29 May 2017
4QFY17 Results Update | Sector: Capital Goods
BHEL
Sell
BSE SENSEX
31,109
Bloomberg
Equity Shares (m)
M.Cap.(INRb)/(USDb)
52-Week Range (INR)
1, 6, 12 Rel. Per (%)
Avg Val, INRm
Free float (%)
S&P CNX
9,605
BHEL IN
Results below expectations; bleak business outlook warrants Sell
2,447.6
4QFY17 performance disappoints:
Sales for the quarter were muted at
514.0/8.0
INR96.9b (-2.9% YoY), meaningfully below our estimate of INR129.5b. The
183 / 114
revenue decline was led by weak execution in Industrial segment (-21% YoY).
-17/1/3
1112
Power segment sales grew 3% YoY to INR81.1b. EBITDA stood at INR6.5b,
36.9
with the margin of 6.7% coming in below estimate of 11.1% as other
CMP: INR153
TP: INR100 (-35%)
Financials & Valuations(INR b)
2017 2018E
Y/E Mar
Net Sales
282.2
284.0
EBITDA
11.0
16.9
PAT
5.0
10.7
EPS (INR)
2.0
4.4
Gr. (%)
-169.9
115.4
BV/Sh (INR)
131.9
135.3
RoE (%)
1.5
3.3
RoCE (%)
0.5
2.1
P/E (x)
74.0
34.4
P/BV (x)
1.1
1.1
2019E
317.0
19.9
12.1
5.0
13.5
139.1
3.6
2.6
30.3
3.6
Estimate change
TP change
Rating change
Quarterly Performance
Y/E March
Sales (Net)
Change (%)
EBITDA
Change (%)
As a % Sales
Interest
Depreciation
Other Income
PBT
Tax
Effective Tax Rate (%)
Reported PAT
Change (%)
Adj. PAT
Change (%)
1Q
43,617
-15.0
-2,093
-196.1
-4.9
33
2,425
4,924
373
34
9.1
339
-82.5
339
-82.5
expenses increased 61% YoY to INR26.6b due to wage hike of INR9.6b
(INR6.7b gratuity/leave liability, and INR2.9b wage hike). PAT declined 57%
YoY to INR2.1b (est. of INR10.8b). For FY17, revenue stood at INR282b (+11%
YoY), EBIDTA at INR11b and PAT at INR4.9b.
Gross margin expanded 910bp YoY and 770bp QoQ to 45.1%,
led by a)
better product mix, b) cost-saving measures and c) expansion of vendor
base. According to management, margins would moderate in FY18 and are
not sustainable at 4QFY17 levels.
L1 in 2.6GW of orders; slow-moving orders at INR390b.
BHEL is L1 in 2.6GW
of orders, marking a decline from 6GW in 3QFY17, due to finalization of the
Maitree project (1,320MW) and the lift irrigation project (2,610MW). Order
book stands at INR1050b, of which ~37% is slow-moving. Of the slow-
moving orders, BHEL expects projects worth INR180b to start moving over in
the coming months.
MoU target of INR315b revenue for FY18:
BHEL has set an MoU target of
revenue of INR3,15b for FY18 to achieve excellent rating and INR310b to
achieve very good rating.
Maintain Sell:
We cut estimates for FY18/FY19 by 23%/15% to factor in
constrained execution of order backlog, given that 37% of the order book is
slow-moving. We maintain
Sell,
given a) likelihood of execution remaining
constrained, b) weak order pipeline for FY18/FY19 and c) continued pressure
on margins due to execution of JDU projects and intense competition. We
scale down our TP to INR100 (P/E of 20x FY19E; earlier INR115).
1Q
56,225
28.9
710
-133.9
1.3
57
2,182
2,493
965
188
19.4
778
129.5
778
129.5
FY17
FY16
FY17
2Q
3Q
4Q
66,645 63,254 129,461 256,300 315,585
12.2
18.7
29.4
-15.1
23.1
1,551
2,239 14,391 -19,597 18,891
-135.4 -113.9
295.6 -193.4 -196.4
2.3
3.5
11.1
-7.6
6.0
50
263
198
268
568
2,080
2,088
3,605
9,356
9,955
1,961
1,358
4,652 14,501
2,899
1,382
1,245 15,239 -14,721 18,832
292
310
4,484 -5,633
5,273
21.1
24.9
29.4
38.3
28.0
1,090
935 10,756 -9,088 13,559
-160.3 -108.6
199.1 -164.0 -249.2
1,090
935 10,756 -9,088 13,559
-160.3 -108.6
194.3 -163.6 -249.2
Est
3QE
60,500
13.6
-7,500
-54
-12.4
55
2,500
1,800
-8,255
-1,500
18
-6,755
-39
-6,755
-39
FY16
2Q
3Q
4Q
59,380 53,272 100,048
-3.4
-14.0
-21.1
-4,379 -16,120
3,638
-250.2 -648.7
-78.4
-7.4
-30.3
3.6
44
52
140
2,249
2,255
2,428
3,739
1,708
4,139
-2,933 -16,719
5,209
-1,125 -5,869
1,555
38.4
35.1
29.8
-1,808 -10,850
3,596
-244.8 -610.3
-59.5
-1,808 -10,850
3,655
-244.8 -610.3
-61.7
(INR Million)
Var.
VsEst
4.6%
-129.8%
-115.1%
-113.8%
-113.8%
Investors are advised to refer through important disclosures made at the last page of the Research Report.
MotilalOswal research is available on www.motilaloswal.com/Institutional-Equities, Bloomberg, Thomson Reuters, Factset and S&P Capital.
Ankur Sharma
(Ankur.VSharma@MotilalOswal.com);+91 22 6129 1556
Amit Shah
(Amit.Shah@MotilalOswal.com);+91 22 6129 1543

BHEL
4QFY17 results meaningfully below estimates; led by weak execution in the
industrial segment
Sales for the quarter stood muted at INR96.9b (down -2.9% YoY) meaningfully
below our estimate INR129.5b. Revenue decline was led by weak execution in
the industrial segment (down 21% YoY). Power segment sales grew by 3% YoY to
INR81.1b. EBITDA stood at INR6.5b, with margin at 6.7% (est. of 11.1%).EBIDTA
margin compression was on account of higher other expenses (up 61% YoY to
INR26.6b) impacted by wage revision hike of INR9.6b (INR6.7b gratuity/leave
liability and INR2.9b wage hike). PAT stood at INR2.1b (down 57% YoY (est. of
INR10.8b) on account of decline in other income ( down 69% YoY ) led by fall in
interest rate and rupee appreciation.
Gross margin expanded 910bp YoY and 770bp QoQ to 45.1%, led by a) Better
product mix b) multiple cost saving measures taken by the company c)
expansion of vendor base. According to management, margins would moderate
going ahead in FY18 and are not sustainable at 4QFY17 levels.
Other expenses increased sharply (27.5% vs 16.5% of sales in 4QFY16) on
account of impact of wage revision hike (7
th
pay commission) taken by the
company for INR9.6b (INR6.7b gratuity/leave liability and INR2.9b wage hike).
Exhibit 2: Gross margin improved by 910bps YoY led by
better product mix(%)
Gross Margin
Exhibit 1: Revenues decline led by weak execution in the
industrial segment (down 21% YoY)
Revenues(INR b)
Revenue growth (% YoY)
Source: MOSL, Company
Source: MOSL, Company
Segmental performance: Execution impacted in the industrial segment,
power segment performance muted. Slow moving/ stranded projects
declines to INR390b from INR430b in 3QFY17
4QFY17 Power segment revenues at INR81.1b were up 3% YoY, while industry
segment revenues declined 21.0% YoY at INR17.7b. Execution suffered in the
power segment given delay in procuring clearances for the projects in hand
whereas industry segment declined given the dependence on captive power
(50%+ of revenues); also the traction in transportation segment has been below
expectations. Margins in the industrial segment stood robust at 15.2% as against
-2.6% in 4QFY16 given execution of better margin orders.
BHEL has signed MoU for Revenue of INR315b for FY17 with government on
excellent basis and INR310b on very good basis. The management stated that of
the slow moving order book (~37% of BHEL’s power segment order book) orders
worth INR180b re expected to witness movement in next few months.
29 May 2017
2

BHEL
Exhibit 3: Segmental breakup
INR m
Revenues
Power
Growth (%)
Industry
Growth (%)
EBIT
Power
Growth (%)
Industry
Growth (%)
EBIT margin (%)
Power
Industry
1Q
44,210
32,898
(20.6)
11,312
(0.2)
2,183
2,154
(59.0)
29
(92.6)
4.9
6.5
0.3
FY16
2Q
60,804
47,550
0.4
13,254
(16.2)
-624
-190
(102.8)
-434
(247.3)
-1.0
-0.4
-3.3
3Q
55,529
44,021
(9.5)
11,508
(22.9)
-12,628
-11,656
NM
-972
NM
-22.7
-26.5
-8.4
4Q
103,398
81,013
(20.9)
22,385
(18.7)
8,522
9,496
(27.6)
-974
(136.6)
8.2
11.7
-4.4
1Q
57,212
43,355
31.8
13,857
22.5
3,948
3,100
43.9
848
2,824.8
6.9
7.2
6.1
FY17
2Q
67,800
52,541
10.5
15,260
15.1
5,144
5,052
(2,764.8)
91
(121.0)
7.6
9.6
0.6
3Q
64,649
50,962
18.2
13,686
20.4
4,722
5,903
(150.7)
-1,181
21.4
7.3
11.6
-8.6
4Q
98,743
81,090
3.1
17,653
(21.0)
13,974
11,291
2.9
2,683
NM
14.2
13.9
15.2
Source: Company, MOSL
Exhibit 4: Stranded and slow moving orders in the order book
Name of Power Project
Surana Power, Raichur TPP
Malibrahmani, Angul TPP
Singraulli
IndiabullsNashik Phase II
Ramgarh CPP
UshaJayaswal TPP
Raghunathpur
Manuguru
Yedadri Thermal Power Project **
Chattisgarh
Total
Customer
Surana Power
Monnet Ispat
DB Power
Rattan India (Phase II)
RRVUNL
Abhijeet Infra Phase 1
DVC
Telanagana State Genco
Telanagana State Genco
Visa Power
MW
420
1,050
1,320
1,350
1,320
1,080
1,320
1,080
4,000
1,200
14,140
Source: MOSL, Company **the project is yet to reach the start date since no advances have been
received
Order intake at INR167b in 4QFY17 up 7% YoY, L1 pipeline stands at 2.6GW
During 4QFY17, BHEL’s order intake stands at INR167b vs INR156b in 4QFY16
increase of 7% YoY led by finalization of Maitree project . BHEL’s order intake
had declined from peak levels of ~INR600b in FY10/FY11 to average levels of
INR234b in FY17, Order backlog at the end of FY17 stood at INR1050b, down 5%
YoY led by weak order inflow during the year.
BHEL is L1 in 2.6GW+ projects, comprising of i) 660MW Mahagenco Bhusawal
(EPC) ii) Mahagenco Bhusawal (660MW) and iii) UPRVUNL Panki (660 MW).
Incrementally BHEL has participated in 5,370MW of tenders (2400Mw Patratu
project, 1320Mw Talcher project, 960Mw Pollavarum hydro project, 66MW
Loktak hydro project, 184MW kiru project)
29 May 2017
3

BHEL
Exhibit 5: BTB at 3.7x in 4QFY17 provide decent revenue
visibility
Order book (INR b)
Book-to-bill ratio ( x TTM)
Exhibit 6: Order intake at INR167b supported by finalization
of the Maitree project
Order intake (INR b)
Source: Company
Source: Company
Exhibit 7: BHEL stands L1 in 2.6GW of projects
Name of L1 order
MahagencoBhusawal
TANGEDCO Udangudi
UPRVUNL Panki
Total
MW
660
1,320
660
2640
Value (INR m)
29,000
79,200
39,600
147,800
Source: MOSL, Company
INR m /MW
44
60
60
BTB at3.7x in 4QFY17 (vs lows of 2.2x in Sept 13): a key trend driving
cyclical factors
For 4QFY17, BHEL’s BTB stood at 3.7x (from lows of 2.2x in Sept 13).
We believe that improvement in BTB is an all-important trend for capital goods
companies, and has ramifications on several cyclical components including
working capital, operating free cash flows and operating leverage.
Valuations and view
We cut estimates for FY18/FY19 by 23%/15% to factor in constrained execution
of the order backlog given 37% of the order book slow moving. We maintain our
Sell
rating, given a) likelihood of execution remaining constrained (~37% of
order book is slow moving), b) weak order pipeline for FY18/FY19 and c)
continued pressure on margins due to execution of JDU projects and intense
competition. We scale down our TP to INR100 (P/E of 20x FY19E, earlier
INR115).
Exhibit 8: Revision in estimates
Description
Sales
EBITDA
margin(%)
PAT
EPS
FY17
275,876
11,009
4.0%
4,959
2.0
New Estimates
FY18E
278,478
16,864
6.1%
10,681
4.4
FY19E
311,401
19,854
6.4%
12,126
5.0
Old Estimate
FY18E
FY19E
315,491
344,410
18,791
18,967
6.0%
5.5%
14,002
14,183
5.7
5.8
YoY Change(%)
FY18E
-12%
-10%
0%
-24%
-23%
FY19E
-10%
5%
1%
-15%
-15%
29 May 2017
4

BHEL
BHEL: Operating metrics
FY11
Order Intake (INR b)
Power
R&M
Industry
International Business
Cancellations
Total Order Intake
% YoY
Segmental Revenues
Power (including international business)
Industry
Total Revenues
EBITDA Margins (%)
Contribution Margins (%)
Staff Costs (%)
Other Expenses (%)
Employees (in 000)
INR M/empl
Cash / (Debt), INR B
Cash
Retention Money
Debt
Net Cash / (Debt)
INR/sh
Net Profit (INR B)
EPS (INR / sh)
ROE (%)
443
21
114
37
0
605
2%
FY12
176
23
79
2
58
221
-63%
FY13
226
29
45
20
0
319
45%
FY14
175
34
50
26
0
285
-11%
FY15
211
38
52
7
0
308
8%
FY16
365
20
51
1
0
437
42%
FY17E
51
22
62
101
0
235
-46%
FY18E
210
24
74
111
0
419
78%
348
90
450
19.9
40.3
13.5
9.5
46.7
0.0
379
102
495
20.3
41.5
11.4
9.4
49.4
1.1
396
106
502
19.4
43.5
5.2
12.2
48.4
1.2
325
79
403
11.6
42.4
3.1
15.7
47.5
1.2
240
70
309
7.0
43.9
-8.2
18.9
44.9
1.2
202
58
261
-5.4
36.7
-1.3
21.0
42.2
1.3
228
60
288
3.9
39.4
0.4
16.3
40.1
1.3
225
66
291
5.9
41.4
16.8
13.2
38.1
1.7
96
97
-1
192
79
57
23.2
28.1
67
135
-1
200
82
69
28.2
27.2
77
129
-14
192
79
66
27.0
23.7
119
181
-27
273
112
35
14.2
10.9
98
181
-1
279
114
14
5.8
4.3
101
202
-1
302
123
-7
-2.9
-2.1
105
182
-1
286
117
5
2.0
1.5
135
164
-1
297
122
11
4.4
3.3
29 May 2017
5

BHEL
Financials and Valuations
Income Statement
Y/E March
Total Income
Change (%)
2013
484,247
0.9
57,528
273,552
59,262
93,905
-5.2
19.4
9,534
1,253
11,217
-4
94,331
28,184
29.9
66,147
66,152
-4.0
2014
391,089
-19.2
59,338
225,188
61,363
45,200
-51.9
11.6
9,829
1,326
16,160
-61
50,144
15,535
31.0
34,608
34,669
-47.6
2015
301,830
-22.8
54,500
169,205
57,133
20,992
-53.6
7.0
10,773
917
12,205
-101
21,406
7,210
33.7
14,196
14,297
-58.8
2016
254,826
-15.6
53,798
161,188
53,507
-13,667
-165.1
-5.4
9,357
3,595
14,977
0
-11,642
-4,546
39.0
-7,096
-7,096
-149.6
2017
282,222
10.8
53,999
171,100
46,114
11,009
-180.6
3.9
8,488
3,506
7,264
0
6,278
1,320
21.0
4,959
4,959
-169.9
2018E
283,995
0.6
63,055
166,495
37,581
16,864
53.2
5.9
10,534
3,506
11,417
0
14,241
3,560
25.0
10,681
10,681
115.4
(INR Million)
2019E
316,959
11.6
69,360
185,186
42,558
19,854
17.7
6.3
11,639
3,506
11,459
0
16,168
4,042
25.0
12,126
12,126
13.5
Staff Cost
Mfg. Expenses
Selling Expenses
EBITDA
Change (%)
% of Net Sales
Depreciation
Interest
Other Income
Extra-ord. Items (net)
PBT
Tax
Rate (%)
Reported PAT
Adjusted PAT
Change (%)
Balance Sheet
Y/E March
Share Capital
Reserves
Net Worth
Loans
Differed Tax Liability
Capital Employed
Gross Fixed Assets
Less: Depreciation
Net Fixed Assets
Capital WIP
Investments
Curr. Assets
Inventory
Debtors
Cash & Bank Balance
Loans & Advances
Other Current Assets
Curr. Liab. & Prov.
Creditors
Other Liabilities
Provisions
Net Current Assets
Misc. Expenses
Appli. of Funds
2013
4,895
299,546
304,441
14,152
-15,507
303,086
108,247
63,281
44,966
11,335
4,292
625,185
117,638
398,882
77,321
29,345
2,000
382,692
103,562
189,708
89,421
242,494
0
303,086
2014
4,895
325,575
330,471
26,548
-19,690
337,329
120,734
73,604
47,131
6,220
4,202
650,670
97,976
399,530
118,729
31,910
2,525
370,893
94,090
173,543
103,260
279,777
0
337,329
2015
4,895
335,951
340,846
610
-22,207
319,249
125,910
84,510
41,400
5,010
4,350
611,704
101,017
376,373
98,127
34,437
1,750
343,215
94,569
138,242
110,404
268,489
0
319,249
2016
4,895
325,638
330,534
1,263
-31,348
300,449
132,980
93,360
39,620
3,070
6,634
586,133
96,374
356,031
100,860
31,648
1,221
335,105
94,528
126,168
114,408
251,029
0
300,449
2017
4,895
318,049
322,944
896
-38,414
285,426
141,447
101,848
34,572
3,070
6,614
529,632
73,724
318,633
104,918
2,169
30,188
288,462
89,815
106,718
91,929
241,170
0
285,426
2018E
4,895
326,295
331,190
896
-38,414
293,672
149,967
112,382
37,584
3,070
6,664
562,093
74,187
305,073
134,729
17,916
30,188
315,739
96,152
127,081
92,507
246,354
0
293,672
(INR Million)
2019E
4,895
335,656
340,552
896
-38,414
303,033
159,475
124,021
35,454
3,070
6,714
572,065
82,798
340,484
98,571
20,025
30,188
314,270
102,051
108,975
103,244
257,795
0
303,034
29 May 2017
6

BHEL
Financials and Valuations
Ratios
Y/E March
Basic (INR)
EPS
Change (%)
Cash EPS
Book Value
DPS
Payout (incl. Div. Tax.)
Valuation (x)
P/E
Cash P/E
EV/EBITDA
EV/Sales
Price/Book Value
Dividend Yield (%)
Return Ratio (%)
RoE
RoCE
RoIC
Turnover Ratios
Debtors (Days)
Inventory (Days)
Creditors. (Days)
Asset Turnover (x)
Leverage Ratio
Debt/Equity (x)
2013
27.0
-4.0
30.9
124.4
5.4
20.0
2014
14.2
-47.6
18.2
135.0
2.8
20.0
2015
5.8
-58.8
10.2
139.3
1.2
19.9
2016
-2.9
-149.6
0.9
135.0
0.4
-13.8
2017
2.0
-169.9
5.5
131.9
0.4
20.0
2018E
4.4
115.4
8.7
135.3
0.9
20.0
2019E
5.0
13.5
9.7
139.1
1.0
20.0
5.5
8.3
3.2
0.8
1.2
3.6
23.7
21.9
29.9
301
89
78
8.6
-0.2
10.6
8.3
6.1
0.9
1.1
1.9
10.9
9.2
10.8
373
91
88
7.3
-0.3
25.7
14.6
12.8
1.1
1.1
0.8
4.3
2.7
2.9
455
122
114
6.5
-0.3
-51.7
162.4
-19.6
0.9
1.1
0.3
-2.1
-2.8
-6.2
510
138
135
6.0
-0.3
74.0
27.3
23.9
0.9
1.1
0.3
1.5
0.5
0.9
412
95
116
6.6
-0.3
34.4
17.3
13.8
0.7
1.1
0.6
3.3
2.1
2.4
392
95
124
7.0
-0.4
30.3
15.4
13.6
0.8
1.1
0.7
3.6
2.6
2.6
392
95
118
8.2
-0.3
Cash Flow Statement
Y/E March
PBT bef. EO Items
Add : Depreciation
Interest
Less : Direct taxes paid
(Inc)/Dec in WC
CF from Operations
EO Income
CF from Op. Incl. EO Items
(Inc)/dec in FA
Free Cash Flow
(Pur)/Sale of Investments
CF from Investments
(Inc)/Dec in Networth
(Inc)/Dec in Debt
Less : Interest Paid
Dividend Paid
CF from Fin. Activity
Inc/Dec of Cash
Add: Beginning Balance
Closing Balance
2013
94,331
9,534
1,253
28,228
-53,449
22,187
0
22,187
-9,390
12,797
325
-9,065
28
12,918
1,253
15,466
-2,521
10,601
66,720
77,321
2014
50,144
9,829
1,326
19,718
4,126
44,381
0
44,381
-6,879
37,502
90
-6,789
-475
12,396
1,326
8,104
3,817
41,409
77,321
118,729
2015
21,406
10,773
917
9,728
-9,314
13,137
0
13,137
-3,833
9,304
-148
-3,981
-583
-25,938
917
3,237
-29,758
-20,602
118,729
98,128
2016
-11,642
9,357
711
4,595
20,193
13,314
0
13,314
-5,733
7,580
-2,284
-8,018
-2,100
653
711
1,116
-2,564
2,733
98,128
100,860
2017
6,278
8,488
717
8,385
13,917
20,298
0
20,298
-3,345
16,954
20
-3,325
-11,417
-368
717
1,131
-12,915
4,058
100,860
10,918
2018E
14,241
10,534
717
3,560
24,627
45,842
0
45,842
-13,546
32,296
-50
-13,596
0
0
717
2,435
-2,435
29,811
104,918
134,729
(INR Million)
2019E
16,168
11,639
717
4,042
-47,600
-23,835
0
-23,835
-9,509
-33,344
-50
-9,559
0
0
717
2,765
-2,765
-36,159
134,729
98,571
29 May 2017
7

BHEL
Corporate profile
Company description
BHEL is India’s dominant producer of power and
industrial machinery and a leading EPC company,
established in the late 1950s as the government’s
wholly-owned subsidiary. The company has 14
manufacturing divisions, 8 service centers, 4 power
sector regional centers besides project sites spread
across all over India and abroad. It has a
manufacturing capacity of 20GW spread across
multiple factories in India; including for thermal,
hydro and gas projects.
Exhibit 1: Sensex rebased
Source: MOSL/Bloomberg
Exhibit 2: Shareholding pattern (%)
Mar-17
Promoter
DII
FII
Others
63.1
16.4
15.9
4.6
Dec-16
63.1
17.1
14.8
5.1
Mar-16
63.1
18.4
13.9
4.6
Source: Capitaline
Exhibit 3: Top holders
Holder Name
LIFE INSURANCE CORPORATION OF INDIA
COMGEST
GROWTH
PLC-COMGEST
GROWTH EMERGING MARKETS
PINEBRIDGE INVESTMENTS GF MAURITIUS
LIMITED
LAZARD EMERGING MARKETS PORTFOLIO
MAGELLAN
Source: Capitaline
% Holding
14.3
1.4
1.1
1.1
1.1
Note: FII Includes depository receipts
Exhibit 4: Top management
Name
Atul Sobti
T Chockalingam
D Bandyopadhyay
I P Singh
Designation
Chairman & Managing
Director
Director (Finance)
Director
(Human
Resources)
Company Secretary
Exhibit 5: Directors
Name
Akhil Joshi
Amitabh Mathur
HarinderHira
R Swaminathan
Subhash Chandra Pandey
Name
SubrataBiswas
A N Roy
Keshav N Desiraju
Rajesh Kishore
BhaskarJyotiMahanta
*Independent
Source: Capitaline
Exhibit 6: Auditors
Name
Anjaneyulu& Co
DSP & Associates
J V Ramanujam& Co
Jugal K Puri& Associates
M B Gabhawala& Co
Type
Statutory
Statutory
Statutory
Cost Auditor
Statutory
Source: Capitaline
Exhibit 7: MOSL forecast v/s consensus
EPS
(INR)
FY18
FY19
MOSL
forecast
4.4
5.0
Consensus
forecast
6.2
7.0
Variation (%)
-29.0
-28.4
Source: Bloomberg
29 May 2017
8

BHEL
NOTES
29 May 2017
9

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Disclosure of Interest Statement
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No
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