Is there any shine in BHEL outlook?
- Steep gross margin fall, elevated working capital and high receivables were pain points in Q2.
Investors in state-run Bharat Heavy Electricals Ltd (BHEL) had to digest yet another poor quarterly earnings report. The company’s loss at the earnings before interest, tax, depreciation, and amortization level rose sequentially as well as year-on-year (y-o-y) in the September quarter (Q2FY23) to nearly ₹244 crore. It is the ninth such quarter among the last 11, pointed out analysts at Investec Capital Services (India).
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