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07.04.19
BEML (Rs. 990.00)

Target - 1240 - 1700, SL - 788 Time Frame 9 to 36 Months

BEML Ltd's Q3FY19 standalone net profit rises 167.83% yoy to Rs44.70cr Beats Estimates. The company’s standalone revenue stood at Rs923.85cr,up 26.29% yoy and 25.86% qoq.BEML’s Q3FY19 numbers beat the consensus estimate by a significant margin on all the key performance parameters. Revenue from operations in Q3FY19 witnessed a strong growth of 26% yoy to Rs924cr vs. Rs732cr in Q3FY18, beating the consensus estimates by 7%. EBITDA for the current quarter surged 81% yoy to Rs75cr, stood 57% ahead of the consensus estimates. As a result, EBITDA margin swelled 247bps yoy to 8.2% for the quarter under consideration. Net profit after taxes more than doubled as PAT jumped from Rs17cr in Q3FY18 to Rs45cr in Q3FY19, beating the consensus estimates by a mammoth 183%.· Gross profit grew only 7% yoy to Rs379cr in Q3FY19 vs. Rs353cr in Q3FY18. Higher material costs (up 44% yoy to Rs545cr) significantly eclipsed the effect of healthy growth in the top-line. Thus, gross margin declined from 48% in Q3FY18 to 41% during the current quarter. Bottom-line performance was mainly driven by strong EBITDA growth, additionally supported by decline in employee costs (down 2% yoy to Rs193cr) and other expenses (down 3% yoy to Rs111cr).· Other income for the quarter under review increased by 24% yoy to Rs5cr. Depreciation and amortization expenses during the quarter went up 7% yoy to Rs17cr as compared to Rs16cr for the same quarter last year.Airborne sheet metal structure and is equipped with CNC router, Elasto form press, solutioning furnace and related al and domestic opportunities and benefit from the offset policy laid down for defence procurement by GOI. The Aerospace Division of BEML Limited in Mysuru and the upcoming aerospace facility at SEZ near Bangalore is to take advantage of the domestic and expanding aerospace market and benefit from the ‘Off policy laid down for defence procurement by Government of India.

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