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Corporate Results
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Bharat Bijlee
(01-Mar-2017, 12:10 Hours IST)  
Bharat Bijlee, a leading manufacturer of transformers and motors has registered 19% fall in sales to Rs 166.58 crore for the quarter ended December 2016. Lower sales together with 190 bps contraction in operating profit margin has resulted in 45% fall in operating profit to 6.92 crore. After accounting for higher other income, lower interest and depreciation cost, the PBT was down by 46% to Rs 4.84 crore. Taxation was higher at Rs 0.56 crore compared to nil in the corresponding previous period and thus the PAT was down by 52% to Rs 4.28 crore.
  • The operational sales (excluding other operational sales) were down by 19% to Rs 165.91 crore. But the value of production for the quarter was lower by 7% to Rs 183.13 crore. Sale for the quarter is 9% lower than value of production for the period. In comparison the sales for corresponding previous period was 3.5% higher than respective value of production reflecting inventory liquidation in corresponding previous quarter compared to inventory built up during the quarter under review. Thus the growth in sales is relatively on high base. The inventory built up is expected to get liquidated going forward.
  • Upside in sales is largely due high single digit growth in revenue of industrial systems. Segment sales of power systems was down by strong 32% to Rs 93.58 crore (or 56% of sales) and that of industrial systems was up by 9% to Rs 72.33 crore (or 44% of sales).
  • The EBIT stood lower by 34% to Rs 12.10 crore largely as the EBIT of power systems decline by sharp 51% to Rs 7.79 crore. Sharp fall in EBIT of power systems is largely due to lower sales and 330 bps contraction in segment margin to 8.3%. However the segment profit of industrial systems was up by sharp 92% to Rs 4.31 crore facilitated by higher sales and 260 bps expansion in segment margin to 6%.
  • Operating profit margin was down by 190 bps to 4.2% as higher material cost offset the gain cost of traded goods and other expenses. Material cost as % of sales net of stocks was up by 350 bps to 75.6%. The staff cost was up by 10 bps to 11.6%. However the cost of traded goods was down by 20 bps to 2.7% and that of OE was down by 80 bps (to 6.4%).
  • Other income jumped up by 14% to Rs 4.75 crore. The interest cost was down by 18% to Rs 4.26 crore. The depreciation was down by 2% to Rs 2.57 crore. Thus spurred by higher OI, lower interest and depreciation cost, the PBT was down by 46% to Rs 4.84 crore.
  • As taxation stand at Rs 0.56 crore as against nil in the corresponding previous period, the PAT was down by 52% to Rs 4.28 crore.

Nine month Performance

Sales for the period went down by 6% to Rs 440.46 crore. However the operating profit margin stood contracted by 130 bps to 1.7% and thus the operating profit was down by 45% to Rs 7.59 crore. With 64% jump in OI to Rs 21.65 crore as well as lower interest (down 19% to Rs 11.96 crore) and depreciation (down 4% to Rs 7.38 crore) the PBT more than doubled (up 109%) to Rs 9.90 crore. Eventually with taxation stand at Rs 0.56 crore as against nil in the corresponding previous period, the PAT was up by 97% to Rs 9.34 crore The stock quotes around Rs 870.

Bharat Bijlee: Results

 

1612 (3)1512 (3)Var.(%)1612 (9)1512 (9)Var.(%)1603(12)1503(12)Var.(%)
Sales166.58204.79-19440.46470.15-6639.51610.895
OPM (%)4.26.11.73.02.7-3.4
OP6.9212.55-457.5913.90-4517.25-20.72LP
Other inc.4.754.161421.6513.226420.9318.1815
PBIDT11.6716.71-3029.2427.12838.18-2.54LP
Interest4.265.20-1811.9614.68-1920.5619.953
PBDT7.4111.51-3617.2812.443917.62-22.49LP
Dep.2.572.62-27.387.71-410.2711.94-14
PBT 4.848.89-469.904.731097.35-34.43LP
EO0.000.000.000.000.000.00
PBT after EO4.848.89-469.904.731097.35-34.43LP
Current Tax 0.560.000.560.000.520.00
Deferred Tax0.000.000.000.000.000.00
PAT before PPT 4.288.89-529.344.73976.83-34.43LP
Prior Period Tax (PPT)0.000.000.000.00-0.36-0.38-5
Net Profit4.288.89-529.344.73977.19-34.05LP
EPS (Rs)*####12.1-60.9
* EPS is on current equity of Rs 5.65 crore, Face value of Rs 10
# EPS is not annualised due to seasonality of business
Figures in Rs crore
Source: Capitaline Corporate Database

Bharat Bijlee: Segment Results

 

Sales1612 (3)1512 (3)Var. (%)% to total1612 (9)1512 (9)Var. (%)% to total1603(12)% to total
Power Systems93.58137.91-3256227.89263.56-1452355.3456
Industrial Systems72.3366.28944210.13203.47348279.1944
Total165.91204.19-19100438.02467.03-6100634.53100
Less Inter segment revenue0.000.000.000.000.00
Net sales165.91204.19-19438.02467.03-6634.53
PBIT
Power Systems7.7916.00-516413.3017.57-245522.8359
Industrial Systems4.312.24923610.7512.45-144515.6241
PBT before tax and interest12.1018.24-3410024.0530.02-2010038.45100
Less: Interest4.265.20-1811.9614.68-1920.56
Add: Other unallocable income-3.00-4.15-28-2.19-10.61-79-10.54
PBT4.848.89-469.904.731097.35
Segment Assets
Power Systems236.60330.36-2837236.60330.36-2837272.0242
Industrial Systems167.85162.25326167.85162.25326150.4823
Unallocable236.11210.341237236.11210.341237219.4334
Total CE640.56702.95-9100640.56702.95-9100641.93100
Segment Liabilities
Power Systems121.74176.21-3134121.74176.21-3134121.0833
Industrial Systems78.7478.6302278.7478.6302271.7919
Unallocable158.20178.03-1144158.20178.03-1144176.5248
Total CE358.68432.87-17100358.68432.87-17100369.39100
Figures in Rs crore
Var. (%) exceeding 999 has been truncated to 999
LP: Loss to Profit; PL: Profit to Loss

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