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Bharat Heavy Electricals Ltd.’s Q4 FY21 revenue grew by 43% YoY to Rs 71.7 billion, broadly inline with consensus estimate, but 10% below our estimate.
Power segment revenue grew by 51% YoY to Rs 47.9 billion (71% of total sales) while Industry segment revenue grew by 38% YoY to Rs 19.6 billion (29% of total sales).
Gross margin was up 200 basis points YoY at 31.0%, down 290 basis points QoQ.
Ebitda loss was at quarterly high of Rs 12.6 billion in Q4 FY21 (versus Ebitda loss of Rs 5.6 billion YoY) largely on account of higher other expenses, which shot up by 156% YoY to Rs 22.6 billion.
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