BEML’s Q1 loss narrows to ₹70 crore, stock down 2%

Operating revenue rose 9.91% year-over-year (YoY) to ₹634.08 crore during the quarter while total revenue rose 9.77% YoY to ₹634.61 crore.

The firm’s operating earnings before interest, tax, depreciation, and amortization (EBITDA) loss stood at ₹50 crore during the quarter, in line with what it reported in the same period last year.

The firm booked orders worth ₹613 crore and executed orders worth ₹618 crore during the quarter. As of June 30, 2024, the firm’s order book stood at ₹11,818 crore. BEML’s borrowings increased to ₹666.79 crore as of June 30, 2024, compared to ₹568.62 crore by the same date last year.

BEML pointed out that the group has advanced ₹73.01 crore to the MAMC consortium formed along with Coal India and Damodar Valley Corporation for acquiring specified assets of Mining & Allied Machinery Corporation (MAMC) which was under liquidation. The company's share in the consortium stood at 48%.

BEML said that as per the latest valuation report furnished by registered valuer, the fair value of MAMC assets stood at ₹217.95 crore and the company's share of 48% comes to ₹104.62 crore, which is above the total advances paid to MAMC consortium.

The group has also paid an amount of ₹2.61 crore as advance to Communication (Defence) Testing Foundation, a company formed in May 2024 between BEL, BEML, HAL and AWEIL with BEL as the majority shareholder, towards subscription of 26131 shares at a face value of ₹1,000 each. BEML said that allotment of shares is under process.

In May, the company had disclosed that it had bagged an order from Northern Coal Fields for dump trucks contract worth ₹250 crore.

Shares of the firm have gained nearly 44% since the beginning of the year. The stock has gained over 104% in the last one year.