Integrated Filing — IndAS

General information about company
Scrip Code	500103
NSE Symbol	BHEL
MSEI Symbol	BHEL
ISIN	INE257A01026
Name of company	BHARAT HEAVY ELECTRICALS LIMITED
Type of company	Main Board
Class of security	Equity
Date of start of financial year	01-Apr-2024
Date of end of financial year	31-Mar-2025
Date of board meeting when results were approved	16-May-2025
Date on which prior intimation of the meeting for considering financial results was informed to the exchange	02-May-2025
Description of presentation currency	INR (in Actuals)
Reporting Type	Quarterly
Reporting Quarter	Fourth quarter
Nature of report standalone or consolidated	Standalone
Whether results are audited or unaudited for the quarter ended	Audited
Whether results are audited or unaudited for the Year to date for current period ended/year ended	Audited
Segment Reporting	Multi segment
Description of single segment
Start date and time of board meeting	16-May-2025   12:55:00
End date and time of board meeting	16-May-2025   14:05:00
Whether cash flow statement is applicable on company	Yes
Type of cash flow statement	Cash Flow Indirect
Declaration of unmodified opinion or statement on impact of audit qualification	Declaration of unmodified opinion
Whether the company has any related party?	Yes
Whether the company has entered into any Related Party transaction during the selected half year for which it wants to submit disclosure?	Yes
(I) We declare that the acceptance of fixed deposits by the bans/Non-Banking Finance Company are at the terms uniformly applicable/offered to all shareholders/public	NA
(II) We declare that the scheduled commercial bank, as per RBI circular RBI/DBR/2015-16/19 dated March 03, 2016, has allowed additional interest of one per cent per annum, over and above the rate of interest mentioned in the schedule of interest rates on savings or a term deposits of banks staff and their exclusive associations as well as on deposits of Chairman, Chairman & Managing Director, Executive Director or such other Executives appointed for a fixed tenure.	NA
Whether the company is a high value debt listed entity according to regulation 15 (1A)?	No
(a) If answer to above question is Yes, whether complying with proviso to regulation 23 (9), i.e., submitting RPT disclosures on the day of results publication?
(b) If answer to above question is No, please explain the reason for not complying.
Whether the updated Related Party Transactions (RPT) Policy (in compliance with Reg. 23 of SEBI LODR) has been uploaded on the website of the Company?	Yes
Latest Date on which RPT policy is updated	2025-04-01
Indicate Company website link for updated RPT policy of the Company	https://bhel.com/policy-regard-related-party-transactions-0
Whether statement on deviation or variation for proceeds of public issue, rights issue, preferential issue, qualified institutions placement etc. is applicable to the company for the current quarter?	No
No. of times funds raised during the quarter
Whether the disclosure for the Default on Loans and Debt Securities is applicable to the entity?	No
Not applicable

Financial Results Ind-AS
Particulars		3 months/ 6 months ended (dd-mm-yyyy)	Year to date figures for current period ended (dd-mm-yyyy)
A	Date of start of reporting period	01-Jan-2025	01-Apr-2024
B	Date of end of reporting period	31-Mar-2025	31-Mar-2025
C	Whether results are audited or unaudited	Audited	Audited
D	Nature of report standalone or consolidated	Standalone	Standalone
Part I	Blue color marked fields are non-mandatory. For Consolidated Results, if the company has no figures for 3 months / 6 months ended, in such case zero shall be inserted in the said column.
1	Income
	Revenue from operations	89933700000	283394800000
	Other income	1587900000	5033900000
	Total income	91521600000	288428700000
2	Expenses
(a)	Cost of materials consumed	69788000000	203874700000
(b)	Purchases of stock-in-trade	0	0
(c)	Changes in inventories of finished goods, work-in-progress and stock-in-trade	-10255300000	-15423200000
(d)	Employee benefit expense	15393600000	59234200000
(e)	Finance costs	2014300000	7483300000
(f)	Depreciation, depletion and amortisation expense	850200000	2719600000
(f)	Other Expenses
1	Other Expenses	6690600000	23293400000
	Total other expenses	6690600000	23293400000
	Total expenses	84481400000	281182000000
3	Total profit before exceptional items and tax	7040200000	7246700000
4	Exceptional items	0	0
5	Total profit before tax	7040200000	7246700000
6	Tax expense
7	Current tax	91500000	231600000
8	Deferred tax	1908200000	1885400000
9	Total tax expenses	1999700000	2117000000
10	Net movement in regulatory deferral account balances related to profit or loss and the related deferred tax movement	0	0
11	Net Profit Loss for the period from continuing operations	5040500000	5129700000
12	Profit (loss) from discontinued operations before tax	0	0
13	Tax expense of discontinued operations	0	0
14	Net profit (loss) from discontinued operation after tax	0	0
15	Share of profit (loss) of associates and joint ventures accounted for using equity method	0	0
16	Total profit (loss) for period	5040500000	5129700000
17	Other comprehensive income net of taxes	-920000000	-1635000000
18	Total Comprehensive Income for the period	4120500000	3494700000
19	Total profit or loss, attributable to
	Profit or loss, attributable to owners of parent
	Total profit or loss, attributable to non-controlling interests
20	Total Comprehensive income for the period attributable to
	Comprehensive income for the period attributable to owners of parent
	Total comprehensive income for the period attributable to owners of parent non-controlling interests
21	Details of equity share capital
	Paid-up equity share capital	6964100000	6964100000
	Face value of equity share capital	2	2
27	Details of debt securities
22	Reserves excluding revaluation reserve		0
23	Earnings per share
i	Earnings per equity share for continuing operations
	Basic earnings (loss) per share from continuing operations	1.45	1.47
	Diluted earnings (loss) per share from continuing operations	1.45	1.47
ii	Earnings per equity share for discontinued operations
	Basic earnings (loss) per share from discontinued operations	0	0
	Diluted earnings (loss) per share from discontinued operations	0	0
ii	Earnings per equity share
	Basic earnings (loss) per share from continuing and discontinued operations	1.45	1.47
	Diluted earnings (loss) per share from continuing and discontinued operations	1.45	1.47
24	Debt equity ratio	0	0
25	Debt service coverage ratio	0	0
26	Interest service coverage ratio	0	0
27	Disclosure of notes on financial results		1 The figures have been regrouped/rearranged, wherever considered necessary to conform to the current period's classification. n2 The above results have been prepared in accordance with applicable SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 as amended. These results have been reviewed by the Audit Committee and approved by the Board of Directors in their meeting held on 16.05.2025. n3 Figures of last quarter are the balancing figures between audited figures in respect of the full financial year and the published year to date figures upto the third quarter of the financial year. n4 The Board of Directors has recommended a final dividend of Rs 0.50 per share (Face Value Rs 2 per share). n5 The financial results have been prepared in accordance with Indian Accounting Standard (IND AS) as prescribed under Section 133 of the Companies Act, 2013. n6 The Company hereby declares that the Auditors have issued Audit Report for Standalone Financial Statements with unmodified opinion for the year ended 31st March 2025. n7 Trade receivables includes overdue amount of Rs 211 Cr (USD 25.5 million) from customer STPG (formerly NEC Sudan), stuck on account of civil war, which has been considered good and not provided for as approved by the Board. If the amount was provided for, the impact on ‘Profit before tax’ is Rs 211 cr. n8. The debtors as on reporting date includes net dues of Rs 208 cr against RVUNL/ Suratgarh 7 & 8 Project (2*660 MW) (More than 3 years from trial operation). Creation of provision is not prudent on the basis of recoverability as customer has issued amendment for delivery extension & confirmed that payment is under process and will remit the amount shortly. Further, Customer has also paid an amount of Rs 40 cr on 08.05.2025. If the amount was provided for, the net impact on ‘Profit before tax’ is Rs 168 cr. n9 The company has changed its practice to vacate provision against contractual obligations wherever Performance Guarantee (PG) test is not a pre-requisite condition as per contract. Accordingly, provisions to the tune of of Rs 118.47 cr has been vacated during the year which has resulted in increase of profit. n10 Additional disclosures as per Regulation 52(4) of SEBI (Listing obligations and Disclosure Requirements ) Regulations ,2015 are enclosed at Annexure A.

Remarks
Debt equity ratio	The company does not have any long term debt and hence these ratios are not applicable.
Debt service coverage ratio	The company does not have any long term debt and hence these ratios are not applicable.
Interest service coverage ratio	The company does not have any long term debt and hence these ratios are not applicable.

Statement of Asset and Liabilities
Particulars		Year ended (dd-mm-yyyy)
Date of start of reporting period		01-Apr-2024
Date of end of reporting period		31-Mar-2025
Whether results are audited or unaudited		Audited
Nature of report standalone or consolidated		Standalone
	Assets
1	Non-current assets
	Property, plant and equipment	28624600000
	Capital work-in-progress	1617000000
	Investment property	4500000
	Goodwill	0
	Other intangible assets	842700000
	Intangible assets under development	337300000
	Biological assets other than bearer plants	0
	Investments accounted for using equity method	0
	Non-current financial assets
	Non-current investments	6717100000
	Trade receivables, non-current	30465800000
	Loans, non-current	0
	Other non-current financial assets	7159500000
	Total non-current financial assets	44342400000
	Deferred tax assets (net)	40677200000
	Other non-current assets	140749800000
	Total non-current assets	257195500000
2	Current assets
	Inventories	98694900000
	Current financial asset
	Current investments	0
	Trade receivables, current	58843500000
	Cash and cash equivalents	4392100000
	Bank balance other than cash and cash equivalents	71732000000
	Loans, current	0
	Other current financial assets	3007600000
	Total current financial assets	137975200000
	Current tax assets (net)	1373700000
	Other current assets	189553900000
	Total current assets	427597700000
3	Non-current assets classified as held for sale	0
4	Regulatory deferral account debit balances and related deferred tax Assets	0
	Total assets	684793200000
	Equity and liabilities
1	Equity
	Equity attributable to owners of parent
	Equity share capital	6964100000
	Other equity	244166000000
	Total equity attributable to owners of parent	251130100000
	Non controlling interest
	Total equity	251130100000
2	Liabilities
	Non-current liabilities
	Non-current financial liabilities
	Borrowings, non-current	1623900000
	Trade payables, non-current
	(A) Total outstanding dues of micro enterprises and small enterprises	0
	(B) Total outstanding dues of creditors other than micro enterprises and small enterprises	21707900000
	Total Trade payable	21707900000
	Other non-current financial liabilities	4227900000
	Total non-current financial liabilities	27559700000
	Provisions, non-current	25855600000
	Deferred tax liabilities (net)	0
	Deferred government grants, Non-current	0
	Other non-current liabilities	97939000000
	Total non-current liabilities	151354300000
	Current liabilities
	Current financial liabilities
	Borrowings, current	88522100000
	Trade payables, current
	(A) Total outstanding dues of micro enterprises and small enterprises	14302400000
	(B) Total outstanding dues of creditors other than micro enterprises and small enterprises	81106800000
	Total Trade payable	95409200000
	Other current financial liabilities	12458100000
	Total current financial liabilities	196389400000
	Other current liabilities	67766300000
	Provisions, current	18153100000
	Current tax liabilities (Net)	0
	Deferred government grants, Current	0
	Total current liabilities	282308800000
3	Liabilities directly associated with assets in disposal group classified as held for sale	0
4	Regulatory deferral account credit balances and related deferred tax liability	0
	Total liabilities	433663100000
	Total equity and liabilites	684793200000
	Disclosure of notes on assets and liabilities	Textual Information(1)

Text Block

Textual Information(1)

1 The figures have been regrouped/rearranged, wherever considered necessary to conform to the current period's classification. n2 The above results have been prepared in accordance with applicable SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 as amended. These results have been reviewed by the Audit Committee and approved by the Board of Directors in their meeting held on 16.05.2025. n3 Figures of last quarter are the balancing figures between audited figures in respect of the full financial year and the published year to date figures upto the third quarter of the financial year. n4 The Board of Directors has recommended a final dividend of Rs 0.50 per share (Face Value Rs 2 per share). n5 The financial results have been prepared in accordance with Indian Accounting Standard (IND AS) as prescribed under Section 133 of the Companies Act, 2013. n6 The Company hereby declares that the Auditors have issued Audit Report for Standalone Financial Statements with unmodified opinion for the year ended 31st March 2025. n7 Trade receivables includes overdue amount of Rs 211 Cr (USD 25.5 million) from customer STPG (formerly NEC Sudan), stuck on account of civil war, which has been considered good and not provided for as approved by the Board. If the amount was provided for, the impact on ‘Profit before tax’ is Rs 211 cr. n8. The debtors as on reporting date includes net dues of Rs 208 cr against RVUNL/ Suratgarh 7 & 8 Project (2*660 MW) (More than 3 years from trial operation). Creation of provision is not prudent on the basis of recoverability as customer has issued amendment for delivery extension & confirmed that payment is under process and will remit the amount shortly. Further, Customer has also paid an amount of Rs 40 cr on 08.05.2025. If the amount was provided for, the net impact on ‘Profit before tax’ is Rs 168 cr. n9 The company has changed its practice to vacate provision against contractual obligations wherever Performance Guarantee (PG) test is not a pre-requisite condition as per contract. Accordingly, provisions to the tune of of Rs 118.47 cr has been vacated during the year which has resulted in increase of profit. n10 Additional disclosures as per Regulation 52(4) of SEBI (Listing obligations and Disclosure Requirements ) Regulations ,2015 are enclosed at Annexure A.

Format for Reporting Segmenet wise Revenue, Results and Capital Employed along with the company results
Particulars		3 months/ 6 month ended (dd-mm-yyyy)	Year to date figures for current period ended (dd-mm-yyyy)
Date of start of reporting period		01-Jan-2025	01-Apr-2024
Date of end of reporting period		31-Mar-2025	31-Mar-2025
Whether accounts are audited or unaudited		Audited	Audited
Nature of report standalone or consolidated		Standalone	Standalone
1	Segment Revenue (Income)
	(net sale/income from each segment should be disclosed)
1	Power	61924100000	209372500000
2	Industry	28009600000	74022300000
	Total Segment Revenue	89933700000	283394800000
	Less: Inter segment revenue
	Revenue from operations	89933700000	283394800000
2	Segment Result
	Profit (+) / Loss (-) before tax and interest from each segment
1	Power	3081100000	12160200000
2	Industry	8773200000	12624500000
	Total Profit before tax	11854300000	24784700000
	i. Finance cost	2014300000	2014300000
	ii. Other Unallocable Expenditure net off Unallocable income	2799800000	2799800000
	Profit before tax	7040200000	7246700000
3	(Segment Asset - Segment Liabilities)
	Segment Asset
1	Power	454552900000	454552900000
2	Industry	92407100000	92407100000
	Total Segment Asset	546960000000	546960000000
	Un-allocable Assets	137833200000	137833200000
	Net Segment Asset	684793200000	684793200000
4	Segment Liabilities
	Segment Liabilities
1	Power	290759700000	290759700000
2	Industry	70342600000	70342600000
	Total Segment Liabilities	361102300000	361102300000
	Un-allocable Liabilities	72560800000	72560800000
	Net Segment Liabilities	433663100000	433663100000
	Disclosure of notes on segments	Textual Information(2)

Text Block

Textual Information(2)

1 The figures have been regrouped/rearranged, wherever considered necessary to conform to the current period's classification. n2 The above results have been prepared in accordance with applicable SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 as amended. These results have been reviewed by the Audit Committee and approved by the Board of Directors in their meeting held on 16.05.2025. n3 Figures of last quarter are the balancing figures between audited figures in respect of the full financial year and the published year to date figures upto the third quarter of the financial year. n4 The Board of Directors has recommended a final dividend of Rs 0.50 per share (Face Value Rs 2 per share). n5 The financial results have been prepared in accordance with Indian Accounting Standard (IND AS) as prescribed under Section 133 of the Companies Act, 2013. n6 The Company hereby declares that the Auditors have issued Audit Report for Standalone Financial Statements with unmodified opinion for the year ended 31st March 2025. n7 Trade receivables includes overdue amount of Rs 211 Cr (USD 25.5 million) from customer STPG (formerly NEC Sudan), stuck on account of civil war, which has been considered good and not provided for as approved by the Board. If the amount was provided for, the impact on ‘Profit before tax’ is Rs 211 cr. n8. The debtors as on reporting date includes net dues of Rs 208 cr against RVUNL/ Suratgarh 7 & 8 Project (2*660 MW) (More than 3 years from trial operation). Creation of provision is not prudent on the basis of recoverability as customer has issued amendment for delivery extension & confirmed that payment is under process and will remit the amount shortly. Further, Customer has also paid an amount of Rs 40 cr on 08.05.2025. If the amount was provided for, the net impact on ‘Profit before tax’ is Rs 168 cr. n9 The company has changed its practice to vacate provision against contractual obligations wherever Performance Guarantee (PG) test is not a pre-requisite condition as per contract. Accordingly, provisions to the tune of of Rs 118.47 cr has been vacated during the year which has resulted in increase of profit. n10 Additional disclosures as per Regulation 52(4) of SEBI (Listing obligations and Disclosure Requirements ) Regulations ,2015 are enclosed at Annexure A.

Other Comprehensive Income
Particulars		3 months/ 6 months ended (dd-mm-yyyy)	Year to date figures for current period ended (dd-mm-yyyy)
A	Date of start of reporting period	01-Jan-2025	01-Apr-2024
B	Date of end of reporting period	31-Mar-2025	31-Mar-2025
C	Whether results are audited or unaudited	Audited	Audited
D	Nature of report standalone or consolidated	Standalone	Standalone
	Other comprehensive income [Abstract]
1	Amount of items that will not be reclassified to profit and loss
1	Other comprehensive income	-1229400000	-2184900000
	Total Amount of items that will not be reclassified to profit and loss	-1229400000	-2184900000
2	Income tax relating to items that will not be reclassified to profit or loss	-309400000	-549900000
3	Amount of items that will be reclassified to profit and loss
	Total Amount of items that will be reclassified to profit and loss
4	Income tax relating to items that will be reclassified to profit or loss
5	Total Other comprehensive income	-920000000	-1635000000

Cash flow statement, indirect
Particulars				Year ended (dd-mm-yyyy)
A	Date of start of reporting period			2024-04-01
B	Date of end of reporting period			2025-03-31
C	Whether results are audited or unaudited			Audited
D	Nature of report standalone or consolidated			Standalone
Part I	Blue color marked fields are non-mandatory.
	Statement of cash flows
	Cash flows from used in operating activities
	Profit before tax			7246700000
	Adjustments for reconcile profit (loss)
	Adjustments for finance costs			7483300000
	Adjustments for decrease (increase) in inventories			-26325300000
	Adjustments for decrease (increase) in trade receivables, current			-13351500000
	Adjustments for decrease (increase) in trade receivables, non-current			3323400000
	Adjustments for decrease (increase) in other current assets			-40841200000
	Adjustments for decrease (increase) in other non-current assets			1039500000
	Adjustments for other financial assets, non-current			5098500000
	Adjustments for other financial assets, current			609400000
	Adjustments for other bank balances			0
	Adjustments for increase (decrease) in trade payables, current			9689100000
	Adjustments for increase (decrease) in trade payables, non-current			-1219700000
	Adjustments for increase (decrease) in other current liabilities			27132700000
	Adjustments for increase (decrease) in other non-current liabilities			54465700000
	Adjustments for depreciation and amortisation expense			2719600000
	Adjustments for impairment loss reversal of impairment loss recognised in profit or loss			0
	Adjustments for provisions, current			-5029600000
	Adjustments for provisions, non-current			-3761700000
	Adjustments for other financial liabilities, current			-2475100000
	Adjustments for other financial liabilities, non-current			149200000
	Adjustments for unrealised foreign exchange losses gains			-169700000
	Adjustments for dividend income			380800000
	Adjustments for interest income			4026300000
	Adjustments for share-based payments			0
	Adjustments for fair value losses (gains)			0
	Adjustments for undistributed profits of associates			0
	Other adjustments for which cash effects are investing or financing cash flow			-180300000
	Other adjustments to reconcile profit (loss)			0
	Other adjustments for non-cash items			-89900000
	Share of profit and loss from partnership firm or association of persons or limited liability partnerships			0
	Total adjustments for reconcile profit (loss)			13859300000
	Net cash flows from (used in) operations			21106000000
	Dividends received			0
	Interest paid			0
	Interest received			0
	Income taxes paid (refund)			-812900000
	Other inflows (outflows) of cash			0
	Net cash flows from (used in) operating activities			21918900000
	Cash flows from used in investing activities
	Cash flows from losing control of subsidiaries or other businesses			0
	Cash flows used in obtaining control of subsidiaries or other businesses			0
	Other cash receipts from sales of equity or debt instruments of other entities			0
	Other cash payments to acquire equity or debt instruments of other entities			0
	Other cash receipts from sales of interests in joint ventures			0
	Other cash payments to acquire interests in joint ventures			0
	Cash receipts from share of profits of partnership firm or association of persons or limited liability partnerships			0
	Cash payment for investment in partnership firm or association of persons or limited liability partnerships			0
	Proceeds from sales of property, plant and equipment			134600000
	Purchase of property, plant and equipment			2815400000
	Proceeds from sales of investment property			57600000
	Purchase of investment property			0
	Proceeds from sales of intangible assets			0
	Purchase of intangible assets			0
	Proceeds from sales of intangible assets under development			0
	Purchase of intangible assets under development			0
	Proceeds from sales of goodwill			0
	Purchase of goodwill			0
	Proceeds from biological assets other than bearer plants			0
	Purchase of biological assets other than bearer plants			0
	Proceeds from government grants			0
	Proceeds from sales of other long-term assets			0
	Purchase of other long-term assets			0
	Cash advances and loans made to other parties			0
	Cash receipts from repayment of advances and loans made to other parties			0
	Cash payments for future contracts, forward contracts, option contracts and swap contracts			0
	Cash receipts from future contracts, forward contracts, option contracts and swap contracts			0
	Dividends received			380800000
	Interest received			3717400000
	Income taxes paid (refund)			0
	Other inflows (outflows) of cash			-28784100000
	Net cash flows from (used in) investing activities	-27309100000
	Cash flows from used in financing activities
	Proceeds from changes in ownership interests in subsidiaries			0
	Payments from changes in ownership interests in subsidiaries			0
	Proceeds from issuing shares			0
	Proceeds from issuing other equity instruments			0
	Payments to acquire or redeem entity's shares			0
	Payments of other equity instruments			0
	Proceeds from exercise of stock options			0
	Proceeds from issuing debentures notes bonds etc			0
	Proceeds from borrowings			-130000000
	Repayments of borrowings			0
	Payments of lease liabilities			553600000
	Dividends paid			874400000
	Interest paid			7010100000
	Income taxes paid (refund)			0
	Other inflows (outflows) of cash			0
	Net cash flows from (used in) financing activities			-8568100000
	Net increase (decrease) in cash and cash equivalents before effect of exchange rate changes			-13958300000
	Effect of exchange rate changes on cash and cash equivalents
	Effect of exchange rate changes on cash and cash equivalents			0
	Net increase (decrease) in cash and cash equivalents			-13958300000
	Cash and cash equivalents cash flow statement at beginning of period			18350400000
	Cash and cash equivalents cash flow statement at end of period			4392100000