New Delhi, January 28, 2025—Bharat Heavy Electricals Limited (BHEL) (NSE: BHEL, BSE: 500103) has announced its Q3 FY25 financial results. The company reported a net profit of ₹124.77 crore, a 170% year-on-year (YoY) increase. Revenue from operations surged 32.2% YoY to ₹7,277.09 crore. The improved performance was driven by higher-order execution in the power and industrial segments.
Key Financial Highlights – Q3 FY25 (Standalone)
| Metric | Q3 FY25 | Q3 FY24 | YoY Change |
|---|---|---|---|
| Revenue from Operations | ₹7,277.09 crore | ₹5,503.81 crore | +32.2% |
| Total Income | ₹7,393.33 crore | ₹5,607.96 crore | +31.8% |
| EBITDA | ₹168.82 crore | ₹70.49 crore | +139.5% |
| Net Profit (PAT) | ₹124.77 crore | ₹46.31 crore | +170% |
| Earnings Per Share (EPS) | ₹0.36 | ₹0.13 | +176.9% |
- Revenue: ₹19,346.11 crore (+23.8% YoY).
- Net Profit: ₹8.92 crores (vs. ₹-224.47 crore loss in 9M FY24).
Segment-Wise Performance & Business Highlights
1. Power Segment (77% of Total Revenue)
- Revenue: ₹5,588.45 crore (+32% YoY).
- New Order Wins: Large-scale orders for supercritical thermal and hydro projects.
2. Industrial Segment (23% of Total Revenue)
- Revenue: ₹1,688.64 crore (+32.9% YoY).
- Strong demand for defense equipment, transmission projects, and renewables integration.
Key Financial & Operational Developments
1. Overdue Receivables & Provisioning Updates
- ₹211 crore receivable from STPG Sudan, delayed due to ongoing civil war, remains unprovided.
- ₹258 crore dues from RVUNL Suratgarh 7 & 8 project, pending for over three years.
2. Financial Compliance & Governance Challenges
- Board Audit Committee Meeting Could Not Be Held due to the lack of a quorum, as BHEL currently has only one Independent Director on its Board.
Management Commentary
K. Sadashiv Murthy, Chairman & Managing Director, BHEL, stated:"Our strong revenue growth and turnaround in profitability reaffirm BHEL’s commitment to operational excellence. With a robust order pipeline and renewed focus on technology-driven projects, we remain optimistic about sustained growth."
Strategic Outlook & Investor Expectations
- Expansion in renewable energy and grid modernization projects.
- Strengthening execution capabilities in power plant retrofitting & efficiency improvement.
- Addressing governance challenges and improving debt recoverability.