Reported earnings per share of the

company stood at Rs.1.90 a share during the quarter, registering 89.89% decrease over previous year period.

Profit before interest, depreciation and tax is Rs.9270.60 millions as against Rs.15684.60 millions in the

corresponding period of the previous year.

Expenditure :

Break up of Expenditure

Rs. Million

Q4 FY13 Q4 FY12

Cost of Material Consumed, erection & engineering expenses

34821.00 53849.70

Other Expenditure 9605.40 9840.40

Depreciation & Amortization Expense

2308.00 2283.90

Employee Benefit Expenses 14749.50 13950.10

Total Expenditure 63003.40 74652.10

Segment Revenue

Latest Updates

• The company has an outstanding order book position of about Rs. 1086000 millions at the end of Q1 FY14.

• Bharat Heavy Electricals Limited (BHEL) has been conferred the ‘ICAI National Award for Excellence in Cost

Management 2012’.

• BHEL wins Rs.2650 Million contract from BPCL for Kochi Refinery project

BHEL has won a contract from Bharat Petroleum Corporation Ltd for its Integrated Refinery Project (IREP) at

Kochi Refinery in Kerala, valued at around Rs. 2650 Million. The order envisages supply and supervision of 3

nos. Gas Turbines of 34.5 MW rating each, with associated auxiliaries and control systems.

• BHEL secures major turnkey contract for Grid-Connected Eco-friendly Solar Power Plants from NTPC

BHEL has won major turnkey contracts from NTPC for setting up the eco-friendly Grid-Connected Solar

Photovoltaic (SPV) power plants, each of 10 MW capacities, at Unchahar in Uttar Pradesh and Talcher in

Odisha, valued at Rs.1320 Million.

• BHEL bags Rs.4500 mn World Bank funded Renovation and Modernization Contract for 210 MW

thermal unit at Koradi TPS

BHEL has won a prestigious order for the Energy Efficient Renovation & Modernization (EE R&M) of a 210

MW thermal unit in Maharashtra by the Maharashtra State Power Generation Corporation Limited

(MSPGCL). The World Bank-funded contract Rs.4500 mn under International Competitive Bidding (ICB). The

order envisages design, supply and installation for the EER&M of the 1x210 MW Boiler, Turbine and

Generator package for the 210 MW Unit 6 at Koradi Thermal Power Station (TPS).

• BHEL registers significant increase in Intellectual Capital; Files one Patent a day

BHEL has recorded a 10% growth in its Intellectual Capital in FY 2012-13. During the year 2012-13, the

company has filed a 385 patents and copyrights, translating into filing of over one patent / copyright every

working day. With this, the company’s intellectual capital has gone up to 2,170 patents and copyrights filed,

which are in productive use in the company’s business. During this period, BHEL invested an all-time high

Rs.12,520 Million on R&D initiatives, over 4% higher than the previous year. With an R&D spend at nearly

2.5% of its turnover; BHEL is the highest spender on R&D in India for its kind of industry.

Company Profile

Bharat Heavy Electricals Ltd is an integrated power plant equipment manufacturer and one of the largest

engineering and manufacturing companies in India, which was established in the year 1964, ushering in the

indigenous Heavy Electrical Equipment industry in India - a dream that has been more than realized with a well-

recognized track record of performance. BHEL is truly India’s industrial ambassador to the world.

The Company engaged in the design, engineering, manufacture, construction, testing, commissioning and

servicing of a wide range of products and services for the core sectors of the economy, viz. Power, Transmission,

Industry, Transportation, Renewable Energy, Oil & Gas and Defence. The company has 16 manufacturing

divisions, two repair units, four regional offices, eight service centres, and 15 regional centres and currently

operates at more than 150 project sites across India and abroad. BHEL research and development (R&D) efforts

are aimed not only at improving the performance and efficiency of existing products, but also at using state-of-

the-art technologies and processes to develop new products.

The high level of quality & reliability of products is due to adherence to international standards by acquiring and

adapting some of the best technologies from leading companies in the world including General Electric Company,

Alstom SA, Siemens AG and Mitsubishi Heavy Industries Ltd., together with technologies developed in the

company own R&D centres. Most of manufacturing units and other entities have been accredited to Quality

Management Systems (ISO 9001:2008), Environmental Management Systems (ISO 14001:2004) and

Occupational Health & Safety Management Systems (OHSAS 18001:2007).

BHEL have a share of around 57% in India's total installed generating capacity contributing 69% (approx.) to the

total power generated from utility sets (excluding non-conventional capacity) as of March 31, 2013. The

company has been exporting power and industry segment products and services for approximately 40 years.

BHEL have exported products and services to across 75 countries. The Company had cumulatively installed

capacity of over 9,000 MW outside of India in 21 countries, including Malaysia, Iraq, the UAE, Egypt and

NewZealand.

Products

Bharat Heavy Electricals Ltd having the following products

• Power

• Industry

• Transmission

• Transportation

• Non Conventional Energy Source

• R&D Products

Services & Systems

The company has providing the following Service and the Systems

� Power Generation Systems

• Turnkey power stations.

• Combined-cycle power plants.

• Cogeneration systems.

• Modernization and rehabilitation of power

stations.

• Erection commissioning, operation and

maintenance services.

• Spares management.

• Consultancy services.

� Transmission Systems

• Sub-stations switchyards

• HVDC transmission systems

• Shunt and series compensation systems.

• Power system studies.

• Erection commissioning, operation and

maintenance services.

• Consultancy services

� Transportation Systems

• Traction systems.

• Urban transportation systems.

• Erection commissioning, operation and

maintenance services.

• Consultancy services.

� Industrial Systems

• Industrial drives and control systems.

• Erection commissioning, operation and

maintenance services.

• Spares management.

• Consultancy services.

Financial Highlight STANDALONE (A*- Actual, E* -Estimations & Rs. In Millions)

Balance sheet as at March31st, 2012-2015E

FY12A FY13A FY14E FY15E

SOURCES OF FUNDS (Rs.in.mn)

Shareholder's Funds

Share Capital 4895.20 4895.20 4895.20 4895.20

Reserves and Surplus 248836.90 299545.80 358600.03 420404.87

1. Sub Total - Net worth 253732.10 304441.00 363495.23 425300.07

Non Current Liabilities

Long term borrowing 1234.30 1292.00 1343.68 1383.99

Other Long term Liabilities 75585.90 57896.80 49212.28 42814.68

Long Term Provisions 50056.80 59329.10 65262.01 69177.73

2. Sub Total - Non Current Liabilities 126877.00 118517.90 115817.97 113376.40

Current Liabilities

Short term borrowing 0.00 12860.00 13554.44 13961.07

Trade Payables 102548.20 96752.40 93849.83 91972.83

Other Current Liabilities 158246.00 138621.00 124758.90 114778.19

Short Term Provisions 26356.90 30092.20 31897.73 32535.69

3. Sub Total - Current Liabilities 287151.10 278325.60 264060.90 253247.78

Total Liabilities (1+2+3) 667760.20 701284.50 743374.10 791924.26

APPLICATION OF FUNDS

Non-Current Assets

Fixed Assets

Tangible assets 41607.20 43146.70 44872.57 46218.75

Intangible Assets 1360.90 1438.20 1510.11 1570.51

Capital Work in Progress 13246.30 11335.10 10881.70 11752.23

Intangible assets under development 229.80 380.80 456.96 530.07

a) Sub Total - Fixed Assets 56444.20 56300.80 57721.33 60071.56

b) Non-current investments 4616.70 4291.70 4420.45 4553.06

c) Long Term loans and advances 9001.00 9053.30 9596.50 9980.36

d) Deferred Tax Asset 15462.40 15506.90 14886.62 14440.03

e) Other non-current assets 93836.20 106537.20 120387.04 131221.87

1. Sub Total - Non Current Assets 179360.50 191689.90 207011.94 220266.88

Current Assets

Inventories 135487.30 117638.20 105874.38 114344.33

Trade receivables 263569.3 292344.90 318959.45 337308.85

Cash and Bank Balances 66719.80 77320.50 86908.24 93860.90

Short-terms loans & advances 21117.20 20291.20 22320.32 23659.54

Other current assets 1506.10 1999.80 2299.77 2483.75

2. Sub Total - Current Assets 488399.70 509594.60 536362.16 571657.38

Total Assets (1+2) 667760.20 701284.50 743374.10 791924.26

Annual Profit & Loss Statement for the period of 2012 to 2015E

Value(Rs.in.mn) FY12A FY13A FY14E FY15E

Description 12m 12m 12m 12m

Net Sales 479788.90 484247.00 489089.47 493980.36

Other Income 12655.50 11217.00 14021.25 15844.01

Total Income 492444.40 495464.00 503110.72 509824.38

Expenditure -380909.00 -390353.00 -406922.44 -407533.80

Operating Profit 111535.40 105111.00 96188.28 102290.58

Interest -512.80 -1253.00 -1528.66 -1803.82

Gross profit 111022.60 103858.00 94659.62 100486.76

Depreciation -8000.00 -9534.00 -10296.72 -10914.52

Profit Before Tax 103022.60 94324.00 84362.90 89572.23

Tax -32623.00 -28177.00 -25308.87 -27767.39

Net Profit 70399.60 66147.00 59054.03 61804.84

Equity capital 4895.20 4895.20 4895.20 4895.20

Reserves 248836.90 299546.00 358600.03 420404.87

Face value 2.00 2.00 2.00 2.00

EPS 28.76 27.03 24.13 25.25

Quarterly Profit & Loss Statement for the period of 31st

Dec, 2012 to 30th Sep, 2013E

Value(Rs.in.mn) 31-Dec-12 31-Mar-13 30-Jun-13 30-Sep-13E

Description 3m 3m 3m 3m

Net sales 102197.10 192044.00 64581.20 74914.19

Other income 3323.80 2924.00 5384.80 3500.12

Total Income 105520.90 194968.00 69966.00 78414.31

Expenditure -85856.50 -145532.00 -60695.40 -67572.60

Operating profit 19664.40 49436.00 9270.60 10841.71

Interest -509.10 -405.00 -277.60 -344.22

Gross profit 19155.30 49031.00 8993.00 10497.49

Depreciation -2197.90 -2889.00 -2308.00 -2077.20

Profit Before Tax 16957.40 46142.00 6685.00 8420.29

Tax -5138.90 -13767.00 -2030.70 -2542.93

Net Profit 11818.50 32375.00 4654.30 5877.36

Equity capital 4895.20 4895.20 4895.20 4895.20

Face value 2.00 2.00 2.00 2.00

EPS 4.83 13.23 1.90 2.40

Ratio Analysis

Particulars FY12A FY13A FY14E FY15E

EPS (Rs.) 28.76 27.03 24.13 25.25

EBITDA Margin (%) 23.25% 21.71% 19.67% 20.71%

PBT Margin (%) 21.47% 19.48% 17.25% 18.13%

PAT Margin (%) 14.67% 13.66% 12.07% 12.51%

P/E Ratio (x) 4.17 4.44 4.97 4.75

ROE (%) 27.75% 21.73% 16.25% 14.53%

ROCE (%) 46.88% 35.98% 28.14% 25.69%

EV/EBITDA (x) 2.05 2.19 2.30 2.10

Book Value (Rs.) 103.67 124.38 148.51 173.76

P/BV 1.16 0.96 0.81 0.69

Charts

Outlook and Conclusion

� At the current market price of Rs.120.00, the stock P/E ratio is at 4.97 x FY14E and 4.75 x FY15E

respectively.

� Earning per share (EPS) of the company for the earnings for FY14E and FY15E is seen at Rs.24.13 and

Rs.25.25 respectively.

� On the basis of EV/EBITDA, the stock trades at 2.30 x for FY14E and 2.10 x for FY15E.

� Price to Book Value of the stock is expected to be at 0.81 x and 0.69 x respectively for FY14E and FY15E.

� We recommend ‘HOLD’ in this particular scrip with a target price of Rs.134.00 for Medium to Long term

investment.

Industry Overview

The engineering sector is one of the largest sectors among the industrial segments in India. Majorly comprising

heavy and light engineering segments, this industry is closely linked with the manufacturing segments of the

economy.

The Indian engineering industry accounts for 27 per cent of the total factories in industrial sector and represents

63 per cent of the overall foreign collaborations. Asia’s third largest economy is globally acknowledged for its

low-cost, high-tech frugal innovation technology, according to a World Bank study named ‘Unleashing India’s

Innovations’. Foreign companies are not at all hesitant in outsourcing industrial engineering design tasks to

Indian firms in sectors like semiconductors, automotive hybrid technologies, next-gen routers in telecom, power

generation equipments, aerospace, avionics and consumer electronics, besides setting up research and

development (R&D) centres in the country.

Moreover, India is one of the leading offshore destinations in delivering engineering research and development

(ER&D) services with a market share of 22 per cent. The ER&D market in India is projected to grow to US$ 42

billion by 2020, according to a study titled 'Engineering R&D: Advantage India' by Zinnov.

Exports

The engineering sector is one of the major contributors to the country's total merchandise shipments. The US

and Europe together account for over 60 per cent of India's total engineering exports.

Engineering exports mainly include transport equipment, capital goods, other machinery/equipment and light

engineering products like castings, forgings and fasteners.

The Ministry of Commerce and Industries has set a target of shipping US$ 125 billion worth of engineering goods

by the end of 2013-14. Indian engineering companies are scouting for newer markets (like Latin America, Africa

etc.) for exports along with strengthening their base in the US and Europe.

During April-February 2012-2013, exports from the sector stood at US$ 51 billion.

Design & Engineering- Key Developments and Investments

The miscellaneous mechanical and engineering industries’ sector-wise foreign direct investments (FDI) inflows

from April 2000 to March 2013 was calculated at US$ 2.32 billion, as per the Department of Industrial Policy and

Promotion (DIPP).

• Capvent AG, a Swiss private equity (PE) fund company has bought a majority stake of 51 per cent in Morf

India, a Chennai-based water engineering company which has operations across South India. The capital

is said to be deployed to develop new and innovative products, brand campaigns and expansion plans.

The company has also drafted a multi-tier business network, comprising distributors, channel partners

and lead generators to reach out to its customers.

• Engineering services company Tata Technologies has acquired US-headquartered Cambric Corporation

for US$ 32.5 million in order to boost its revenues from the European continent. The deal will give Tata

access to three development centres in Romania while the company is to benefit from Cambric’s existing

clientele in the construction and heavy equipment space, including marquee names such as Caterpillar

and CNH. Cambric’s existing customers will also have the option of being serviced by the Tata group

company centres in India.

Cambric is a service provider for system engineering and design capabilities in engine, power train,

chassis and structures, electrical and hydraulic systems.

• BHEL had recently signed a deal with Mitsubishi according to which the Japanese company will render

the former the technology for removing the harmful sulphurous compounds from the gases that escape

out of thermal power plants.

BHEL hopes to earn Rs 1,500 crore (US$ 251.77 million) of additional business, arising out of this

recently-signed technology tie-up with Mitsubishi Heavy Industries.

• Indian Space Research Organisation (ISRO) is planning to launch India’s first navigation satellite - Indian

Regional Navigation Satellite System-1A (IRNSS-1A) - on July 1, 2013 from Satish Dhawan Space Centre,

Sriharikota.

The 1,425 kg-equipment, IRNSS-1A will have a life span of about 10 years and will provide satellite-based

terrestrial, aerial and marine navigation services and also help in disaster and fleet management and

vehicle tracking, as per an ISRO statement. ISRO also intends to have a constellation of seven satellites

under IRNSS by 2014-15.

Government Initiatives

Dr Manmohan Singh, the Prime Minister of India, has revealed the country's new Science, Technology and

Innovation policy which aims to increase the number of full time equivalent of R&D personnel in India by at least

66 per cent of the present strength in five years.

Alongside, the National Policy on Electronics (NPE) proposes to set up more than 200 Electronic Manufacturing

Clusters in India while the Government of India (GoI) has proposed to create an electronics development fund of

US$ 2 billion to promote innovation, intellectual property, R&D, nano electronics and help commercialise made-

in-India products. The chip design and embedded software market in India is estimated to reach US$ 55 billion

by 2020, as per the targets set by NPE.

In addition to that, the Government plans to give an impetus to engineering in India through investments in

infrastructure development in 2012-17 in telecom, energy and construction sector, as per a report by Nasscom

and Booz & Co.

Road Ahead

India produces over 200,000 engineers every year and has a strong pool of scientists and engineers, vast

institutional network, and cost effective manufacturing

Domestic and international companies have increased their stakes in R&D in sectors like Information,

Communication and Technology (ICT), automobiles and auto components, industrial engineering, electronics and

pharmaceuticals. India is also witnessing R&D growth in areas such as genetic modification, bio-energy sources,

biochemistry, atomic energy, organ donation and biomedical science. Indian design houses are playing a crucial

role in the development of new automobiles seeing potential markets overseas.

Meanwhile, Indian offshore ER&D services market is expected to reach US$ 37-45 billion and create over one

million jobs by 2020, according to an industry report by Nasscom and Booz & Co. This will be about 35 per cent

of the overall ER&D market, which is estimated to touch US$ 118 billion by 2020, while being currently pegged at

US$ 10.2 billion.

Disclaimer:

This document prepared by our research analysts does not constitute an offer or solicitation for the purchase or sale

of any financial instrument or as an official confirmation of any transaction. The information contained herein is

from publicly available data or other sources believed to be reliable but do not represent that it is accurate or

complete and it should not be relied on as such. Firstcall India Equity Advisors Pvt. Ltd. or any of it’s affiliates shall

not be in any way responsible for any loss or damage that may arise to any person from any inadvertent error in the

information contained in this report. This document is provide for assistance only and is not intended to be and must

not alone be taken as the basis for an investment decision.

Firstcall India Equity Research: Email – info@firstcallindia.com

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