UBS on BHEL :Neutral, TP Raised to Rs 500

• Delivered strong revenue/EBITDA growth of 24%/77% YoY, 12%/59% beats vs consensus • Order inflows were weak at Rs40bn, down 82% YoY, due to absence of large thermal orders during quarter. • Reported EBITDA margin expanded 330bps YoY to 11.0%, surpassing UBS estimates by 400bps. • Gross margin improved sharply to 36.5%, up 600bps YoY and 540bps QoQ. • Segment-wise, Power and Industry revenues grew 17% and 45% YoY, respectively.

BHEL

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