BHARATHEAVYELECTRICALSLIMITED

AUDITEDFINANCIALRESULTS
FORTHEQUARTER/YEARENDED31stMARCH2011
` Million
SL.
NO.

PARTICULARS

(1)
1.

(2)
Sales/IncomefromOperations
Less:ExciseDuty/ServiceTax

3 Months
Ended
31.03.2011*
(3)

3 Months in
the previous
year ended
31.03.2010
(4)

Current
Year Ended
31.03.2011*
(Audited)
(5)

Previous
Consolidated Results
Year ended For the year ended For the year ended
31.03.2010
31.03.2011
31.03.2010
(Audited)
(Audited)
(Audited)
(6)
(7)
(8)

186234

140963

433799

341985

436786

7020

5372

18011

13182

18113

344985
13251

Netsales/incomefromoperations

179214

135591

415788

328803

418673

331734

Valueofproduction(NetofExciseduty/Service
Tax)

170853

135332

415272

335979

418144

338800

OtherOperatingIncome

TotalExpenditure
a) (Increase)/decreaseinstockintradeandworkin
progress

4591

3855

9167

6925

9200

6973

142253

112365

340769

277725

343203

280457

6669

(248)

(1273)

(7867)

(1262)

(7758)

b) Consumptionofrawmaterials

82932

80520

226707

200941

228243

202808

c) StaffCost

14599

18338

54104

52433

54663

52940

1384

1647

5441

4580

5464

4603

36669

12108

55790

27638

56095

27864

41552

27081

84186

58003

84670

58250

Profitfromoperationsbeforeotherincome,
interest&taxation(2+45)
Otherincome

1634

2080

6418

8239

6473

8326

Profitbeforeinterest&taxation(6+7)

43186

29161

90604

66242

91143

66576

d) Depreciation
e) Otherexpenditure
6

Interest

305

178

547

335

486

367

10

ProfitBeforeTax(89)

42881

28983

90057

65907

90657

66209

11

a)ProvisionforTaxation(incldeferredtax)

15678

10475

30759

23192

30939

23332

b)Priorperiodtax
12
13

NetProfit(1011)
PaidupEquityShareCapital
(FaceValueperShare(Rs.))

14

Reservesexcludingrevaluationreserves

15

EarningsperShareBasicandDiluted(not
annualised)(Rs.)

16

Publicshareholding
No.ofShares
Percentageofshareholding

17

PromotersandpromotergroupShareholding
a)Pledged/Encumbered
No.ofShares
Percentageofshares(asa%ofthetotal
shareholdingofpromoterandpromotergroup)
Percentageofshares(asa%ofthetotalshare
capitalofthecompany)
b)NonEncumbered
No.ofShares
Percentageofshares(asa%ofthetotal
shareholdingofpromoterandpromotergroup)
Percentageofshares(asa%ofthetotalshare
capitalofthecompany)

(777)

(588)

(814)

(392)

(816)

(392)

27980

19096

60112

43107

60534

43269

4895

4895

4895

4895

4895

4895

(10)

(10)

(10)
196643

57.16

39.01

(10)
154278

(10)
196656

(10)
154065

122.80

88.06

123.66

88.39

158009600

158009600

158009600

158009600

158009600

158009600

32.28%

32.28%

32.28%

32.28%

32.28%

32.28%

NIL

NIL

NIL

NIL

NIL

NIL

331510400
100%

331510400
100%

331510400
100%

331510400
100%

331510400
100%

331510400
100%

67.72%

67.72%

67.72%

67.72%

67.72%

67.72%

SegmentwiseRevenue,ResultsandCapitalEmployed

` Million
ConsolidatedResults
Previous
Yearended Fortheyearended Fortheyearended
31.03.2010
31.03.2011
31.03.2010
(Audited)
(Audited)
(Audited)

3Months
Ended
31.03.2011*

3Monthsin
theprevious
yearended
31.03.2010

Current
YearEnded
31.03.2011*
(Audited)

151444
37091
188535
2301
186234

111549
31491
143040
2076
140963

347914
91860
439774
5975
433799

268607
78790
347397
5412
341985

350538
92223
442761
5975
436786

270791
79606
350397
5412
344985

A.Power
B.Industry
Total
LessInterest
Otherunallocableexpenditurenet
ofincome

41362
9851
51213
305

30580
8049
38629
178

83116
19151
102267
547

63167
16425
79592
335

83631
19253
102884
486

63551
16323
79873
367

8027

9468

11663

13350

11741

13297

TotalProfitbeforeTax

42881

28983

90057

65907

90657

66209

62015
35333

25057
22489

62465
34894

25370
21962

163915

129678

160535

129609

SegmentRevenue
A.Power
B.Industry
Total
Intersegmentalrevenue
Sales/Incomefromoperations

SegmentResults(ProfitbeforeTaxandinterest)

CapitalEmployed
(SegmentAssetsSegmentLiabilities)
A.Power
B.Industry
CapitalEmployed(includingunallocable
common)
*Subjecttoauditu/s619(4)oftheCompaniesAct,1956bytheC&AGofIndia
Thefigureshavebeenregrouped,wherevernecessary.

Notes:
1

Statement of Assets and Liabilities

` Million
PARTICULARS

SOURCES OF FUNDS
SHAREHOLDERS FUND:
(a) Capital
(a) Reserves and Surplus
LOAN FUNDS
TOTAL
APPLICATION OF FUNDS
FIXED ASSETS (Incl. CWIP)
INVESTMENTS
DEFERRED TAX ASSETS (NET)
CURRENT ASSETS, LOANS AND ADVANCES
(a) Inventories
(b) Sundry Debtors
(c) Cash and Bank balances
(d) Other current assets
(e) Loans and Advances
Less: Current Liabilities and Provisions
(a) Current Liabilities
(b) Provisions
NET CURRENT ASSETS
TOTAL

Stand Alone

Consolidated

As at the end of
31.03.2011
(Audited)*

As at the end of
31.03.2010
(Audited)

As at the end of
31.03.2011
(Audited)

As at the end of
31.03.2010
(Audited)

4895
196643
1634
203172

4895
154278
1278
160451

4895
196656
2702
204253

4895
154065
1483
160443

51631
4392
21635

39655
798
15272

58163
113
21652

41636
59
15286

109630
273546
96302
3097
32373

92355
206887
97901
4068
27932

110175
275105
97064
3102
30763

92838
207926
98564
4073
26622

313466
75968
125514
203172

280237
44180
104726
160451

315680
76204
124325
204253

282112
44449
103462
160443

DetailsofInvestorComplaints:Pendingason01.01.2011Nil,Receivedduringthequarter168,Resolvedduringthequarter168,Pendingason31.03.2011Nil.

The consolidated figures include results in respect of the subsidiary M/s Bharat Heavy Plate & Vessels Ltd. and Joint venture entities BHELGE Gas Turbine
Services Pvt Ltd., NTPCBHEL Power Projects Pvt. Ltd., Udangudi Power Corporation Ltd., Dada Dhuniwale Khandwa Project, Raichur Power Corporation
Limited.
The company has changed the accounting policy on Provision for warranties in respect of AS7(R) construction contracts during the year. As against creation of
provision for warranties @2.5% of contract value on trial operation, the company has revised it that company provides warranty cost at 2.5% of the revenue
progressively as and when it recognises the revenue and maintains the same through the warranty period. This is against the earlier policy of deferring warranty
provision and corresponding revenue till the completion of Trial Operation. The impact due to change in the accounting policy for the year 201011 is increase in
turnoverbyRs.27728million,ProvisionforContractualObligationbyRs.20773millionandProfitbeforeTaxbyRs.6955million.

The Company has modified the Accounting Policy on Employee Benefits during the year in respect of leave liability. As against the policy of creating provision
for these leaves on accrual basis, the company changed it to actuarial valuation basis treating the same as Other Long Term Benefits based on behavioural
patternsetc.asperAS15(R).Theimpactduetochangeinaccountingpolicyfortheyear201011isincreaseinProfitbeforeTaxbyRs.2408million.

During the year the cranes used at the project sites have been classified under General Plant & Machinery as against the earlier practice of Erection
Equipment. Accordingly the depreciation rate has been changed based on a review of their useful life, from 20% to 8% p.a, with retrospective effect. The impact
due to the above change is decrease in depreciation by Rs. 806 million (Rs. 490 million pertains to earlier years) and increase in Profit before Tax by Rs. 468
million.
The operations of the Libyan project site has been consolidated based on the unaudited accounts maintained at the regional headquarter at Noida, in view of the
ongoingturmoilinLibya.

7
8

The Board of Directors have recommended a final dividend of Rs.17.90 per share (Face Value Rs. 10 per share) in addition to the interim dividend of Rs. 13.25 per
share(FaceValueRs.10pershare)paidduringtheyear.

TheaboveresultshavebeenreviewedbytheAuditCommitteeandweretakenonrecordbytheBoardofDirectorsintheirmeetingheldon23.05.2011.

ForBharatHeavyElectricalsLimited

Place:NewDelhi
Dated:23.05.2011

(B.PrasadaRao)
Chairman&ManagingDirector