Forge, Toshiba-JSW, L&T-Mitsubishi and BGR-Hitachi. A slew of large private sector power projects that have been stuck for long due to delays in statutory clearances and short supply of fuel are about to take off now, but BHEL could be left high and dry in many cases, industry observers feel.
BHELís sluggish order booking has come at a time when it is also facing problems in recovering money from the some of the power projects developers. As of June 2013, the company had unpaid dues of Rs 39,000 crore dues.
Deutsche Bank recently cut BHELís order inflow estimate for FY14 by 22% to Rs 24,300 crore. The PSUís earnings per share (EPS) dropped to Rs 27.03 in FY13 from a high of Rs 28.76 in the previous fiscal. The brokerage house has cut BHELís EPS forecast for FY14 by 5% and for FY15 by 14%.