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Bharat Heavy Electricals Ltd. (BHEL) | Q2FY14 Result Update




IndiaNivesh Securities Pvt Ltd


06 Nov 2013





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Bharat Heavy Electricals Ltd. (BHEL) | Q2FY14 Result Update Higher provisions and merger related one-off’s take toll on margins, maintain PT to Rs 176 BHEL reported disappointing set of numbers, both at top-line and at bottom-line level. Valuation: At CMP of Rs 140, BHEL is trading at FY14E & FY15E, P/E multiple of 8.0x and 8.0x, respectively. On revising down our FY14E and FY15E estimates and considering their strong market positioning, we have assigned target multiple of 10.0x, to arrive at FY15E based price target of Rs 176. We continue to maintain BUY rating on the stock.

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