Balance Sheet of Bharat ------------------- in Rs. Cr.

Heavy Electricals -------------------

Mar '05 Mar '06

12 mths 12 mths

Sources Of Funds
Total Share Capital 244.76 244.76
Equity Share Capital 244.76 244.76
Share Application Money 0 0
Preference Share Capital 0 0
Reserves 5,782.13 7,056.62
Revaluation Reserves 0 0
Networth 6,026.89 7,301.38
Secured Loans 500 500
Unsecured Loans 36.98 58.24
Total Debt 536.98 558.24
Total Liabilities 6,563.87 7,859.62
Mar '05 Mar '06

12 mths 12 mths

Application Of Funds
Gross Block 3,628.50 3,821.62
Less: Accum. Depreciation 2,584.70 2,839.79
Net Block 1,043.80 981.83
Capital Work in Progress 98.12 191.27
Investments 8.95 8.29
Inventories 2,916.11 3,744.37
Sundry Debtors 5,972.14 7,168.06
Cash and Bank Balance 1,392.86 1,483.97
Total Current Assets 10,281.11 12,396.40
Loans and Advances 1,921.33 4,186.27
Fixed Deposits 1,785.01 2,650.01
Total CA, Loans & Advances 13,987.45 19,232.68
Deffered Credit 0 0
Current Liabilities 7,248.99 8,905.14
Provisions 1,325.45 3,649.32
Total CL & Provisions 8,574.44 12,554.46
Net Current Assets 5,413.01 6,678.22
Miscellaneous Expenses 0 0
Total Assets 6,563.88 7,859.61

Contingent Liabilities 609.68 769.95

Book Value (Rs) 246.24 298.31

Profit & Loss account of ------------------- in Rs. Cr.

Bharat Heavy Electricals -------------------
Mar '05 Mar '06

12 mths 12 mths

Income
Sales Turnover 10,682.15 14,739.46
Excise Duty 1,043.15 1,298.01
Net Sales 9,639.00 13,441.45
Other Income 259.98 342
Stock Adjustments 539.77 386.01
Total Income 10,438.75 14,169.46
Expenditure
Raw Materials 5,097.68 7,099.40
Power & Fuel Cost 220.54 229.01
Employee Cost 1,650.38 1,878.51
Other Manufacturing Expenses 783.44 1,054.67
Selling and Admin Expenses 1,006.38 1,216.00
Miscellaneous Expenses 116.98 126.27
Preoperative Exp Capitalised 0 0
Total Expenses 8,875.40 11,603.86
Mar '05 Mar '06

12 mths 12 mths

Operating Profit 1,303.37 2,223.60

PBDIT 1,563.35 2,565.60
Interest 81.41 58.75
PBDT 1,481.94 2,506.85
Depreciation 218.87 245.93
Other Written Off 0 0
Profit Before Tax 1,263.07 2,260.92
Extra-ordinary items 306.6 299.86
PBT (Post Extra-ord Items) 1,569.67 2,560.78
Tax 616.3 881.61
Reported Net Profit 953.4 1,679.16
Total Value Addition 3,777.71 4,504.46
Preference Dividend 0 0
Equity Dividend 195.81 354.9
Corporate Dividend Tax 26.64 49.78
Per share data (annualised)
Shares in issue (lakhs) 2,447.60 2,447.60
Earning Per Share (Rs) 38.95 68.6
Equity Dividend (%) 80 145
Book Value (Rs) 246.24 298.31

financial ratios : BHEL

year current assets
2005 10,281.11
2006 12,396.40
2007 15,982.40
2008 19,222.29
2009 25,763.03
CURRENT ASSETS HAVE FALLEN SLIGHTLY
year total debt
2005 536.98
2006 558.24
2007 89.33
2008 95.18
2009 149.37
TOTAL ASSETS FELL DURING THE YEAR 2008 AS A RESULT OF GLOBAL FINANCIAL MELTDOWN BUT HAVE SINCE RISEN CONSIDE
year net profit
2005 953.4
2006 1,679.16
2007 2,414.70
2008 2,859.34
2009 3,138.21
PROFIT MARGIN HAS REMAINED ALMOST CONSTANT INDICATING NOT MUCH GROWTH HAS TAKEN PLACE
profitability ratios
year net sales
 2005 9,639.00
2006 13,441.45
2007 17,362.89
2008 19,541.08
2009 26,614.36
OPERATING MARGIN TOO HAS ALMOST REMIANED CONSTANT
year net sales
2005 9,639.00
2006 13,441.45
2007 17,362.89
2008 19,541.08
2009 26,614.36
PROFIT HAS FALLEN CONSIDERABLY FALLEN IN THE LAST ONE YEAR
year net sales
2005 9,639.00
2006 13,441.45
2007 17,362.89
2008 19,541.08
2009 26,614.36
NET PROFIT THOUGH HAS INCREASED
year EBDIT Depriciation
2005 1,563.35 218.87
2006 2,565.60 245.93
2007 4,027.52 244.61
2008 4,769.72 297.21
2009 5,205.86 334.27
RETURN ON CAPITAL EMPLOYED HAS BEEN CONSISTENTLY INCREASING
year Net sales Total expenses
2005 9,639.00 8,875.40
2006 13,441.45 11,603.86
2007 17,362.89 13,999.06
2008 19,541.08 16,621.81
2009 26,614.36 23,577.90
RETURN ON NET WORTH HAS FALLEN FROM 2007 LEVELS CONSIDERABLY
INVESTMENT VALUATION RATIOS
year Dividend
2005 195.8
2006 354.9
2007 599.66
2008 746.52
2009 832.18
DIVIDEND / SHARE HAS BEEN FLUCTUATING
year Net operating profit
2005 1,303.37
2006 2,223.60
 2007 3,545.20
2008 3,746.60
2009 4,188.00
NET OPERATING PROFIT HAS CONSIDERABLY RISEN
year debt
2005 536.98
2006 558.24
2007 89.33
2008 95.18
2009 149.37
DEBT TO EQUITY RATIO TOO HAS FLUCTUATED BUT HAS FALLEN CONSIDERABLY INDICATING IMPROVEMENT MEASURES
year EBIT
2005 1,344.48
2006 2,319.67
2007 3,782.91
2008 4,472.51
2009 4,871.59
INTEREST COVERAGE RATIO TOO HAS INCREASED CONSIDERABLY INDICATING MORE SECURIT FOR THE INVESTORS
year inventory
2005 2,916.11
2006 3,744.37
2007 4,217.67
2008 5,736.40
2009 7,837.02
INVENTORY TURNOVER RATIO TOO HAS IMPROVED INDICATING GOOD PERFORMANCE BY THE MANAGEMENT
year sales
2005 9,639.00
2006 13,441.45
2007 17,362.89
2008 19,541.08
2009 26,614.36
DEBT RECOVERY TOO HAS BEEN SMOOTH BECAUSE OF A GOOD DEBTORS TURNOVER RATIO INDICATING GOOD POLICY MEAS
year total revenue
2005 10,438.75
2006 14,169.46
2007 18,026.58
2008 21,391.53
2009 28,783.76
ASSETS TOO HAVE RISEN, THE COMPANY REALLY HAS BEEN ON A GROWTH PATH LIKE NEVER BEFORE
Mar '07 Mar '08 Mar '09

12 mths 12 mths 12 mths

244.76 489.52 489.52

244.76 489.52 489.52
0 0 0
0 0 0
8,543.50 10,284.69 12,449.29
0 0 0
8,788.26 10,774.21 12,938.81
0 0 0
89.33 95.18 149.37
89.33 95.18 149.37
8,877.59 10,869.39 13,088.18
Mar '07 Mar '08 Mar '09

12 mths 12 mths 12 mths

4,134.61 4,443.03 5,224.43

3,146.31 3,462.21 3,754.47
988.3 980.82 1,469.96
306.58 658.47 1,212.70
8.29 8.29 52.34
4,217.67 5,736.40 7,837.02
9,695.82 11,974.87 15,975.50
2,068.91 1,511.02 1,950.51
15,982.40 19,222.29 25,763.03
5,517.59 7,366.17 4,616.67
3,740.00 6,875.00 8,364.16
25,239.99 33,463.46 38,743.86
0 0 0
11,957.32 16,632.97 23,415.10
5,708.25 7,608.68 4,975.58
17,665.57 24,241.65 28,390.68
7,574.42 9,221.81 10,353.18
0 0 0
8,877.59 10,869.39 13,088.18

976.05 1,673.19 2,546.25

359.06 220.1 264.32

Mar '07 Mar '08 Mar '09

12 mths 12 mths 12 mths

19,058.33 21,775.60 28,504.05

1,695.44 2,234.52 1,889.69
17,362.89 19,541.08 26,614.36
482.32 1,023.12 1,017.86
181.37 827.33 1,151.54
18,026.58 21,391.53 28,783.76

8,561.41 10,400.69 15,587.43

259.08 273.07 341.82
2,366.93 2,602.30 2,982.63
1,733.59 1,464.58 2,086.06
887.55 1,664.57 2,414.84
190.5 216.6 165.12
0 0 0
13,999.06 16,621.81 23,577.90
Mar '07 Mar '08 Mar '09

12 mths 12 mths 12 mths

3,545.20 3,746.60 4,188.00

 4,027.52 4,769.72 5,205.86
43.33 35.42 30.71
3,984.19 4,734.30 5,175.15
244.61 297.21 334.27
0 0 0
3,739.58 4,437.09 4,840.88
-13.79 -12.69 96.64
3,725.79 4,424.40 4,937.52
1,311.09 1,565.06 1,799.31
2,414.70 2,859.34 3,138.21
5,437.65 6,221.12 7,990.47
0 0 0
599.66 746.52 832.18
92.83 126.87 141.43

2,447.60 4,895.20 4,895.20

98.66 58.41 64.11
245 152.5 170
359.06 220.1 264.32

current liabilities current ratio

7,248.99 1.41828171924641
8,905.14 1.39204998461563
11,957.32 1.33662058053142
16,632.97 1.15567394157508
23,415.10 1.10027418204492

total assets debt ratio

6,563.88 0.081808320688373
7,859.61 0.071026424975285
8,877.59 0.010062415588014
10,869.39 0.008756701158023
13,088.18 0.011412587540819
DOWN BUT HAVE SINCE RISEN CONSIDERABLY
net sales profit margin
9,639.00 0.098910675381264
13,441.45 0.1249240223339
17,362.89 0.139072470078426
19,541.08 0.146324563432523
26,614.36 0.117914163631964
H HAS TAKEN PLACE

Net operating profit operating margin

 1,303.37 0.135218383649756
2,223.60 0.165428580993866
3,545.20 0.204182598634214
3,746.60 0.191729423348147
4,188.00 0.157358659009647

PBDIT PBITM
1,563.35 16.2190061209669
2,565.60 19.0872264525033
4,027.52 23.1961384308718
4,769.72 24.4086816081813
5,205.86 19.5603426120335

net profit NET PROFIT MARGIN

953.4 9.89106753812636
1,679.16 12.49240223339
2,414.70 13.9072470078426
2,859.34 14.6324563432523
3,138.21 11.7914163631964

EBIT Total Assets Current Liabilities ROCE

1,344.48 10,281.11 7,248.99 0.44341253
2,319.67 12,396.40 8,905.14 0.664422014
3,782.91 15,982.40 11,957.32 0.939834736
4,472.51 19,222.29 16,632.97 1.727291335
4,871.59 25,763.03 23,415.10 2.07484465

Tax Net worth return on net worth

616.3 6,026.89 2.44404659783073
881.61 7,301.38 13.0931412965768
1,311.09 8,788.26 23.3577522740565
1,565.06 10,774.21 12.5689957778807
1,799.31 12,938.81 9.56154391323467

# of shares dividend/share
24.48 7.99967314920739
24.48 14.4999182873018
24.48 24.4999182873018
48.95 15.2500408563491
48.95 17.0006128702758

# of shares Net operating profit/ share

24.48 53.2509396960288
24.48 90.8481778068312
 24.48 144.843928746527
48.95 76.5361987252819
48.95 85.5566905005107

equity DEBT EQUITY ratio

244.76 2.19390423271776
244.76 2.28076483085471
244.76 0.364969766301683
489.52 0.194435365255761
489.52 0.305135643078934
ATING IMPROVEMENT MEASURES
Interest expense INTEREST COVERAGE RATIO
81.41 16.514924456455
58.75 39.4837446808511
43.33 87.3046388183706
35.42 126.270750988142
30.71 158.632041680234
ECURIT FOR THE INVESTORS
sales INVENTORY TURNOVER RATIO
9,639.00 3.30543086509082
13,441.45 3.58977611721064
17,362.89 4.11670187568017
19,541.08 3.40650582246705
26,614.36 3.39597959428456
BY THE MANAGEMENT
debtors DEBTORS TURNOVER RATIO
5,972.14 1.61399431359613
7,168.06 1.87518659163009
9,695.82 1.79076034827379
11,974.87 1.63184067969005
15,975.50 1.66594848361554
ATIO INDICATING GOOD POLICY MEASURES IN THIS REGARD
net assets ASSET TURNOVER RATIO
5,413.01 1.92845570209551
6,678.22 2.12174202107747
7,574.42 2.3799287602219
9,221.81 2.31966718030408
10,353.18 2.78018541163198
NEVER BEFORE