BEML Limited (500048) Q4 17/18 earnings summary

Executive summary

• FY2017-18 delivered record revenue from operations of ₹3,305 crore, up 16.61% YoY, and PBT of ₹164 crore versus ₹98 crore; PBT was the highest in six years.

• Performance improved despite stiff competition; 83% of sales came from competitively won orders, and the order book exceeded ₹6,700 crore at 1 April 2018.

Financial highlights

• Gross revenue was ₹3,306 crore versus ₹2,837 crore; revenue from operations was ₹3,305 crore versus ₹2,835 crore.

• PBDIT rose to ₹276 crore from ₹208 crore; PAT was ₹129 crore versus ₹84 crore.

• EPS reached ₹31.08 versus ₹20.28, the highest in eight years; total comprehensive income was ₹58.78 crore versus ₹72.55 crore.

• Value of production, net of consortium supplies and excise duty, was ₹3,227 crore versus ₹2,624 crore.

Outlook and guidance

• Order book exceeded ₹6,700 crore as of 1 April 2018; FY2018-19 plans include executing Kolkata Metro orders and supplying the first Main Line EMU set.

• Planned capex is ₹148 crore, following ₹70 crore incurred in FY2017-18, to upgrade and expand production facilities.

• Growth plans span high-end mining equipment, new defence products, metro and mainline rail products, maintenance equipment, and expanded export distribution.