BHEL Q3 Review - Revenue Disappoints Once Again, Operating Losses Continue: Motilal Oswal
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Motilal Oswal Report
Bharat Heavy Electricals Ltd.’s Q3 FY21 earnings were disappointing as revenue came in 21% below our estimate.
Higher fixed cost dented operating performance, with operating level loss attributable to under-absorption of costs.
The company is yet to show any significant improvement in pending receivables, with total debtors at Rs 348 billion in nine months FY21 (versus approximately Rs 365 billion at the end of FY20 and Rs 349 billion in H1 FY21).
In spite of the management’s ongoing efforts, we expect receivables to remain elevated in the near future.
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