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Bharat Heavy Electricals Ltd. reported another loss-making Q1 FY22, with revenue coming in 12% below our expectation.
It reported a net loss of Rs 4.5 billion, slightly higher than our expected loss of Rs 4.3 billion.
If not for the provision reversal of Rs 1.8 billion, reported losses would have been even higher.
Of the total order book of Rs 1.02 trillion, the executable order book stands at Rs 708 billion.
BHEL is favorably placed in a few level-one orders. However, these orders are yet to finalise into final awarding.
With commodity prices surging since the company was declared Level one in these orders, we see a higher chance of margin turning adverse in new orders as well.
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