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BHEL

Sale (Rs Cr) 44,615.3 188,212.5 107,725.5 81,339.7

14,741.5 33,777.0 41,242.5 31,585.9

33% 18% 38% 39%

9,622.5 24,007.5 24,070.5 24,262.7

22% 13% 22% 30% NA

2692.4 1386.0 280.5

6,316.3 23,265.0 109,125.0 13,336.2

25,843.7 361,854.0 268,947.0 272,735.3

101,760.0 33,173.0 48,256.0 40,

44,439.0 5,588.0 13,075.0 9,2

44% 17% 27% 23

19,403.0 4,326.0 8,837.0 6,7

19% 13% 18% 17

1394.0 2619.0 218.0 225

2,139.0 489.5 8,245.0 4,13

EBITDA (Rs Cr)

EBITDA Margins (%)

PAT (Rs Cr)

PAT Margins (%)

CMP (Rs)

Equity Cap (Rs Cr)

Networth (Rs Cr)

Face Value (Rs)

International Peers Top 5 Indian PSUs

Peers Coal India Rio Tinto Vale Shenhua ONGC NTPC

Supervisors 38,475

Workmen 343,571

Total 397,138

Open Cast 90.0%

Executives 15,092

for diverse applications. Non-coking coal represents a substa

Mine-wise Production (MT) FY'10 the raw coal production. The majority of the coal production is

Coking Coal 8.4% (which include both open cast and underground mines).

Non Coking Coal 91.6% The company produces non-coking coal and coking coal of v

The company has 471 mines in 21 major coalfields across 8

Raw Coal Production (MT) FY'10 including 163 open cast mines, 273 underground mines and

Mixed 35 raw coal production of 431.26 MT during FY10. The compan

Total 471

Open Cast 163Underground 273 The company is the largest coal producing company in the w

Central Mine Planning and

Development Institute Ltd

Western Coalfields Ltd

Miniratna

Miniratna

licenses for two coal blocks in Mozambique.

The company has been conferred the Navratna status by the

operational and financial autonomy. In addition, six of the

Type Mines accorded the Mini Ratna status by the GoI.

Total 64,786

Extractable Reserves 21,754

21.6%

17.2% 20.3%

15.0%

5.9% PAT Margins

5.1% EBITDA Margi

Public NIL 10%

Coal Reserves MT

Proved Reserves 52,546

Indicated Reserves 10,298

Inferred Reserves 1,942

Pre-Issue Post-Issue

Promoters 100% 90%

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Net Block 10,439.1 11,014.2 1

Provision for Impairment 410.6 443

Less: Depreciation 21,009.5 21,802.8

Gross Block 31,859.2 33,260.0

Miscellaneous Expenditure - 0

Net Current Assets 5,517.8 6,994.0

Total Current Liabilities 30,774.5 39,942.3Deferred Tax Liability 180.1 -

Current Liabilities & Provisions 30,594.5 39,942.3

Total current assets 36,292.3 46,936.3

Inventories 3,407.4 3,666.9

Loans and Advances & Other Current Assets 10,266.3 11,727.0

Cash & Bank Balance 20,961.5 29,695.0

Sundry Debtors 1,657.2 1,847.5

Balance Sheet (Rs Cr) As on FY08

31-Mar-08

FY '09

31-Mar-09

EPS (Rs) 8.3 3.29No. of shares outstanding (Cr) 631.6 631.6

PAT Marg ins 15.0% 5.1%

PAT Growth NA -60.4%

PAT 5,243.70 2,078.64

Income Tax provision 2,835.5 3,632.3

EBT Margins 23.2% 13.9%

EBT 8,079.20 5,710.94 1

Interest 149.9 156.5

As a % age of Net Revenue 10.8% 12.5%

Other Income 3,764.1 5,119.6

EBIT Marg ins 12.8% 1.8%EBIT 4,465.0 747.8

Total operating Exp. 30,387.5 40,196.6

Depreciation & Amortization 1,529.9 1,662.9 1

EBITDA Marg ins 17.2% 5.9%

EBITDA 5,995.0 2,410.7

As a % age of Net Revenue 60.1% 73.5%

Manufacturing Expenses 20,934.4 30,085.2

As a % age of Net Revenue 22.7% 20.6%

Raw Material 7,923.1 8,448.5

Net Revenue Grow th NA 17.5%

Net Revenue 34852.5 40944.4

Fiscal Year Ending 31-Mar-08 31-Mar-09

PBV (x) NA 1.6 2.5 2.0 2.9 8.1 2.9 2.8

Income Statement (Rs Cr) FY '08 FY '09

EPS (Rs) 15.6 114.6 49.6 12.2 90.7 88.4 10.7 16.4

PE (x) NA 23.5 27.9 23.0 15.4 29.6 20.3 13.7

10.0 112.5 225.0 6.7

101,407.0 15,896.0 62,628.0 33,Shares outstand (Cr)

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Total Liabilities and Shareholder funds 19,243.1 21,433.0

Total Shareholder funds 17,380.77 19,008.16

Deferred Tax Liability 180.1 -

Reserve & Surplus 10,884.3 12,691.8 1

Equity Share Capital 6,316.4 6,316.4

Minority Interest - 1.9

Total Debt 1,862.34 2,422.90

Unsecured Loans 1,619.9 1,968.0 1

Secured Loans 242.4 454.9

Total Assets 19,243.1 21,432.9

Total Fixed assets 13,725.4 14,438.8

Surveyed Off Assets 29.1 97.2

Investments 1,717.9 1,505.2 1

Capital Work in Progress 1,539.2 1,822.3

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SAIL

00.0 27,035.0

4.0 5,453.0

20%

0.0 3,327.0

12%

.0 489.0

0.0 1,268.0

GAIL

ntial majority of

come from

rious grades

tates in India,

5 mixed mines

is also the

rld based on

GoI, providing certain

wholly owned Subsidiaries

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2,029.8

422.8

2,491.1

4,945.3

1.5

2,941.90

1,382.5-

1,382.5

4,324.4

,401.8

,676.2

9,077.8

,168.6

FY '10

31-Mar-10

15.56631.6

20.3%

62.9%

,622.43

,396.1

29.6%

4,018.53

136.5

11.1%

,240.8

18.8%,914.2

8,437.3

,313.8

21.6%

0,228.0

60.2%

8,484.8

18.2%

,638.6

15.6%

7351.4

1-Mar-10

3.5

FY '10

26.2

18.6

39.0 17,810.0

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8,466.0

5,845.27

-

9,528.9

,316.4

3.6

,597.14

,619.9

77.2

8,466.0

5,522.6

119.8

,282.1

,090.9