Bharat Heavy Electricals (500103) Q2 24/25 earnings summary

Executive summary

• Revenue from operations rose to ₹6,584 crore in Q2 FY25, up 28% year-over-year; EBITDA improved to ₹393 crore from ₹43 crore.

• Profit after tax turned positive at ₹97 crore in Q2 FY25, compared to a loss of ₹58 crore in Q2 FY24.

• Board approved unaudited standalone and consolidated results for the quarter and half year ended 30th September 2024.

• Outstanding order book exceeded ₹1,60,000 crore as of September 30, 2024, with significant new orders in power and industry segments.

• Key operational milestones included synchronization and commissioning of major power projects and delivery of the 45th steam generator for GHAVP Nuclear Power Plant.

Financial highlights

• Revenue from operations for H1 FY25 reached ₹12,069 crore, up from ₹10,129 crore year-over-year.

• EBITDA for H1 FY25 was ₹334 crore, a turnaround from negative ₹13 crore in H1 FY24.

• Standalone Q2 FY25 net profit: ₹96.67 Cr vs. net loss of ₹58.30 Cr in Q2 FY24 (restated); consolidated Q2 FY25 net profit: ₹106.15 Cr vs. net loss of ₹63.01 Cr.

• Trade receivables increased 21% year-over-year to ₹9,045 crore; total receivables and contract assets rose 8% to ₹37,475 crore.

• Final dividend of ~₹55 crore paid to the Government of India for FY24; total dividend to shareholders exceeded ₹87 crore.

Outlook and guidance

• Forward-looking statements caution that actual results may differ due to market, regulatory, and economic factors.

• No explicit forward-looking guidance provided; management notes restatement and accounting changes.