Bharat Heavy Electricals

Consolidated Balance Sheet Mar-20 Mar-19 Mar-18

EQUITIES AND LIABILITIES

SHAREHOLDER'S FUNDS
Equity Share Capital 696.41 696.41 734.28
Total Share Capital 696.41 696.41 734.28
Reserves and Surplus 27,964.31 30,207.93 31,600.71
Total Reserves and Surplus 27,964.31 30,207.93 31,600.71
Total Shareholders Funds 28,660.72 30,904.34 32,334.99
Minority Interest -9.07 -6.73 -4.05
NON-CURRENT LIABILITIES
Long Term Borrowings 0 95.45 57.18
Other Long Term Liabilities 4,263.27 4,410.04 3,960.22
Long Term Provisions 4,225.16 5,476.03 4,984.89
Total Non-Current Liabilities 8,488.43 9,981.52 9,002.29
CURRENT LIABILITIES
Short Term Borrowings 4,947.92 2,444.57 10.28
Trade Payables 8,829.16 11,380.98 10,589.25
Other Current Liabilities 5,745.64 6,740.66 7,882.62
Short Term Provisions 3,085.76 2,488.97 3,729.30
Total Current Liabilities 22,608.48 23,055.18 22,211.45
Total Capital And Liabilities 59,748.56 63,934.31 63,544.68
ASSETS
NON-CURRENT ASSETS
Tangible Assets 2,738.51 2,887.39 2,981.90
Intangible Assets 78.61 83.07 91.31
Capital Work-In-Progress 306.74 223.21 194.53
Intangible Assets Under Development 7.26 12.23 8.23
Fixed Assets 3,131.12 3,205.90 3,275.97
Non-Current Investments 162.06 152.36 428.97
Deferred Tax Assets [Net] 2,765.87 3,505.45 3,632.43
Long Term Loans And Advances 83.17 82.82 84.28
Other Non-Current Assets 20,895.16 18,606.87 12,929.58
Total Non-Current Assets 27,037.38 25,553.40 20,351.23
CURRENT ASSETS
Inventories 8,908.23 7,800.04 6,263.15
Trade Receivables 7,108.60 11,863.14 22,772.11
Cash And Cash Equivalents 6,418.59 7,503.54 11,291.59
Short Term Loans And Advances 0 157.71 144.39
OtherCurrentAssets 10,275.76 11,056.48 2,722.21
Total Current Assets 32,711.18 38,380.91 43,193.45
Total Assets 59,748.56 63,934.31 63,544.68
 Mar-17 Mar-16 Mar-15

489.52 489.52 489.52

489.52 489.52 489.52
31,899.47 31,824.63 33,717.08
31,899.47 31,824.63 33,717.08
32,388.99 32,314.15 34,206.60
-1.08 0.78 2.23

89.55 126.29 1,733.62

3,721.17 4,508.98 5,359.02
5,006.19 7,629.61 6,770.09
8,816.91 12,264.88 13,862.73

6.03 3.53 96.15

8,715.88 8,708.44 9,087.71
7,226.94 8,691.07 9,311.98
4,193.78 3,337.61 4,321.28
20,142.63 20,740.65 22,817.12
61,347.45 65,320.46 70,888.68

3,496.43 3,831.35 4,069.99

104.76 137.36 160.09
159.51 309.46 2,605.01
8.83 8.38 17.29
3,769.53 4,286.55 6,852.38
757.13 796.42 5.91
3,846.19 3,662.72 2,229.42
78.04 65.62 1,312.64
9,992.60 11,369.24 11,447.40
18,443.49 20,180.55 21,847.75

7,379.67 9,608.44 10,111.89

22,077.58 22,438.89 26,520.12
10,493.55 10,087.20 9,948.90
135.78 173.81 2,281.84
2,817.38 2,831.57 178.18
42,903.96 45,139.91 49,040.93
61,347.45 65,320.46 70,888.68
 PROFIT AND LOSS STATEMENT

-
Mar-21
INCOME
Revenue From Operations [Gross] 16,295.80
Less: Excise/Sevice Tax/Other Levies 0
Revenue From Operations [Net] 16,295.80
Other Operating Revenues 1,012.89
Total Operating Revenues 17,308.69
Other Income 348.42
Total Revenue 17,657.11
EXPENSES
Cost Of Materials Consumed 8,447.30
Purchase Of Stock-In Trade 0
Operating And Direct Expenses 2,912.47
Changes In Inventories Of FG,WIP And Stock-In Trade 510.86
Employee Benefit Expenses 5,378.15
Finance Costs 373.95
Provsions and Contingencies 1,467.46
Depreciation And Amortisation Expenses 473.25
Miscellaneous Expenses Written Off 0
Other Expenses 1,733.74
Less: Inter Unit / Segment / Division Transfer 0
Less: Amounts Transfer To Capital Accounts 0
Total Expenses 21,297.18
Profit/Loss Before Exceptional, ExtraOrdinary Items And Tax -3,640.07
Exceptional Items 0.00
Profit/Loss Before Tax -3,640.07
Tax Expenses-Continued Operations
Current Tax 15.82
Deferred Tax -912.05
Tax For Earlier Years 0
Total Tax Expenses -896.23
Profit/Loss After Tax And Before ExtraOrdinary Items -2,743.84
Prior Period Items 0.00
Profit/Loss From Continuing Operations -2,743.84
Profit/Loss For The Period -2,743.84
Minority Interest 2.59
Share Of Profit/Loss Of Associates 44.14
Consolidated Profit/Loss After MI And Associates -2,697.11
OTHER ADDITIONAL INFORMATION
EARNINGS PER SHARE
Basic EPS (Rs.) -8
Diluted EPS (Rs.) -8
DIVIDEND AND DIVIDEND PERCENTAGE
Equity Share Dividend 0
Tax On Dividend 0
MENT

------------------- in Rs. Cr. -------------------

Mar-20 Mar-19 Mar-18 Mar 17 Mar-16 Mar-15

20,494.59 29,441.59 28,112.82 28,871.89 27,541.19 31,554.76

0 0 135.04 1,254.47 1,451.02 1,407.24
20,494.59 29,441.59 27,977.78 27,617.42 26,090.17 30,147.52
968.55 999.79 962.64 859.61 588.35 641.07
21,463.14 30,441.38 28,940.42 28,477.03 26,678.52 30,788.59
564.3 661.52 678.01 753.19 1,476.43 1,230.59
22,027.44 31,102.90 29,618.43 29,230.22 28,154.95 32,019.18

12,134.55 15,394.44 12,488.60 13,535.17 13,428.64 14,674.40

0 0 0 0.00 0.00 0.00
2,947.17 3,866.88 3,418.67 3,055.51 2,978.08 3,604.10
-1,042.43 -989.31 739 992.94 210.05 -339.5
5,431.88 5,509.25 6,034.68 5,402.71 5,387.33 5,475.48
508.45 288.37 255.16 351.3 359.81 92.43
233.8 1,834.06 2,240.24 1,445.38 2,039.91 1,604.67
503.27 475.74 787.33 849.79 936.7 1,082.01
0 0 0 0 0 0
1,995.54 2,698.13 2,155.94 3,013.33 4,037.97 3,655.50
0 0 106.82 25.04 46.57 27.49
0 0 0 0 0 0
22,712.23 29,077.56 28,012.80 28,621.09 29,331.92 29,821.60
-684.79 2,025.34 1,605.63 609.13 -1,176.97 2,197.58
0 0.00 0.00 0 0 0
-684.79 2,025.34 1,605.63 609.13 -1,176.97 2,197.58

1.52 735.07 578.67 298.35 391.08 968.87

807.76 102.25 198.01 -167.96 -846.63 -232.02
0 0 0 0 0 0
809.28 837.32 776.68 130.39 -455.55 736.85
-1,494.07 1,188.02 828.95 478.74 -721.42 1,460.73
0.00 0.00 0 0 0 -10.29
-1,494.07 1,188.02 828.95 478.74 -721.42 1,450.44
-1,494.07 1,188.02 828.95 478.74 -721.42 1,450.44
2.34 2.68 2.97 2.08 1.45 1.94
25.72 -185.6 -390.76 -23.56 15.84 0
-1,466.01 1,005.10 441.16 457.26 -704.13 1,452.38
-4 3 1 1 -3 6
-4 3 1 1 -3 6

0 278.57 293.71 195.81 151.75 300.82

0 134.24 98.66 59.79 30.89 60.61
YEAR OPM Forecast(OPM) Lower Confidence Bound(OPM)
2015 0
2016 43.955678
2017 0.0976433
2018 0.0008688 0.00086876 8.69E-04
2019 0.0006807 0.3833003664766 -4.73E+01
2020 0.4449810078237 -4.82E+01
2021 0.5066616491708 -5.01E+01
2022 0.5683422905179 -5.35E+01
Upper Confidence Bound(OPM) 80

60

40
8.69E-04
4.81E+01
20
4.91E+01
5.12E+01 0
5.46E+01
-20

-40

-60
2015 2016 2017 2018 2019 20

OPM Forecast(OPM)
Lower Confidence Bound(OPM) Upper Confidence Bo
 2019 2020 2021 2022

Forecast(OPM)
M) Upper Confidence Bound(OPM)
YEAR NPM Forecast(NPM) Lower Confidence Bound(NPM)
2015 0.0452991
2016 -0.025623
2017 0.0163783
2018 0.0279876 0.02798764 0.03
2019 0.0381964 0.0139960896837 -0.06
2020 0.0061637078112 -0.07
2021 -0.001668674061 -0.08
2022 -0.009501055934 -0.09
Upper Confidence Bound(NPM) 0.1

0.08

0.06
0.03
0.04
0.09
0.08 0.02

0.07 0
0.07
-0.02

-0.04

-0.06

-0.08

-0.1
2015 2016 2017 2018 2019 20

NPM Forecast(NPM)
Lower Confidence Bound(NPM) Upper Confidence Bo
 2019 2020 2021 2022

Forecast(NPM)
M) Upper Confidence Bound(NPM)
YEAR RCE Forecast(RCE) Lower Confidence Bound(RCE)
2015 0.0457148
2016 -0.026401
2017 0.014783
2018 0.038846 0.03884598 0.04
2019 0.0495446 0.036905803932 -0.04
2020 0.040128139119 -0.04
2021 0.043350474307 -0.04
2022 0.046572809494 -0.04
Upper Confidence Bound(RCE) 0.14

0.12

0.1
0.04
0.08
0.11
0.12 0.06

0.12 0.04
0.13
0.02

-0.02

-0.04

-0.06
2015 2016 2017 2018 2019

RCE Forecast(RCE)
Lower Confidence Bound(RCE) Upper Confidence
018 2019 2020 2021 2022

Forecast(RCE)
d(RCE) Upper Confidence Bound(RCE)
YEAR CR Forecast(CR) Lower Confidence Bound(CR)
2015 2.1493041
2016 2.176398
2017 2.1300079
2018 1.9446479 1.94464792 1.94
2019 1.6647413 1.90710231161 1.77
2020 1.83718918176 1.69
2021 1.7672760519 1.62
2022 1.69736292205 1.54
Upper Confidence Bound(CR) 2.5

2
1.94
2.05
1.98 1.5

1.92
1.85
1

0.5

0
2015 2016 2017 2018 2019

CR Forecast(CR)
Lower Confidence Bound(CR) Upper Confidenc
2018 2019 2020 2021 2022

Forecast(CR)
ound(CR) Upper Confidence Bound(CR)
YEAR QR Forecast(QR) Lower Confidence Bound(QR)
2015 1.7061329
2016 1.7131319
2017 1.7636371
2018 1.6626695 1.66266948 1.66
2019 1.3264208 1.67274817719 1.59
2020 1.66220583906 1.58
2021 1.65166350094 1.57
2022 1.64112116281 1.56
Upper Confidence Bound(QR) 2

1.8

1.6
1.66
1.4
1.75
1.74 1.2

1.73 1
1.72
0.8

0.6

0.4

0.2

0
2015 2016 2017 2018 2019

QR Forecast(QR
Lower Confidence Bound(QR) Upper Confi
 2018 2019 2020 2021 2022

Forecast(QR)
ce Bound(QR) Upper Confidence Bound(QR)
YEAR DER Forecast(DER) Lower Confidence Bound(DER)
2015 0.2073471
2016 0.143444
2017 0.1176548
2018 0.1242431 0.12424312 0.12
2019 0.1457883 0.088807044304 0.04
2020 0.062482029648 0.01
2021 0.036157014991 -0.01
2022 0.009832000335 -0.04
Upper Confidence Bound(DER) 0.25

0.2

0.12 0.15
0.14
0.11 0.1
0.09
0.06 0.05

-0.05

-0.1
2015 2016 2017 2018 2019

DER Forecast(DER
Lower Confidence Bound(DER) Upper Confid
 2018 2019 2020 2021 2022

Forecast(DER)
ound(DER) Upper Confidence Bound(DER)
YEAR TDOF Forecast(TDOF) Lower Confidence Bound(TDOF)
2015 0.1044207
2016 0.0722694
2017 0.0592753
2018 0.062835 0.062835 0.06
2019 0.0737248 0.0450277601 0.02
2020 0.0318541261148 0.01
2021 0.0186804921296 -0.01
2022 0.0055068581443 -0.02
Upper Confidence Bound(TDOF) 0.12

0.1

0.08
0.06
0.07
0.06
0.06
0.04 0.04
0.03
0.02

-0.02

-0.04
2015 2016 2017 2018 2019

TDOF Forecast(TDOF)
Lower Confidence Bound(TDOF) Upper Confidence
8 2019 2020 2021 2022

Forecast(TDOF)
OF) Upper Confidence Bound(TDOF)
YEAR TRTR Forecast(TRTR) Lower Confidence Bound(TRTR)
2015 1.2073543
2016 1.254739
2017 1.3239775
2018 1.300645 1.30064496 1.30
2019 2.6218101 1.3464997540683 1.30
2020 1.3797874615917 1.33
2021 1.413075169115 1.36
2022 1.4463628766384 1.39
Upper Confidence Bound(TRTR) 3

2.5

1.30
1.40 2
1.43
1.47 1.5
1.50

0.5

0
2015 2016 2017 2018 2019 20

TRTR Forecast(TRTR)
Lower Confidence Bound(TRTR) Upper Confidence B
 2019 2020 2021 2022

Forecast(TRTR)
TR) Upper Confidence Bound(TRTR)
YEAR ITR Forecast(ITR) Lower Confidence Bound(ITR)
2015 3.1664882
2016 2.9302311
2017 3.9609115
2018 4.728999 4.72899899 4.73
2019 3.9875308 5.1341904221 4.30
2020 5.62588855348 4.77
2021 6.11758668487 5.23
2022 6.60928481625 5.66
Upper Confidence Bound(ITR) 8

6
4.73
5.97
5
6.48
7.01 4
7.56
3

0
2015 2016 2017 2018 2019 2

ITR Forecast(ITR)
Lower Confidence Bound(ITR) Upper Confidenc
2018 2019 2020 2021 2022

Forecast(ITR)
und(ITR) Upper Confidence Bound(ITR)
YEAR TATR Forecast(TATR) Lower Confidence Bound(TATR)
2015 2.2139443
2016 2.3200347
2017 2.098768
2018 2.1454439 2.1454439 2.15
2019 2.0555739 2.0927351912398 1.93
2020 2.0621009944252 1.90
2021 2.0314667976106 1.86
2022 2.000832600796 1.82
Upper Confidence Bound(TATR) 2.5

2
2.15
2.25
2.22 1.5

2.20
2.18
1

0.5

0
2015 2016 2017 2018 2019

TATR Forecast(TAT
Lower Confidence Bound(TATR) Upper Confid
 2018 2019 2020 2021 2022

Forecast(TATR)
nd(TATR) Upper Confidence Bound(TATR)