6 April 2015
4QFY15 Results Update | Sector: Capital Goods
BHEL
BSE SENSEX
28,504
Bloomberg
Equity Shares (m)
52-Week Range (INR)
1, 6, 12 Rel. Per (%)
Free float (%)
S&P CNX
8,660
BHEL IN
2,447.6
300/173
-10/10/0
36.9
CMP: INR235
n
TP: INR320 (+36%)
Buy
M.Cap. (INR b) / (USD b) 575.2/9.2
Avg Val (INRm)/Vol ‘000 1477/6102
Financials & Valuation (INR Billion)
Y/E MAR
Net Sales
EBITDA
Adj PAT
EPS (INR)
2015E 2016E 2017E
292.7
25.7
18.0
7.3
303.6
37.3
29.8
12.2
66.1
149.9
8.1
11.7
19.3
1.6
346.1
48.3
43.2
17.7
45.0
163.3
10.8
15.4
13.3
1.4
n
EPS Gr. (%) -50.0
BV/Sh.
140.6
( )
RoE (%)
5.2
RoCE (%)
P/E (x)
P/BV (x)
7.6
32.0
1.7
n
Estimate change
TP change
Rating change
BHEL’s provisional numbers - a mixed bag:
BHEL’s provisional FY15 numbers
were a mixed bag. Revenue at INR308b (down 19.8% YoY) was 7% above our
estimate of INR286b. This implies 4QFY15 revenue at INR136b (down 7.7% YoY),
above our estimate of INR115b. PBT for FY15 at INR19.1b (down 62% YoY) was
35.5% below our estimate of INR25.8b and PAT at INR13.1b (down 64% YoY) was
36.6% below our estimate of INR17.9b. We await further clarity on the
operational performance and also the one-offs. We would revise the estimates
post detailed results.
Order intake at INR308b in FY15 (v/s INR280b in FY14), entails 4QFY15 intake at
INR101b:
During FY15, BHEL’s order intake stood at INR308b v/s INR280b in FY14
— growth of 10% YoY. Key orders received in 4Q include: i) 1,080mw TSGENCO
(EPC, INR50b) and ii) 120mw Rammam stage III hydro electric project in West
Bengal, (INR2.3b). Also, BHEL was L1 in i) 1,320mw Udangudi (EPC, ~INR78b), ii)
500mw Tuticorin (BTG, INR12b), iii) 1gw of Pakal DUL Hydro power with Patel
Engg (~INR90b JV share, BHEL likely at INR10b) and iv) 1.2gw Pranhita Lift
Irrigation (INR30b).
Maintain Buy; strongly exposed to cyclical factors:
BHEL is strongly exposed to
cyclical factors: i) contribution margins at ~42% v/s expected EBITDA margin of
12.4% (adjusted) in FY14, leading to a meaningful operating leverage, ii) core NWC
stable at 200 days; cyclical factors of retention money (at 181 days in FY14 v/s 55-
60 days in FY07-09) and customer advances (deteriorated from 63% of revenue in
FY09 to 38% in FY14) that impacted reported NWC are expected to normalize as
we expect power sector BTB to increase from 3.4x currently to 3.8x in FY16E. We
maintain
Buy
with a target price of INR320/sh (18x FY17E), 36% upside.
Quarterly Performance
Y/E March
Sales (Net)
Cha nge (%)
EBITDA
As a % Sa l es
Adjusted EBITDA
Cha nge (%)
As a % Sa l es
Interes t
Depreci a ti on
Other Income
PBT
Ta x
Effecti ve Ta x Ra te (%)
Reported PAT
Cha nge (%)
Adj. PAT
Cha nge (%)
Order i nta ke
Order book (INRb)
BTB (x)
E: MOSL Es ti ma tes
* Provisional no’s We would revise the estimates post clarity on operational numbers in the detailed results.
FY14
1Q
2Q
3Q
4Q
63,526 88,190 84,624 147,549
-23.7
-15.2
-15.7
-21.7
3,886
4,119
9,859
27,334
6.1
4.7
11.7
18.5
3,886
6,033
9,859
27,334
-67.7
-68.2
-39.7
-41.2
6.0
6.7
11.7
18.5
278
247
323
479
2,308
2,387
2,416
2,718
5,385
4,979
2,908
2,889
6,685
6,465 10,028
27,025
2,031
1,905
3,080
8,519
30.4
29.5
30.7
31.5
4,654
4,560
6,948
18,446
-49.5
-64.2
-41.2
-43.0
4,654
5,899
6,948
18,819
-49.5
-53.7
-41.2
-41.9
14,690 30,010 67,624 163,410
1,086
1,023
1,006
1,016
2.4
2.3
2.4
2.6
1Q
50,676
-20.2
2,179
4.3
2,179
-43.9
4.3
473
2,725
3,478
2,459
524
21.3
1,935
-58.4
1,935
-58.4
11,290
974
2.6
FY15
2Q
60,276
-31.7
2,915
4.8
2,915
-51.7
4.8
126
2,662
1,961
2,088
840
40.2
1,248
-72.6
1,248
-78.8
129,490
1,037
3.0
FY14
FY15E
3Q
4QE
60,784 136,325
*
383,888 308,060
*
-28.2
-7.6
-19.4
-19.8
2,938
38,774
45,198
46,806
4.8
28.4
11.8
15.2
2,938
10,918
47,112
46,806
-70.2
-60.1
-49.8
-0.6
4.8
28.4
11.8
15.2
52
125
1,326
776
2,564
2,649
9,829
10,600
2,741
3,306
16,160
11,486
3,062
11,450
*
50,203
19,060
*
936
3,620
15,535
5,920
30.6
31.6
30.9
31.1
2,126
7,831
34,608
13,140
-69.4
-57.5
-47.7
-62.0
*
36,303
*
2,126
7,831
13,140
-69.4
-58.4
-44.6
-63.8
66,410 100,950 280,070 308,140
1,040
1,039
1,016
1,039
3.3
3.4
2.6
3.4
Satyam Agarwal
(AgarwalS@MotilalOswal.com); +91 22 3982 5410
Amit Shah
(Amit.Shah@MotilalOswal.com); +91 22 3029 5126
Investors are advised to refer through disclosures made at the end of the Research Report.
Motilal Oswal research is available on
www.motilaloswal.com/Institutional-Equities,
Bloomberg, Thomson Reuters, Factset and S&P Capital.

BHEL
BHEL provisional numbers a mixed bag
n
n
BHEL reported provisional FY15 numbers were mixed bag: Revenues for FY15 at
INR308b (down 19.8% YoY) were 7% above our estimates of INR286b. This
implies 4QFY15 revenue at INR136b (down 7.7% YoY) above our estimate of
INR115b. PBT for FY15 at INR19.1b (down 62% YoY) were 35.5% below our
estimate of INR25.8b and PAT at INR13.1b (down 64% YoY) were 36.6% below
our estimate of INR17.9b. This implies 4QFY15 PBT at INR11.5b (down 57% YoY)
and 4QPAT of INR783m (down 57% YoY). We await further clarity on the
operational performance.
Revenues picked up during 4QFY15 led by strong execution during the quarter.
During the Quarter, BHEL commissioned 1730MW of power plants. Key projects
commissioned during the quarter are 660MW Barh stage II thermal unit at Bihar
and 800Mw super critical boiler unit at Krishnapatnam.
Exhibit 1: BHEL: Provisional numbers vs Actual financials (INR b)
INR B
FY06
FY07
FY08
FY09
FY10
FY11
FY12
FY13
FY14
FY15
Provisional
Revenues
Net Profit
144.1
16.2
187
23.9
216.1
28.2
275.1
30.4
340.5
42.9
434.5
60.2
493
68.7
500.2
64.9
403.7
32.3
308
13
Actual #
Revenues
Net Profit
138.2
16.8
188.4
24.1
214
28.6
280.3
31.4
341.5
43.1
433.8
60.1
495.1
70.4
501.6
66.2
391.1
34.6
% Variation
Revenues
Net Profit
(4.10)
3.70
0.70
0.80
(1.00)
1.40
1.90
3.30
0.30
0.50
(0.20)
(0.20)
0.40
2.50
0.30
2.00
(3.12)
7.12
Source: MOSL, Company
BHEL: Order inflow for FY15
(INR b)
Order intake at INR308b in FY15 (vs INR280b in FY14), entails 4QFY14 intake
at INR101b
n
n
Source: MOSL, Company
During FY15, BHEL’s order intake stands at INR308b vs INR280b in FY14 i.e.
growth of 10% YoY. Key orders received in 4Q includes: i) 1080MW TSGENCO
(EPC, INR50b), ii) 120MW Rammam stage III hydro electric project in West
Bengal, (INR2.25. In addition, BHEL was L1 in i) 1,320MW Udangudi (EPC,
~INR78b), ii) 500MW Tuticorin (BTG, INR12b) iii) 1GW of Pakal DUL Hydro power
with Patel Engg (~INR90b JV share, BHEL likely at INR10b) iv) 1.2GW Pranhita Lift
Irrigation (INR30b).
BHEL’s order intake had declined from peak levels of ~INR600b in FY10/FY11 to
average levels of INR270b in FY12/FY13/14. Thus, FY15 intake at INR308b has
marginally improved by 10%. BTG pipeline is showing signs of a strong recovery
in FY16 with projects of ~18-20GW likely to be awarded in the next 12-15
months. This is meaningfully higher than project awards of 6.3GW in FY14 / ~10-
11GW in FY15E. We believe that project awards of 18-20GW could be a tipping
point, particularly for the equipment manufacturers, given that industry
capacity for super-critical boilers and turbines stands at ~21-24GW pa.
6 April 2015
2

BHEL
Exhibit 2: Order
intake
had improved in 4Q, led by TSGENCO
project awards
Order intake (INR b)
226
156
233
143
25
-15
68 56 32 20
210
163
15 30 72
129
101
66
Exhibit 3:
Revenue
environment
de-growth
given
constrained
Revenues(INR b)
32
29
26 25
24 19 24
18
17
16
10
Revenue growth (% YoY)
1 -5 -2
-24
135
108 128
-15-16
-22-20
11
-28
-32
Source: Company
Source: Company
Exhibit 4: Potential Pipeline of ~34GW to be awarded over next 2-3 years, largely from the
Central / State sector
Project
Udangudi
Tuticorin
Barethi
Katwa
Ramagundem
Pudimadaka
Lakhisarai
Maitree Project
Ghatampur
Pirpainty
Gorakhpur
Telangana
Bhusawal
Chandrapur
Koradi
Latur
Krishnapatnam,
Vijayawada, Kothugundem
Panipat Thermal (Unit 9)
Orba Extension
Hardauganj Extension
Potential Pipeline
Owner
TN Genco
NTPC
NTPC
NTPC
NTPC
Bihar (26%) - NTPC (74%)
NTPC
Neyveli
Bihar (26%) – NHPC (74%)
Nuclear Power
Mahagenco
Mahagenco
Mahagenco
Mahagenco
Andhra Pradesh
Haryana
UPRUVNL
UPRUVNL
Sector
State
Private
Central
Central
Central
Central
Central
Bangladesh
Central
Central
Central
State
State
State
State
State
State
State
State
State
Cap (MW)
1,320
525
2,640
1,320
1,600
4,000
1,320
1,320
1,980
1,320
1,400
4,000
660
1,320
1,980
1,320
2,400
660/800
600
660
~34,000
Source: MOSL, Company
Comments
BHEL is L1
BHEL is L1
Nuclear
MOU with BHEL
6 April 2015
3

BHEL
Maintain Buy, Price Target of INR320 (18x FY17E PER)
We expect BHEL to report an EPS of INR12.2 in FY16E, INR17.7 in FY17E. We await
further clarity on the FY15 operational performance, and also one offs. We would
revise our estimates post the detailed results. At the CMP, the stock quotes at PER
of 32x FY15E / 19.3x FY16E/ 13.3x FY17E. We maintain
Buy
with target price of
INR320/sh (PER of 18x FY17E). Our target multiple of 18x is based on average one-
year forward PER during FY06-11, a period when the power sector ordering was
robust.
Key investment arguments
n
n
n
n
Our macro analysis suggests that normative industry ordering will stand at ~20-
24GW pa (power demand at 1.6BUs in FY20E). The journey from 6-7GW pa in
FY14 to 10-12GW pa in FY15E-17E and then at 20-24GW pa provides interesting
possibilities.
Project pipeline has been building up, particularly for BHEL, given that the
company has bagged projects on nomination basis and also intends to leverage
cash reserves for equity stage to bag EPC contracts. Over the past three years,
BHEL has expanded its offerings in the power segment meaningfully and will
also enable it to capture a larger share in project execution, going forward.
Company is making efforts to expand the contribution from industry business,
particularly transmission and transportation segments. Going forward, new
segments like solar PV cell manufacturing and Defense indigenization also opens
up interesting possibilities.
BHEL is strongly exposed to cyclical factors: i) contribution margins at ~42%
versus expected EBITDA margin of 12.4% (adjusted) in FY14, leading to a
meaningful operating leverage, ii) core NWC stable at 200 days; cyclical factors
of retention money (at 181 days in FY14 versus 55-60 days in FY07-09) and
customer advances (deteriorated from 63% of revenue in FY09 to 38% in FY14),
that impacted reported NWC are expected to normalize as we expect power
sector BTB to increase from 3.4x currently to 3.8x in FY16E. We expect operating
cash flow to improve from an average of ~INR40b pa in FY13-14 to INR73b pa in
FY15E-17E. Thus, net cash is likely to increase from INR92b in FY14 to INR260b in
FY17E (~40% of current market cap).
Key risks/variables
n
n
The key variable to watch out is the impact of Pay Commission’s implementation
in FY17 and could be a vital swing factor. However, we believe that a part of the
impact will be mitigated by productivity improvements /operating leverage over
the medium term, and thus the impact is possibly not structural.
Another variable is the uncertainty on coal block de-allocations and mine
auctions, which could delay the order pipeline.
6 April 2015
4

BHEL
BHEL: Operating Matrix
FY10
Order Intake (INR b)
Power (GW)
Power (INRM/MW)
Power
R&M
Industry
International Business
Cancellations
Total Order Intake
% YoY
Segmental Revenues
Power
Industry
International Business
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
16.5
24
401
19
135
36
-
590
-1%
FY11
15.1
29
443
21
114
37
-
605
2%
FY12
3.9
45
176
23
79
2
58
221
-63%
FY13
9.6
24
227
29
41
20
-
317
43%
FY14
4.5
38
170
34
50
26
-
280
-12%
FY15E
5.3
35
184
40
60
25
-
308
10%
FY16E
7.0
35
245
46
75
25
-
391
27%
FY17E
7.3
35
256
53
105
25
-
439
12%
269
57
16
342
17.7
40.4
15.7
6.9
45.7
1.4
348
90
12
450
19.9
40.3
13.5
9.5
46.3
1.2
379
102
15
495
20.3
41.5
11.4
9.4
46.7
1.1
396
100
6
502
19.4
42.1
11.9
10.9
49.4
1.2
325
62
16
403
12.0
40.8
14.8
14.1
48.4
1.2
228
53
18
299
8.8
45.3
20.7
15.8
47.5
1.3
233
56
21
310
12.3
44.4
20.3
11.8
44.9
1.4
264
64
25
353
13.9
43.7
19.3
10.4
42.1
1.6
98
68
-1
164
67
96
97
-1
192
79
67
135
-1
200
82
77
168
-14
232
95
119
190
-27
282
115
149
183
-26
305
125
230
152
-26
356
146
286
146
-26
406
166
6 April 2015
5

BHEL
Financials and valuations
Income Statement
Y/E March
Total Income
Change (%)
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 (%)
2010
333,545
25.4
52,432
198,857
23,059
59,196
40.3
17.7
4,580
335
11,549
73
65,903
22,800
34.6
43,103
46,839
31.3
2011
404,443
21.0
54,769
230,816
38,325
80,532
36.0
19.9
5,441
547
10,206
5,305
90,055
29,945
33.3
60,110
56,650
20.9
2012
479,788
18.8
54,654
280,845
45,213
99,076
23.0
20.6
8,000
513
12,656
-193
103,026
32,623
31.7
70,403
68,922
21.7
2013
484,247
0.8
57,528
280,156
52,665
93,898
-5.2
19.4
9,534
1,253
11,217
-4
94,324
28,177
29.9
66,147
65,540
-4.9
2014
391,088
-19.4
59,338
231,565
54,987
45,198
-51.9
11.6
9,829
1,326
16,160
-60
50,143
15,535
31.0
34,608
35,887
-45.2
2015E
308,060
-23.2
60,620
159,989
46,334
25,722
-43.1
8.8
10,600
776
11,486
0
19,060
8,735
30.5
13,140
13,140
-64.0
2016E
303,627
3.7
61,646
168,884
35,789
37,308
45.0
12.3
10,867
1,105
17,260
0
42,596
12,779
30.0
29,817
29,817
66.1
(INR Million)
2017E
346,149
14.0
66,744
195,038
36,102
48,264
29.4
13.9
11,636
1,111
25,811
0
61,328
18,092
29.5
43,236
43,236
45.0
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
Appli. of Funds
E: MOSL Estimates
2010
4,895
154,278
159,174
1,278
-15,272
145,179
65,801
41,647
24,154
15,296
798
429,348
92,355
206,888
97,901
28,137
4,069
324,417
75,798
204,439
44,180
104,931
145,179
2011
4,895
196,643
201,538
1,021
-21,636
180,924
80,497
46,488
34,009
17,338
4,392
515,229
108,521
274,656
96,302
32,654
3,096
390,043
80,526
224,790
84,728
125,186
180,924
2012
4,895
248,837
253,732
1,234
-15,462
239,504
97,066
54,098
42,968
13,476
4,617
591,237
135,487
357,405
66,720
30,118
1,506
412,794
108,717
218,656
85,421
178,443
239,504
2013
4,895
299,546
304,441
14,152
-15,507
303,086
107,832
63,248
44,585
11,716
4,292
625,187
117,638
398,882
77,321
29,347
2,000
382,694
104,313
180,918
97,462
242,493
303,085
2014
4,895
325,575
330,471
26,548
-19,690
337,329
120,505
73,576
46,929
6,421
4,202
650,670
97,976
399,530
118,729
31,910
2,525
370,894
94,839
169,074
106,981
279,776
337,329
2015E
4,895
339,219
344,115
26,250
-19,690
350,675
130,231
84,704
45,527
5,000
4,202
602,661
76,048
346,400
148,798
28,890
2,525
306,715
64,300
147,443
94,971
295,947
350,675
2016E
4,895
361,881
366,776
26,250
-19,690
373,336
139,521
95,571
43,950
5,000
4,202
650,407
77,374
313,597
230,360
26,551
2,525
330,223
65,521
168,448
96,253
320,185
373,336
(INR Million)
2017E
4,895
394,740
399,636
26,250
-19,690
406,196
148,811
107,207
41,604
5,000
4,202
712,605
84,799
310,496
286,154
28,631
2,525
357,215
78,224
179,678
99,313
355,391
406,196
6 April 2015
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
Turnover Ratios
Debtors (Days)
Inventory (Days)
Creditors. (Days)
Asset Turnover (x)
Leverage Ratio
Debt/Equity (x)
2010
19.1
31.3
21.0
65.0
4.7
26.5
2011
23.1
20.9
25.4
82.3
6.2
25.4
2012
28.2
21.7
31.4
103.7
6.4
22.3
11.5
10.3
7.3
1.5
3.1
2.7
29.4
45.6
221
103
84
8.3
-0.8
28.1
47.1
241
100
77
7.7
-0.6
27.2
43.3
263
105
83
8.4
-0.5
2013
26.8
-4.9
30.7
124.4
5.4
20.0
8.1
7.1
5.0
1.0
1.8
2.3
21.5
31.5
290
90
79
8.5
-0.3
2014
14.7
-45.2
18.7
135.0
2.8
20.0
11.1
8.7
6.7
0.8
1.2
1.2
10.9
15.3
362
93
89
7.2
-0.2
2015E
5.3
-64.0
11.7
140.6
1.5
20.0
32.0
20.1
17.4
1.6
1.7
0.6
5.2
7.6
423
97
81
5.7
-0.3
2016E
12.2
66.1
16.6
149.9
2.4
20.0
19.3
14.1
9.8
1.2
1.6
1.0
8.1
11.7
369
95
79
6.1
-0.4
2017E
17.7
45.0
22.4
163.3
3.5
20.0
13.3
10.5
6.4
0.9
1.4
1.5
10.8
15.4
321
91
83
7.3
-0.6
Cash Flow Statement
Y/E March
PBT bef. EO Items
Add : Depreciation
Interest
Less : Direct taxes paid
(Inc)/Dec in WC
CF from Operations
CF from Op. Incl. EO Items
(Inc)/dec in FA
Free Cash Flow
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
E: MOSL Estimates
2010
65,830
4,580
335
22,800
-54,151
21,345
21,418
-17,756
3,589
-18,031
3,135
-216
335
11,216
-8,632
-5,245
103,147
97,902
2011
84,750
5,441
547
29,945
-36,596
36,198
41,503
-17,339
18,860
-20,932
-6,369
-256
547
14,999
-22,171
-1,599
97,901
96,301
2012
103,218
8,000
513
32,623
-78,991
-4,588
-4,780
-13,097
-17,685
-13,322
6,169
213
513
17,960
-12,091
-30,194
96,302
66,720
2013
94,329
9,534
1,253
28,177
-14,873
24,456
24,452
-9,390
15,065
-9,065
-43
12,918
1,253
16,406
-4,784
10,602
66,720
77,322
2014
50,203
9,829
1,326
15,535
24,026
54,269
54,209
-6,879
47,390
-6,789
-4,657
12,396
1,326
12,425
-6,012
41,408
77,321
118,728
2015E
25,831
10,600
776
7,879
34,296
45,153
45,153
-7,777
37,376
-7,777
0
-298
776
6,234
-7,307
30,069
118,729
148,798
2016E
42,596
10,867
1,105
12,779
34,962
97,926
97,926
-9,290
88,636
-9,290
0
0
1,105
5,970
-7,075
81,562
148,798
230,360
(INR Million)
2017E
61,328
11,636
1,111
18,092
7,743
75,230
75,230
-9,290
65,940
-9,290
0
0
1,111
9,035
-10,145
55,794
230,360
286,154
6 April 2015
7

BHEL
Corporate profile: BHEL
Company description
n
Exhibit 5: Sensex rebased
n
n
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 6:
Shareholding pattern (%)
Dec-14
Promoter
DII
FII
Others
63.1
17.3
16.0
3.7
Sep-14
63.1
16.9
15.7
4.3
Dec-13
67.7
12.0
15.6
4.7
Exhibit 7:
Top holders
Holder Name
LIC of India
Comgest Growth PLC A/C. Comgest Growth Emerging
Lazard Asset Management LLC A/c Lazard Emerging
Magellan
LIC of India Market Plus -1 Growth Fund
% Holding
9.4
1.2
1.2
1.1
1.0
Note: FII Includes depository receipts
Exhibit 8:
Top management
Name
B Prasada Rao
Designation
Chairman & Managing Director
Exhibit 9:
Directors
Name
B Prasada Rao
P K Bajpai
R Krishnan
Atul Sobti
T N Veeraraghavan
Name
W V K Krishna Shankar
A N Roy
Harinder Hira
S K Bahri
Rajesh Kumar Singh
*Independent
Exhibit 10:
Auditors
Name
Anjaneyulu & Co
J V Ramanujam & Co
Patel Mohan Ramesh & Co
S B A & Co
S N Dhawan & Co
Vardhaman & Co
Vinay Kumar & Co
Wahi & Gupta
Type
Statutory
Statutory
Statutory
Statutory
Statutory
Statutory
Statutory
Statutory
Exhibit 11:
MOSL forecast v/s consensus
EPS
(INR)
FY15
FY16
FY17
MOSL
forecast
7.3
12.2
17.7
Consensus
forecast
9.5
11.7
15.4
Variation
(%)
-23.4
4.2
14.8
6 April 2015
8

BHEL
NOTES
6 April 2015
9

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