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ICICI Securities Report
Bharat Heavy Electricals Ltd. witnessed 56% YoY drop in revenues to Rs 20 billion implying continued weak execution.
The company reported Ebitda loss of Rs 10.6 billion as material costs increased 830 basis points YoY to 65.9%; however, 48% YoY drop in other expenditure due to focus on cost reduction and lower provision partially mitigated losses.
Given subdued execution, high raw material and fixed expense, we estimate a net loss of Rs 1.5 billion in FY21E and cut FY22E earnings by 10%.
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