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Motilal Oswal Report
Bharat Heavy Electricals Ltd. reported a disappointing Q4 FY21 earnings as revenue came in 29% below our estimate.
Higher fixed cost dented operating performance, with the operating loss attributable to under-absorption of costs.
The company is yet to show a significant improvement in pending receivables, with total debtors at Rs 313 billion in FY21 (versus Rs 348 billion in nine months-FY21 and Rs 354 billion at the end of FY20).
In spite of the management's ongoing efforts, we expect receivables to remain elevated in the near future.
Order inflows remained weak, with a 31%/43% YoY decline in Q4/FY21.
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