BHEL Nifty: 2658 Date: 26.11.

08
Mix: 31.03.08 (In %) Rev. PBIT Price: 1283.60
Power 72.59 78.35 % fall 55.35
Industry 27.41 21.65 High/ Low 2875.00 981.00
100.00 100.00 BSE NSE
Avg Volume 592605 2179437

PARTICULARS Standalone FV No. of Sh. Sh.Hold. 30.09.08 %

Rs.(In crores) (In crores) Promoters 67.72
Equity-Latest 489.52 10.00 48.95 FII 16.62
Reserves (excl Rev. Res)- Latest 10284.69 Ind Inst & MF 9.68
Shareholders Funds 10774.21 Corporates 3.27
Book Value (Rs. Per share) 220.10 Others 2.7
Dividend % 152.5 PROJECTED
Market Price (Rs. Per share) 1283.60 1200 1100 1000 950
Dividend Yield (%) 1.19 1.27 1.39 1.53 1.61
Market Price/ B V 5.83 5.45 5.00 4.54 4.32
Loans-31.03.08 95.18
Market Cap 62834.79 58742.40 53847.20 48952.00 46504.40
EV 62930 58838 53942 49047 46600
EBITDA - H1 2009 Annualised 3366.76
EV/ EBITDA 18.69 17.48 16.02 14.57 13.84

Running Year 31/03/2008 30/06/2008 30/09/2008 31/12/2008 31/03/2009

12 Months Q1 Q2 Q3 Q4E
Standalone Standalone Standalone
Net Sales 19492.05 4329.24 5342.63
Other Income 1157.52 291.74 307.21
EBITDA 4804.54 665.45 1017.93
PAT - Excl Ext.Ord.Exp/Inc./Frx Loss 2497.19 384.41 615.77
EPS - (Annualised) 51.01 31.41 50.32
PE 25.16 40.86 25.51
Forex Gain/ (Loss) (41.59) 0.00 0.00
*PAT is excluding Deferred Tax
EBITDA excludes forex fluc
Remarks -

Reports recommended - (Last 6 months coverage)

Report by Date Buy/ Recom. TARGET
Sell Price Price Period
CITI 21.07.2008 Buy 1506 1642
Deutchse Bank 21.07.2008 Hold 1506 1335
Merill Lynch 22.07.2008 Buy 1532 2250-2000
support-
HDFC Securities 27.08.2008 1681 1324-2059 resistance
Macquaire 01.09.2008 Outperform 1628 2196
Motilal Oswal 19.12.2008 Neutral 1438

Recommendation

(SAJAN DIDWANIA)
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