About
Bharat Heavy Electricals Ltd
Bharat Heavy Electricals Ltd (BHEL) is an integrated power plant equipment manufacturer and one of the largest engineering and manufacturing companies in India. The company is also one of the leading international companies in the power field. The company is engaged in the design, engineering, manufacture, construction, testing, commissioning and servicing of a wide range of products and services for the core sectors of the economy, viz. Power, Transmission, Industry, Transportation, Renewable Energy, Oil & Gas and Defence.
The company offers over 180 products and provides systems and services to meet the needs of core sectors like power, transmission, industry, transportation, oil & gas, non-conventional energy sources and telecommunication. They have a wide-spread network comprising 17 Manufacturing Divisions, 2 Repair Units, 4 Regional Offices, 8 Service Centres, 4 Overseas Offices, 6 Joint Ventures, 15 Regional Marketing Centres, besides a large number of project sites spread all over India and abroad. This enables them to be close to its customers and cater to their specialized needs with total solutions - efficiently and economically. BHEL also has a widespread overseas footprint in 82 countries across all the six continents with cumulative overseas installed capacity of BHEL manufactured power plants nearing 10,000 MW including Belarus, Bhutan, Egypt, Indonesia, Iraq, Kazakhstan, Malaysia, New Zealand, Oman, Rwanda, Sudan, Tajikistan and UAE.
Bharat Heavy Electricals Ltd was incorporated in the year 1964, ushering in the indigenous Heavy Electrical Equipment industry in India. The company received MOU Award for Excellence in Performance for 2004-05. They won International Asia Pacific Quality Award (IAPQA 2005) from the International Asia Pacific Quality Organization (APQO) for their Ranipet Unit. The company was the first engineering & Manufacturing organization as well as the first PSU in the country to received this award.
During the year 2005-06, the company got FICCI Award for environmental conservation and pollution control, ICWAI National Award for Excellence in Cost Management-2005. During the year 2006-07, the company was conferred again the same ICWAI National Award for Excellence in Cost Management-2006. The company was qualified for the Business Standard Star Public Sector Company Award-2006 and also the CII Exim Award. The company is the first public sector company to receive the CII Exim award.
In April 2007, the company opened a new line of business in the form of Gas Insulated Substations (GIS). The corporate R&D department of the company successfully developed an indigenous GIS. They also bagged the first letter of intent from the Andhra Pradesh Transmission Corporation (APTransco), for installing the first unit in the state. In May 2007, the company signed a MoU with Toshiba of Japan for know-how in higher horsepower locomotives.
In August 2007, Uttar Pradesh government and BHEL came to an agreement for setting a 1,600 Mw thermal power project at Obra. The project has divided into two units of 800 Mw each. The cost of the project is estimated to be Rs 6,400 crore or Rs 4 crore per Mw. The deal covered 50 per cent equity participation by the BHEL and the rest by UP state government. DVC awarded turnkey contracts for setting up Koderma and Durgapur Steel thermal power stations of 1000 MW each to BHEL worth of Rs 6,500 crore.
In September 10, 2007, NTPC Ltd and the company signed an MoU to form a joint venture company to carry out engineering, procurement and construction (EPC) activities in the power sector on 'mutually beneficial terms'.
In December 2007, the company completed Phase I of its latest modernization drive with an investment of Rs 190 crore, to take their manufacturing capacity to 10,000 MW from 6,000 MW a year. In April 28, 2008, the company and NTPC Ltd incorporated a joint venture company, namely NTPC - BHEL Power Projects Pvt Ltd (NBPPPL) for carrying out EPC activities in the power sector.
In September 1, 2007, the company and PTC incorporated a joint venture company, namely Barak Power Pvt. Ltd. In December 26, 2008, the company in association with TNEP incorporated a joint venture company name Udangudi Power Corporation Ltd to build, own and operate a 1600 MW (2x800 MW) Super Critical Thermal Power Plant at Udangudi.
In April 15, 2009, the company promoted a joint venture company, namely Raichur Power Corporation Ltd with Karnataka Power Corporation Limited (KPCL) for setting up Supercritical Thermal Power Plant at Karnataka on build, own and operate basis.
In February 25, 2010, the company promoted a joint venture company namely Dada Dhuniwale Khandwa Power Ltd, with Madhya Pradesh Power Generating Company Ltd (MPPGCL) for setting up of a 2x800MW Supercritical Thermal Power Plant at Khandwa, Madhya Pradesh on build, own and operate basis.
In July 2010, GE signed a 10-year licensing agreement with the company. According to the agreement signed through GE Oil & Gas Italian entity Nuovo Pignone, GE's advanced range of high performance, high efficiency centrifugal compressors will be manufactured under license at BHELs production site in Hyderabad, India, for sale in India and in other South Asian territories.
In September 8, 2010, the company signed a joint venture agreement with Government of Kerala for forming a joint venture company to acquire the Kasargod Unit of KEL which manufactures alternators for Railway Applications and other industrial Applications. In January 19, 2011, the company incorporated, BHEL Electrical Machines Ltd, with the company holding the majority stake of 51% and Government of Kerala retaining 49%.
In 2011, the company bagged Rs.37,829 Million Mega Contract for installing 2x660 MW Supercritical Thermal Sets from Dainik Bhaskar Power Limited. The company also bagged major contract for 1,200 MW Thermal Power Plant. Singareni Collieries also placed Rs.40,710 Million Mega Contract for setting up thermal power plant in Andhra Pradesh
In 2012, the company developed India's first Ultra High Voltage AC 1200 kV Transformer successfully commissioned. The company signs Rs.6,300 Million Contract with Abhijeet Projects Limited for setting up a 300 MW Thermal Power Plant in Visakhapatnam. The company bags contract for installing 160 MW Combined Cycle Power Plant at Ramgarh in Rajasthan. The company wins major contract for 500 MW thermal power plant; NTPC reposes confidence, places Rs.1,143 Crore order for setting up thermal unit at Vindhyachal. The company receives Rs.9,500 Million Mega Contract for 1,020 MW Hydroelectric Project in Bhutan. The company Signs MoU with Govt. of Tajikistan for setting up a 100 MW Hydro-Electric Power Project in the Republic of Tajikistan.
In 2013, the company wins Rs.2650 Million contract from BPCL for Kochi Refinery project. The company wins ICAI National Award for Excellence in Cost Management for the eighth consecutive year. BHPV Merges with the company and becomes Seventeenth Unit of the company. The company wins Rs.25,690 Million Steam Generator Package Contract for 2x500 MW Lignite-fired Power Project. The company bags main plant package contract for 500 MW thermal power plant. The company is conferred BGR-ENERTIA Commemoration Award for Technology Enterprise Innovation - Conventional Energy. The company's first Supercritical Thermal Unit at Barh adds 660 MW to India's Power Generating Capacity. The company bags PSE Excellence Award 2013 for RnD, Technology Development and Innovation. The company also wins India Pride Award 2013 for Excellence in Heavy Industries. BHEL wins Rs.10,230 Million Turbine Generator Package Order
In 2014, the company won order for 206 MW Hydro Electric Project in Punjab. The company also won highest ever Mega EPC Contract for 3x660 MW Supercritical Power Project. The company bags Rs.30,000 Million mega contract for 2x800 MW Supercritical Boilers against stiff International Competition. The company wins order for 120 MW Hydro Electric Project in Uttarakhand. The company wins DSIJ Award 2013 for the Most Efficient Maharatna PSU. The company bags National Intellectual Property Award 2014. The company signs MoU for setting up Renewable Energy Projects in Yemen. The company bags World Intellectual Property Organisation (WIPO) Award for Innovative Enterprises. The company achieves milestone in the Middle East market with the commissioning of another Gas Turbine-based Power Plant in Oman. The company commissions 600 MW Thermal Unit in Odisha. The company and BGGTS achieve major milestone, Successfully overhaul 104 MW Gas Turbine Generator Unit 1 at Pragati Power Project in record time. Rajasthan gets new Power Generating unit with the commissioning of 250 MW Coal-based thermal power plant by BHEL at Chhabra. The company achieves another Milestone with the successful Renovation, Modernisation and Uprating of 110 MW Unit, Working Life Extended by 15-20 Years. The company bags India Today Best Maharatna PSU Awards for Global Presence & Innovation & R&D. The company achieves major breakthrough, Wins country's first ever EPC contract for 800 MW rating Supercritical Power Project. The company also bags EPC contract for 2x660 MW rating Supercritical Power Project. The company wins order for 444 MW Hydro Electric Project. In Uttarakhand, the company wins contract for supply and installation of ESP package for 2x800MW Darlipali Supercritical Thermal Power Project. The company achieves another Milestone with Successful Renovation and Modernisation (R and M) of 110 MW Unit at Muzaffarpur Thermal Power Station; Working Life Extended by 15-20 Years. The company wins ICAI National Award for Excellence in Cost Management for the ninth consecutive year. The company bags PSE Excellence Award 2014 for R and D and Technology Development
In 2015, the company, has commissioned its fourth 270 MW coal based thermal power plant at RattanIndia Power Limited, Nandgaonpeth in Amravati, Maharashtra. The company bags contract for 1,080 MW Manuguru Thermal Power Project from TSGENCO. The company has secured an order worth Rs 5,000 crore for setting up a 4x270 MW thermal power plant in the state of Telangana. President of Rwanda inaugurates Hydro Electric Plant set up by the company in Rwanda. The company has successfully constructed and commissioned the 28 MW Nyaborongo-1 hydro electric power plant in the African Region. The company Wins worth Rs.225 crors Order for 120 MW Hydro Electric Project in West Bengal. The company Commissions 660 MW Supercritical Thermal Unit in Bihar. The company commissions another 270 MW Thermal Unit in Maharashtra. The company has won worth Rs 3,810 crore order for setting up the 1x800 MW Supercritical Thermal power plant in Telangana. The company wins Power Cycle Piping package contract for revival of NTPC'S 3x660 MW Barh Super Thermal Power Proiect, Stage-I. The company bags Rs. 1,202 Crore Order for 370 MW Gas-based Combined Cycle Power Project. The company secures its single largest order worth Rs 17,950 cr. The company has inked a Memorandum of Understanding (MoU) with INTMA with an to set up a gas-based power project in Kazakhstan. The company also signs three strategic MoUs in Kazakhstan.
On 4 March 2016, BHEL announced that it has achieved a significant milestone by successfully commissioning its first 700 MW supercritical thermal unit at Bellary Thermal Power Project in Karnataka.
On 7 April 2016, BHEL announced that the company recorded the highest ever commissioning of projects of 15,059 MW in a single year in the fiscal 2015-16.
On 25 May 2016, BHEL announced that it has successfully commissioned the first 800 MW Supercritical thermal unit in Karnataka, which is also the highest rating unit in the state.
On 3 October 2016, BHEL announced that it has achieved another milestone in its services business by securing two Renovation & Modernization (R&M) contracts of Hydro Electric Plants (HEPs). Against stiff international competition, the company won prestigious orders worth around Rs 430 crore, for the R&M of the 6x60 MW Balimela HEP of Odisha Hydro Power Corporation Limited (OHPC) and the 3x60 MW Bairasiul HEP of National Hydro Power Corporation Limited (NHPC).
On 15 November 2016, BHEL announced that it has achieved yet another milestone in expanding and consolidating its footprint in the international market by securing export orders for supply of industrial motors to Togo and Benin. Scancem International DA, Norway (Heidelberg Cement group) has placed the order for the motors for their cement plants, Ciments Du Togo S.A. & Cimbenin S.A, Benin.
On 20 January 2017, BHEL inaugurated state-of-the-art 200 MW Solar Photovoltaic Module Manufacturing Line and upgraded 105 MW Solar Photovoltaic Cell Manufacturing Line at its Bengaluru based manufacturing plants. With the commencement of commercial operation of these lines, the annual manufacturing capacity of BHEL has been enhanced to 105 MW of Solar Cells and 226 MW of Solar Modules.
On 24 January 2017, BHEL announced that the company in partnership with ABB, has secured a landmark order from Power Grid Corporation of India. BHEL's scope of work, is valued at Rs 1360 crore.
On 7 March 2017, BHEL signed a Memorandum of Understanding (MoU) with National Environmental Engineering Research Institute (NEERI) for joint working on projects related to water and waste water treatment in the municipal segment.
On 15 March 2017, BHEL announced that it has commenced commercial operation of its first 800 MW unit - highest-rating coal-based supercritical thermal power plant. The milestone was achieved for the first unit of the 2x800 MW Yeramarus thermal power station of Raichur Power Corporation Limited (RPCL), in Raichur district of Karnataka. Significantly, the commercial operation of this unit marks BHEL's foray as a developer into the field of power generation. Karnataka Power Corporation Ltd. (KPCL) and BHEL are the main equity partners of RPCL, the owner and operator of this power plant.
On 5 April 2017, BHEL announced that it has achieved a capacity addition of 45,274 MW of utility sets during the 12th five year plan, surpassing the Government's capacity addition target by 9%. Notably, BHEL's capacity addition during the 12th five year plan was 78% higher than that in the 11th plan.
On 25 April 2017, BHEL announced that its largest ever export order valued at Rs 10000 crore for setting up 1,320 MW (2x660 MW) Maitree Super Thermal Power Project in Bangladesh, has taken-off, following the issuance of the Notice To Proceed by the developer. The order has been secured from Bangladesh India Friendship Power Company (Pvt.) Limited (BIFPCL), a 50:50 JV company of NTPC, India and BPDB, Bangladesh.
On 29 June 2017, BHEL announced that it has entered into a Technology Collaboration Agreement with Kawasaki Heavy Industries, Ltd. (KHI), Japan for the manufacture of stainless steel coaches and bogies for metros. The agreement covers establishing state-of-the-art design, engineering and manufacturing facilities at BHEL, India using Japanese technology. Significantly, it will also entitle BHEL for all technology advances and upgrades as well.
On 8 August 2017, BHEL announced its maiden order win in Chile and Estonia. With maiden orders for transformer bushing from Niquel Electric Ltda., Chile and Electronic cards from SCANFIL OY Vana Sauga, Estonia, BHEL has now expanded its global footprint to 82 countries across all the six inhabited continents.
The Board of Directors of BHEL at its meeting held on 10 August 2017 recommended issue of bonus shares in the ratio of 1 bonus equity share for every 2 existing equity shares held on record date.
On 23 October 2017, BHEL announced that it has commenced the execution of the 4,000 MW Yadadri Supercritical Thermal Power Project (TPP). Significantly, the order valued at approximately Rs 20400 crore comprising five units of 800 MW supercritical sets, is not only the single-largest order for BHEL but also the highest value order ever placed in the power sector in India. The Yadadri project will be executed on fast track basis by BHEL in line with the company's strategy of focusing on revival of held up projects and their speedy execution. The Yadadri project will lead to a quantum jump in BHEL's executable outstanding order book and will help the company to enhance its growth momentum.
On 12 December 2017, BHEL achieved yet another milestone in the South East Asian region with the successful commissioning of a 54 MW coal-fired captive power project in Indonesia.
On 9 March 2018, BHEL announced that it has won a Rs 11700 crore order for setting up a 3x800 MW supercritical thermal power plant in Jharkhand. The order has been placed on BHEL by Patratu Vidyut Utpadan Nigam Limited (PVUNL) - a subsidiary of NTPC Ltd. in Joint Venture with Jharkhand Bijli Vitran Nigam Limited. Significantly, this is the single largest order ever placed by NTPC or its subsidiaries and the second largest order ever won by BHEL.
On 21 March 2018, BHEL announced that it has entered into a Technology Collaboration Agreement (TCA) with HLB Power, Republic of Korea for in-house design and manufacture of Large size Gates and Dampers for use in coal fired power plants, to be commissioned or retrofitted with high capacity emission control equipment. BHEL has been supplying conventional Gates and Dampers manufactured at its Boiler Auxiliaries Plant, Ranipet for over three decades. This TCA will help in establishing the capability for in-house design, manufacture and testing of very large size Gates and Dampers.
On 23 March 2018, BHEL announced that it has entered into a Technology Transfer Agreement with Indian Space Research Organisation (ISRO) for the manufacture of space-grade Lithium-ion cells of various capacities utilising the technology developed by ISRO at its Vikram Sarabhai Space Centre (VSSC). This transfer of technology will enable BHEL to manufacture Lithium-ion cells in-house for ISRO and other suitable applications. The Lithium-ion technology can also be further extended for use in the emerging areas of energy storage and e-mobility. BHEL will set up a state-of-the-art facility for manufacturing these cells at its Bengaluru unit.
On 26 March 2018, BHEL announced that it has won an order for setting up a 75 MW Solar Photovoltaic (SPV) Power Plant on Engineering, Procurement and Construction (EPC) basis, in Gujarat. Significantly, this will be BHEL's largest Solar PV project till date.
On 28 March 2018, BHEL announced its foray into lake purification under Smart City segment by bagging a prestigious order for purification of Telibandha Lake, from Raipur Smart City Limited (RSCL), including Operation & Maintenance for five years thereafter. This is the first ever order of its kind from the Smart Cities segment using Phytorid Technology developed by the National Environmental Engineering Research Institute (NEERI) under the Council of Scientific & Industrial Research (CSIR), which is an environment friendly technology.
During the FY 2017-18, 4,149 MW of power generating capacity was commissioned / synchronised during the year. In addition, 170 MW of solar PV plants were also commissioned. With this, the worldwide installed base of power generating equipment supplied by BHEL has exceeded 183 GW. BHEL has commissioned/synchronised 4,319 MW of power generating sets in FY 2017-18.
During the year 2018-19, BHEL commissioned an 800 MW supercritical unit at 1x800 MW TSGENCO / Kothagudem TPS on EPC basis; 3x110 MW Kishanganga hydroelectric project (HEP) was commissioned from m Srinagar, J&K in March, 2018; R&M works at Koradi Unit-6 were completed and the unit was upgraded from 210 MW to 228 MW. It commissioned 4x250 MW BRBCL Nabinagar Thermal Power Plant in Bihar; Bay hall of 4X30 MW Pulichintala hydroelectric project in Telangana; Turbine Hall of BHEL commissioned 5x30 MW Kalwakurthy Lift Irrigation Scheme (LIS); Both supercritical units of 2x660 MW Ib Valley project were synchronised in 2018-19 and made ready for capacity addition by BHEL.
During the year 2018-19, BHEL carried out the renovation & modernization of 6 ESP Sets. Also, 2 C&I R&M projects (NTPC Farakka Unit-4 & 5) were commissioned, Koradi U-6 (which was uprated from 210 MW to 228 MW) achieved full load, and UPRVUNL Obra Unit-12 was synchronized. 5 MW Ground Mounted Solar Power Plant commissioned in hilly terrain at Berradol, H.P for Himachal Pradesh Power Corporation Limited. TANTRANSCO Thappkundu Substation (400 kV - 9 bays, 110 kV - 12 bays) was commissioned; POWERGRID Bhuj substation (765 kV - 10 bays, 400 kV - 7 bays) and Banaskantha Extn (765 kV - 6 bays) commissioned; POWEGRID Banaskantha substation (765 kV - 10 bays, 400 kV - 12 bays) and Sankhari substation (400 kV - 2 bays) commissioned; commissioned world's largest 800 kV multi-terminal HVDC project (North-East to Agra), which is under commercial operation since September, 2017; completed one year of successful field operation of its first own-make 145 kV GIS at TSTRANSCO Vittalwadi in Dec'18 including its O&M; 61 MW SPV plants commissioned during FY18-19; More than 160 MW CPP projects commissioned in 2018-19; commissioned first Solar based EV charging station along Delhi-Chandigarh Highway at Ethnic Resort, Rai, Sonepat (Haryana); In-house development completed for 50 KW EV charger, 67 KW induction motor, 130 KW Induction Motor and 125 KW Permanent Magnet Synchronous Motor (PMSM); completed the 220/20 kV Charikar & Doshi substations in Afghanistan.
In 2019-20, BHEL commissioned SG packages for projects aggregating to 1,460 MW and ESP package for projects aggregating to 2,260 MW. In addition, it synchronized 1,206.15 MW from utility power projects and 2,103 MW from Lift Irrigation Scheme. 4x150 MW Kameng HEP commissioned in Arunchal Pradesh, commissioned largest pump motor sets for Kaleshwaram Lift Irrigation Scheme (LIS) project located on the Godavari river in Kaleshwaram, Telangana; 2x660 MW IB Valley Thermal Power Station commissioned by BHEL in Odisha; commissioned all four units of the 4X130 MW Parbati HEP in Himachal Pradesh.
During the year 2019-20, BHEL carried out Renovation & Modernization of five numbers of Electro Static Precipitators, combustion modification of APCPL Jhajjar Unit No 1 & 3 R&M, and Condenser R&M of TANGEDCO Tuticorin Unit 1. Nine Air-Conditioned ACEMU local trains for Western Railway & Central Railway commissioned to provide metro for local commuters; 53 Diesel Electric Tower Cars for various zonal railways commissioned and dispatched; supplied and commissioned Diesel Electric Tower Cars,e IGBT based Composite Converter on 3-Phase Passenger locomotive developed; AUSC development on track; High Spin Rotor Test Rig commissioned; manufacturing technology for boiler tubes for high temperature application & alloy 617 blades established; commissioned 200+ electric substations and 5 major HVDC projects in 2020.
In 2020-21, BHEL commissioned Utility boiler and STGs at IOCL Paradip, Odisha; Indian Railway's first 9000 HP freight locomotive equipped with propulsion system indigenously developed and supplied by BHEL including Traction Converter, Vehicle Control Unit (VCU) and high power Traction Motors was commissioned during the year; commissioned 6000HP WAG9H locomotives to Indian Railways; commissioned 1.7 MW SPV plant supplying power directly to traction grid of Indian Railways at Bina, Madhya Pradesh; Unit 1 of 4x270 MW Bhadradri Thermal Power Station commissioned in Telangana. 25 Supercritical Steam Generators (SGs) and 20 Supercritical Turbine Generators (TGs) were commissioned till March 31, 2021.
In 2021-22, Floating Solar PV Plants including 100MW NTPC Ramagundam - largest in the country), 25 MW NTPC Simhadri and 22 MW NTPC Kayamkulam commissioned by BHEL during the year; 18,500+ MW Captive Power Plants commissioned. In October, 2021 commissioned ±800 kV, 6,000 MW Ultra High Voltage Direct Current (UHVDC) Link between the Western Region Grid (Raigarh, Chattisgarh) and the Southern Region Grid (Pugalur, Tamil Nadu). In September 2021, a 0.25 TPD Coal to Methanol plant at Hyderabad funded by DST was commissioned; Flue Gas Desulphurisation (FGD) Plant at Dadri commissioned in 2021. 80 MW of the 100 MW
NTPC Ramagundam floating Solar PV - country's largest floating solar SPV plant, was commissioned by BHEL as on 31st March 2022 and the entire 100 MW commissioned thereafter.
In 2022-23, the Unit 1 of Maitree Thermal power project in Bangladesh was synchronised in August 2022. The synchronisation of Unit 2 of Maitree project was commissioned in Jun'23. Unit 1 of North Karanpura 3x660 thermal power plant was synchronised in Oct'22. The Company supplied 800+ locomotives and other traction equipment for locomotives & EMUs; commissioned 240+ electric substations and 6 major HVDC projects; installed & commissioned 1.2+ GW solar portfolio; 18.8 GW Captive Power Plants commissioned in 2023. In the supercritical thermal power segment, BHEL commissioned 30 sets of supercritical Steam Generators (SGs) and 23 sets of supercritical Turbine Generators (TGs) till March 31, 2023. Three subcritical plants of West Bengal Power Development Corporation Limited (WBPDCL) commissioned; further commissioned 660 MW unit fitted with an Air Cooled Condenser (ACC) at 3x660 MW North Karanpura Super Thermal Power Plant in Jharkhand; 765/400kV substation commissioned at Raichur, Karnataka; DC Hall of +800 kV, 6000 MW UHVDC link between the Western Region Grid (Raigarh, Chattisgarh) and the Southern Region Grid (Pugalur, Tamil Nadu). implemented by BHEL.
Bharat Heavy Electricals Ltd
Chairman Speech
Dear Shareholders,
It gives me pleasure to share the 59th annual report of your
company, for the year 2022-23. Overall business scenario in India has been robust with the
country being one of the world's fastest-growing major economies, achieving a remarkable
growth rate of 7.2% in FY 2022-23. The industrial production also witnessed a notable
increase of 5.1% compared to the previous financial year. While the slowdown in the global
economy and the geopolitical disturbances have had some impact on businesses, the
continued expansion by domestic industries coupled with substantial investment in the
infrastructure sector presents significant growth opportunities for your company. The
company has taken a number of initiatives in the areas of business diversification,
project execution, technology development, quality, manpower development, etc., in recent
years, which, I am happy to say, have started showing results.
While financial parameters are the ultimate yardstick of an
organisation's performance, it is important to remember that the physicals are the
actual drivers for the financials. Further, it is essential for any organisation,
especially a large one, to build for the future, by putting in place suitable enablers for
long term sustainable growth. To this end, one of the most important changes that your
company has seen in recent times is the change in operations ideology from being
"Revenue Centric" to "Project Centric". The company has taken up
focussed efforts in the area of project execution, including implementation of an
Integrated Project Management System (IPMS), sequential despatches, advance engineering
planning & action, enhanced delegation to project directors, site data digitization,
etc., which have started paying off.
At the macro level, this can be seen from the fact that the company has
achieved a doubling of erection tonnage at project sites over a period of three years
(achieved 5.41 lakh MT in FY 2022-23) despite a declining order book and ‘NIL'
thermal ordering over three years between Aug'19 to Sep'22. Further, the
increase in liquidation against current year billing from 59% in FY 2018-19 to 86% in FY
2022-23 is proof of the quality of the output & billing. At a micro level, recent
successes in two major projects Maitree and North Karanpura are specific cases
demonstrating the outcome of these efforts. The Unit 1 of Maitree Thermal power project in
Bangladesh was synchronised in August 2022 (in an overall period of 64 months, despite two
waves of COVID and mass airlift of manpower from project site in between, as well as
numerous border and visa related challenges). More recently, the synchronisation of Unit 2
of Maitree project was achieved on 28th June, ahead of the commitment given at
a high level G2G meeting, which was accepted to be a very tough target, even at the time
it was being given. Nearer home, Unit 1 of North Karanpura fix660 thermal power plant was
synchronised in Oct'22 and Unit 2 is moving towards synchronisation in Oct'23.
This plant is the first utility scale power plant with Air Cooled Condensers for reducing
water consumption and will result in saving of 30,500 million litres of water annually
when all the three units are functioning, (this saving equals the annual need of around
1.5 million people). This ACC was commissioned by BHEL engineers despite the absence of
OEM experts due to COVID related issues.
Key performance highlights for FY 2022-23 Coming to our performance
for the year gone by :
• The company achieved revenue from operations of I23,365 Crore as
against I21,211 Crore during the previous year, an increase of 10% and made a profit after
tax (PAT) of I448 Crore against a PAT of I410 Crore in the previous year.
• Despite increase in total receivables by nearly 9% during FY
2022-23—primarily on account of execution of projects with adverse payment terms,
there is a reduction in terms of number of days of Revenue from Operations from 571 days
last year to 567 days in current year and the Trade Receivables in terms of number of days
of Revenue from Operations, have reduced to 102 days as against 107 days during FY 2021-22
• The company secured orders worth I23,548 Crore, excluding taxes,
which is the highest in the last five years. The reporting of order book has been done
excluding taxes for better understanding of all stakeholders, and is in line with the
reporting of revenue numbers. Industry sector segment order booking is at I9,537 Crore
– highest in last 13 years with highest-ever orders in the defence sector, which also
includes the order for 20 upgraded SRGMs (main gun on Indian warships) for which BHEL is
the sole supplier in the country.
• The company won the only thermal EPC order—2x660 MW, NTPC
Talcher Thermal Power Plant, awarded in the last four years, reasserting its market
leadership position in the segment.
• The company recorded over 25% growth in the Spares &
Services Business.
• The total outstanding order book as on 31st March
2023 stands at I91,336 Crore, net of taxes (PY I90,084 Crore). With the receipt of the
prestigious order for 80 nos. "Vande Bharat" trainsets in April 2023, the total
outstanding order book has crossed I1 Lakh Crore (excluding taxes), which is the highest
in last 4 years. In recent years, the company has twice won the ICAI Award for
‘Excellence in Financial Reporting' in the ‘Infrastructure and Construction
Sector' category, reflecting the quality of accounting/ reporting practices.
Going forward
Various initiatives taken at the national level, in the areas of
infrastructure development and technology self-reliance, in tune with the growing
aspirations of 1.4 billion people, create a range of opportunities in the capital goods as
well as energy sectors for your company. The AatmaNirbhar Bharat initiative launched by
our Hon'ble Prime Minster is one such initiative opening up multiple opportunities
and your company has been working relentlessly to capitalise on these emerging
opportunities. In the conventional (power) sector, we are seeing a consensus emerging
that, for economic development and for meeting the aspirations of our people as well as
from an energy security perspective, thermal power cannot be phased out. This has brought
around a revival in the thermal power sector – albeit for short to medium
term—this is a breather which will further enable your company to diversify into new
& futuristic businesses.
Expanding business scope in the thermal related areas, the company has
made substantial progress in successfully developing in-house solution for flexible
operation of coal-fired power plants (an imperative for integrating RE in the grid). The
company has demonstrated the target performance parameters in the company's first
order and further four orders have already been received. Issue of guidelines, for
implementing flexiblisation capabilities in existing thermal sets by CEA, is expected to
generate further business in this area. Spares and Services business is also picking up
with focussed efforts, including long term agreements (for supply as well as services)
with customers, advance procurement action/ stocking to reduce delivery times, and efforts
to improve service deliveries. E_orts are on to focus on Nuclear business with MoU being
signed with NPCIL and developmental efforts initiated in the area of Small Modular
Reactors. The dispatch of BHEL's 44th nuclear steam generator for GHAVP
(Gorakhpur Haryana Anu Vidyut Pariyojana) demonstrates our capability in this domain. The
company continues to maintain its lead position in Hydro power with the capability to
design, engineer and manufacture custom-made hydro turbines & generators of various
sizes up to 400 MW and offer customized R&M solutions for the vast fleet of ageing
hydro turbo-generators. As far as diversification is concerned, the company is targeting
at least 50% of its business to be from non-coal businesses. The company has achieved some
notable successes in this area with industry segment order book going up to 40% of total
order booking in the last year with highest-ever orders in defence sector including orders
for upgraded SRGM, Heat Exchangers for fighter aircraft, maiden order for supply of Li-ion
batteries for AMCA (making BHEL the sole Indian supplier of Li-ion batteries for next
generation aircraft), etc. Further, BHEL continues to expand its role as a reliable
partner for design, engineering and manufacturing of critical equipment for the strategic
sectors with range of equipment including heat exchangers, control systems, turbines,
motors, generators, etc.
One of BHEL's largest orders—for supply and 35 years' maintenance
of 80 Vande Bharat trainsets—received in Apr'23 in consortium with M/s TRSL, is
a landmark success which will open the way for future rail business, where huge expansion
and modernisation plans are being rolled out – including in areas like semi-high
speed trainsets, locomotives, signalling etc.
Yet another successful business initiative has been on the coal
gasification front. The need for the country to utilise its vast coal reserves (in absence
of any substantial gas/ oil reserves) has been recognised at various levels. At the same
time, it is also accepted that, from a climate change perspective, the country will have
to adopt clean coal technologies in a major way. BHEL has leveraged on its indigenously
developed coal gasification technology—the world's first proven technology for
gasification of high ash Indian Coals—and completed design & engineering of the
gasifier for 2,000 TPD commercial scale plant. Further process of setting up a JV with
Coal India Ltd, for setting up a Coal to Ammonium Nitrate plant is in advanced stages.
This will open up a major business area for BHEL under the National Coal Gasification
mission announced by our Hon'ble Prime Minister.
In line with the ‘National Hydrogen Mission', your company is
geared up and exploring various areas in the green hydrogen value chain and is setting up
a Centre of Excellence, at Varanasi. These efforts will pave the way for future scalable
businesses in this area. These diverse initiatives collectively set the ground for BHEL's
long-term growth prospects in the non-coal segment. They also demonstrate your
company's commitment to sustainability, reduction of carbon footprint, and
contribution towards global efforts in mitigating climate change.
The company has further signed technology agreements with M/s General
Electric Technology GmbH Switzerland for enhanced rights of existing /uprated and new gas
turbines models, M/s Sumitomo SHI-FW for subcritical and supercritical Circulating
Fluidised Bed Combustion (CFBC) Boilers capable of firing a wide range of fuels, and M/s
ABB for underslung propulsion equipment for rail segment which will provide the twin
benefit of garnering orders in diversified businesses from domestic and international
markets as well as help make BHEL self-sufficient in state-of-the-art technologies, in
times to come.
Thecompanyhasalsomadenotableprogressinindigenisation and reduction on
import reliance, both in its own business areas as well as for other CPSEs. For its own
business, BHEL has developed in-house a number of equipment including for FGDs, etc., and
has further been working with industry for supporting development by its vendors/
associates. Recent successes include development of Sucker Rod Pumps – a major
requirement of the oil industry which was hitherto largely imported from China.
However, challenges still remain for the company. Rising material
costs, though moderated by multiple cost optimisation efforts, continue to hurt
profitability. This, combined with the fact that some of the orders currently under
execution have been taken at very competitive rates, is likely to continue to hurt the
bottom line in the near future. The company is continuing with strict cost control
measures to deal with this situation. Going forward, new orders where cost hikes are
factored in coupled with the company's efforts on improving project management and
engagement of PMC for specific sites would further help improve profitability. The
liquidity position of the company will continue to be constrained on account of adverse
payment terms in ongoing orders and is expected to improve as these orders are
substantially completed in the next two years. Delivery against these new orders obtained
in recent years with continued focus on timely delivery, would further aid recovery.
Quality First Initiative
Another major initiative taken by your company is the ‘Quality
First' initiative, launched in mission mode throughout the organization, for
making quality a hallmark of the company's products & services being offered to
the customers. Sustained efforts on this front resulted in BHEL being awarded the CII-EXIM
Bank's first-ever 'Special Jury Commendation for Adoption and Nurturance of Business
Excellence', reflecting your company's dedication to fostering and embracing
excellence in all aspects of operations. Additionally, BHEL units HPBP Trichy, HEEP
Haridwar, HEP Bhopal, and HPEP Hyderabad have received the prestigious
"Platinum" recognition while PEM Noida, EDN
Bengaluru, BAP Ranipet and PSNR Noida bagged "Gold Plus"
recognition in "CII EXIM Bank award for Business Excellence 2022". All 8
Quality Circle teams which participated at the 47th International Convention on
Quality Control Circles in Jakarta, won the Gold awards (highest category of award),
vindicating BHEL's position as the pioneer of the quality circle movement in India.
Developing a committed workforce & leadership pipeline
Your company has been recognized as a model employer for decades and
believes that a dedicated and committed workforce is the key to success of any
organization. A number of initiatives have been taken in this direction including
engagement of a leading consultancy organization for designing & implementing a
roadmap for HR excellence. For long term succession planning, leadership development
models through competency assessment have been created and curated individual development
plans, etc., are being implemented. A number of efforts are also being made for enhancing
employee engagement through communication initiatives, unit reach-out programs, etc.
Additionally, in view of the changing business scenario, special emphasis is being given
on continuous training, for making our workforce agile through unlearning, learning and
relearning initiatives focused on new upcoming technologies.
Green BHEL/Harit BHEL
Actions to mitigate climate change are of paramount importance across
the globe for a sustainable future, and our country has adopted the ‘Panchamrit'
goals including commitment to become Net Zero by 2070. In line with our ethos as a
sustainable company, we have undertaken a major initiative for "Making BHEL a Green
Company" with the target of achieving Net Zero by the year 2047. In addition to
making the company a model "Green Company" for the public sector, it is expected
to support business performance by reducing costs and improve availability of borrowings
& insurances, etc., in the long run. It would further help create a culture of
innovation within the company to design, engineer and manufacture environment friendly
products.
Skill Development Initiatives
Supporting the country's commitment towards skill development as
well as leveraging BHEL's capabilities and infrastructure, your company has
established a Common Engineering Facility Centre (CEFC) at Welding Research Institute
(WRI), Trichy (the leading welding research institution in the country) and extension
centres at Varanasi, Haridwar, Bhopal, Jhansi and Ranipet with support from Ministry of
Heavy Industries (MHI), to train welders. The CEFC has already trained 2,000+ welders in
the first year of its inception. This initiative will not just ensure availability of
skilled welders for
BHEL's own sites but also contribute to various sectors in the country
and the neighbourhood as well, where there is currently a shortage of skilled welders. The
endeavour has also been appreciated by Hon‘ble Minister of Heavy Industries and the
Hon‘ble Prime Minister of India.
Acknowledgement
The success of your company is only possible with the goodwill,
constant support and encouragement of our stakeholders. I express my sincere gratitude to
our valued customers as well as business partners for their persistent faith in our
capabilities, to employees for their tireless efforts, passion and perseverance, members
of Board for their guidance, and you, our esteemed shareholders, for your support and
trust in the company. I would also like to thank various Ministries of Government of
India, particularly the Ministry of Heavy Industries for their continuous support and
valuable guidance throughout.
Your company has undertaken a journey to establish itself as a
future-ready global engineering and manufacturing enterprise, and I am confident that with
your support and cooperation, we will complete the same with flying colours. With best
wishes,
|
(Dr. Nalin Shinghal) |
|
Chairman & Managing Director |
| New Delhi |
|
| July 28, 2023 |
|
  Â
Bharat Heavy Electricals Ltd
Company History
Bharat Heavy Electricals Ltd (BHEL) is an integrated power plant equipment manufacturer and one of the largest engineering and manufacturing companies in India. The company is also one of the leading international companies in the power field. The company is engaged in the design, engineering, manufacture, construction, testing, commissioning and servicing of a wide range of products and services for the core sectors of the economy, viz. Power, Transmission, Industry, Transportation, Renewable Energy, Oil & Gas and Defence.
The company offers over 180 products and provides systems and services to meet the needs of core sectors like power, transmission, industry, transportation, oil & gas, non-conventional energy sources and telecommunication. They have a wide-spread network comprising 17 Manufacturing Divisions, 2 Repair Units, 4 Regional Offices, 8 Service Centres, 4 Overseas Offices, 6 Joint Ventures, 15 Regional Marketing Centres, besides a large number of project sites spread all over India and abroad. This enables them to be close to its customers and cater to their specialized needs with total solutions - efficiently and economically. BHEL also has a widespread overseas footprint in 82 countries across all the six continents with cumulative overseas installed capacity of BHEL manufactured power plants nearing 10,000 MW including Belarus, Bhutan, Egypt, Indonesia, Iraq, Kazakhstan, Malaysia, New Zealand, Oman, Rwanda, Sudan, Tajikistan and UAE.
Bharat Heavy Electricals Ltd was incorporated in the year 1964, ushering in the indigenous Heavy Electrical Equipment industry in India. The company received MOU Award for Excellence in Performance for 2004-05. They won International Asia Pacific Quality Award (IAPQA 2005) from the International Asia Pacific Quality Organization (APQO) for their Ranipet Unit. The company was the first engineering & Manufacturing organization as well as the first PSU in the country to received this award.
During the year 2005-06, the company got FICCI Award for environmental conservation and pollution control, ICWAI National Award for Excellence in Cost Management-2005. During the year 2006-07, the company was conferred again the same ICWAI National Award for Excellence in Cost Management-2006. The company was qualified for the Business Standard Star Public Sector Company Award-2006 and also the CII Exim Award. The company is the first public sector company to receive the CII Exim award.
In April 2007, the company opened a new line of business in the form of Gas Insulated Substations (GIS). The corporate R&D department of the company successfully developed an indigenous GIS. They also bagged the first letter of intent from the Andhra Pradesh Transmission Corporation (APTransco), for installing the first unit in the state. In May 2007, the company signed a MoU with Toshiba of Japan for know-how in higher horsepower locomotives.
In August 2007, Uttar Pradesh government and BHEL came to an agreement for setting a 1,600 Mw thermal power project at Obra. The project has divided into two units of 800 Mw each. The cost of the project is estimated to be Rs 6,400 crore or Rs 4 crore per Mw. The deal covered 50 per cent equity participation by the BHEL and the rest by UP state government. DVC awarded turnkey contracts for setting up Koderma and Durgapur Steel thermal power stations of 1000 MW each to BHEL worth of Rs 6,500 crore.
In September 10, 2007, NTPC Ltd and the company signed an MoU to form a joint venture company to carry out engineering, procurement and construction (EPC) activities in the power sector on 'mutually beneficial terms'.
In December 2007, the company completed Phase I of its latest modernization drive with an investment of Rs 190 crore, to take their manufacturing capacity to 10,000 MW from 6,000 MW a year. In April 28, 2008, the company and NTPC Ltd incorporated a joint venture company, namely NTPC - BHEL Power Projects Pvt Ltd (NBPPPL) for carrying out EPC activities in the power sector.
In September 1, 2007, the company and PTC incorporated a joint venture company, namely Barak Power Pvt. Ltd. In December 26, 2008, the company in association with TNEP incorporated a joint venture company name Udangudi Power Corporation Ltd to build, own and operate a 1600 MW (2x800 MW) Super Critical Thermal Power Plant at Udangudi.
In April 15, 2009, the company promoted a joint venture company, namely Raichur Power Corporation Ltd with Karnataka Power Corporation Limited (KPCL) for setting up Supercritical Thermal Power Plant at Karnataka on build, own and operate basis.
In February 25, 2010, the company promoted a joint venture company namely Dada Dhuniwale Khandwa Power Ltd, with Madhya Pradesh Power Generating Company Ltd (MPPGCL) for setting up of a 2x800MW Supercritical Thermal Power Plant at Khandwa, Madhya Pradesh on build, own and operate basis.
In July 2010, GE signed a 10-year licensing agreement with the company. According to the agreement signed through GE Oil & Gas Italian entity Nuovo Pignone, GE's advanced range of high performance, high efficiency centrifugal compressors will be manufactured under license at BHELs production site in Hyderabad, India, for sale in India and in other South Asian territories.
In September 8, 2010, the company signed a joint venture agreement with Government of Kerala for forming a joint venture company to acquire the Kasargod Unit of KEL which manufactures alternators for Railway Applications and other industrial Applications. In January 19, 2011, the company incorporated, BHEL Electrical Machines Ltd, with the company holding the majority stake of 51% and Government of Kerala retaining 49%.
In 2011, the company bagged Rs.37,829 Million Mega Contract for installing 2x660 MW Supercritical Thermal Sets from Dainik Bhaskar Power Limited. The company also bagged major contract for 1,200 MW Thermal Power Plant. Singareni Collieries also placed Rs.40,710 Million Mega Contract for setting up thermal power plant in Andhra Pradesh
In 2012, the company developed India's first Ultra High Voltage AC 1200 kV Transformer successfully commissioned. The company signs Rs.6,300 Million Contract with Abhijeet Projects Limited for setting up a 300 MW Thermal Power Plant in Visakhapatnam. The company bags contract for installing 160 MW Combined Cycle Power Plant at Ramgarh in Rajasthan. The company wins major contract for 500 MW thermal power plant; NTPC reposes confidence, places Rs.1,143 Crore order for setting up thermal unit at Vindhyachal. The company receives Rs.9,500 Million Mega Contract for 1,020 MW Hydroelectric Project in Bhutan. The company Signs MoU with Govt. of Tajikistan for setting up a 100 MW Hydro-Electric Power Project in the Republic of Tajikistan.
In 2013, the company wins Rs.2650 Million contract from BPCL for Kochi Refinery project. The company wins ICAI National Award for Excellence in Cost Management for the eighth consecutive year. BHPV Merges with the company and becomes Seventeenth Unit of the company. The company wins Rs.25,690 Million Steam Generator Package Contract for 2x500 MW Lignite-fired Power Project. The company bags main plant package contract for 500 MW thermal power plant. The company is conferred BGR-ENERTIA Commemoration Award for Technology Enterprise Innovation - Conventional Energy. The company's first Supercritical Thermal Unit at Barh adds 660 MW to India's Power Generating Capacity. The company bags PSE Excellence Award 2013 for RnD, Technology Development and Innovation. The company also wins India Pride Award 2013 for Excellence in Heavy Industries. BHEL wins Rs.10,230 Million Turbine Generator Package Order
In 2014, the company won order for 206 MW Hydro Electric Project in Punjab. The company also won highest ever Mega EPC Contract for 3x660 MW Supercritical Power Project. The company bags Rs.30,000 Million mega contract for 2x800 MW Supercritical Boilers against stiff International Competition. The company wins order for 120 MW Hydro Electric Project in Uttarakhand. The company wins DSIJ Award 2013 for the Most Efficient Maharatna PSU. The company bags National Intellectual Property Award 2014. The company signs MoU for setting up Renewable Energy Projects in Yemen. The company bags World Intellectual Property Organisation (WIPO) Award for Innovative Enterprises. The company achieves milestone in the Middle East market with the commissioning of another Gas Turbine-based Power Plant in Oman. The company commissions 600 MW Thermal Unit in Odisha. The company and BGGTS achieve major milestone, Successfully overhaul 104 MW Gas Turbine Generator Unit 1 at Pragati Power Project in record time. Rajasthan gets new Power Generating unit with the commissioning of 250 MW Coal-based thermal power plant by BHEL at Chhabra. The company achieves another Milestone with the successful Renovation, Modernisation and Uprating of 110 MW Unit, Working Life Extended by 15-20 Years. The company bags India Today Best Maharatna PSU Awards for Global Presence & Innovation & R&D. The company achieves major breakthrough, Wins country's first ever EPC contract for 800 MW rating Supercritical Power Project. The company also bags EPC contract for 2x660 MW rating Supercritical Power Project. The company wins order for 444 MW Hydro Electric Project. In Uttarakhand, the company wins contract for supply and installation of ESP package for 2x800MW Darlipali Supercritical Thermal Power Project. The company achieves another Milestone with Successful Renovation and Modernisation (R and M) of 110 MW Unit at Muzaffarpur Thermal Power Station; Working Life Extended by 15-20 Years. The company wins ICAI National Award for Excellence in Cost Management for the ninth consecutive year. The company bags PSE Excellence Award 2014 for R and D and Technology Development
In 2015, the company, has commissioned its fourth 270 MW coal based thermal power plant at RattanIndia Power Limited, Nandgaonpeth in Amravati, Maharashtra. The company bags contract for 1,080 MW Manuguru Thermal Power Project from TSGENCO. The company has secured an order worth Rs 5,000 crore for setting up a 4x270 MW thermal power plant in the state of Telangana. President of Rwanda inaugurates Hydro Electric Plant set up by the company in Rwanda. The company has successfully constructed and commissioned the 28 MW Nyaborongo-1 hydro electric power plant in the African Region. The company Wins worth Rs.225 crors Order for 120 MW Hydro Electric Project in West Bengal. The company Commissions 660 MW Supercritical Thermal Unit in Bihar. The company commissions another 270 MW Thermal Unit in Maharashtra. The company has won worth Rs 3,810 crore order for setting up the 1x800 MW Supercritical Thermal power plant in Telangana. The company wins Power Cycle Piping package contract for revival of NTPC'S 3x660 MW Barh Super Thermal Power Proiect, Stage-I. The company bags Rs. 1,202 Crore Order for 370 MW Gas-based Combined Cycle Power Project. The company secures its single largest order worth Rs 17,950 cr. The company has inked a Memorandum of Understanding (MoU) with INTMA with an to set up a gas-based power project in Kazakhstan. The company also signs three strategic MoUs in Kazakhstan.
On 4 March 2016, BHEL announced that it has achieved a significant milestone by successfully commissioning its first 700 MW supercritical thermal unit at Bellary Thermal Power Project in Karnataka.
On 7 April 2016, BHEL announced that the company recorded the highest ever commissioning of projects of 15,059 MW in a single year in the fiscal 2015-16.
On 25 May 2016, BHEL announced that it has successfully commissioned the first 800 MW Supercritical thermal unit in Karnataka, which is also the highest rating unit in the state.
On 3 October 2016, BHEL announced that it has achieved another milestone in its services business by securing two Renovation & Modernization (R&M) contracts of Hydro Electric Plants (HEPs). Against stiff international competition, the company won prestigious orders worth around Rs 430 crore, for the R&M of the 6x60 MW Balimela HEP of Odisha Hydro Power Corporation Limited (OHPC) and the 3x60 MW Bairasiul HEP of National Hydro Power Corporation Limited (NHPC).
On 15 November 2016, BHEL announced that it has achieved yet another milestone in expanding and consolidating its footprint in the international market by securing export orders for supply of industrial motors to Togo and Benin. Scancem International DA, Norway (Heidelberg Cement group) has placed the order for the motors for their cement plants, Ciments Du Togo S.A. & Cimbenin S.A, Benin.
On 20 January 2017, BHEL inaugurated state-of-the-art 200 MW Solar Photovoltaic Module Manufacturing Line and upgraded 105 MW Solar Photovoltaic Cell Manufacturing Line at its Bengaluru based manufacturing plants. With the commencement of commercial operation of these lines, the annual manufacturing capacity of BHEL has been enhanced to 105 MW of Solar Cells and 226 MW of Solar Modules.
On 24 January 2017, BHEL announced that the company in partnership with ABB, has secured a landmark order from Power Grid Corporation of India. BHEL's scope of work, is valued at Rs 1360 crore.
On 7 March 2017, BHEL signed a Memorandum of Understanding (MoU) with National Environmental Engineering Research Institute (NEERI) for joint working on projects related to water and waste water treatment in the municipal segment.
On 15 March 2017, BHEL announced that it has commenced commercial operation of its first 800 MW unit - highest-rating coal-based supercritical thermal power plant. The milestone was achieved for the first unit of the 2x800 MW Yeramarus thermal power station of Raichur Power Corporation Limited (RPCL), in Raichur district of Karnataka. Significantly, the commercial operation of this unit marks BHEL's foray as a developer into the field of power generation. Karnataka Power Corporation Ltd. (KPCL) and BHEL are the main equity partners of RPCL, the owner and operator of this power plant.
On 5 April 2017, BHEL announced that it has achieved a capacity addition of 45,274 MW of utility sets during the 12th five year plan, surpassing the Government's capacity addition target by 9%. Notably, BHEL's capacity addition during the 12th five year plan was 78% higher than that in the 11th plan.
On 25 April 2017, BHEL announced that its largest ever export order valued at Rs 10000 crore for setting up 1,320 MW (2x660 MW) Maitree Super Thermal Power Project in Bangladesh, has taken-off, following the issuance of the Notice To Proceed by the developer. The order has been secured from Bangladesh India Friendship Power Company (Pvt.) Limited (BIFPCL), a 50:50 JV company of NTPC, India and BPDB, Bangladesh.
On 29 June 2017, BHEL announced that it has entered into a Technology Collaboration Agreement with Kawasaki Heavy Industries, Ltd. (KHI), Japan for the manufacture of stainless steel coaches and bogies for metros. The agreement covers establishing state-of-the-art design, engineering and manufacturing facilities at BHEL, India using Japanese technology. Significantly, it will also entitle BHEL for all technology advances and upgrades as well.
On 8 August 2017, BHEL announced its maiden order win in Chile and Estonia. With maiden orders for transformer bushing from Niquel Electric Ltda., Chile and Electronic cards from SCANFIL OY Vana Sauga, Estonia, BHEL has now expanded its global footprint to 82 countries across all the six inhabited continents.
The Board of Directors of BHEL at its meeting held on 10 August 2017 recommended issue of bonus shares in the ratio of 1 bonus equity share for every 2 existing equity shares held on record date.
On 23 October 2017, BHEL announced that it has commenced the execution of the 4,000 MW Yadadri Supercritical Thermal Power Project (TPP). Significantly, the order valued at approximately Rs 20400 crore comprising five units of 800 MW supercritical sets, is not only the single-largest order for BHEL but also the highest value order ever placed in the power sector in India. The Yadadri project will be executed on fast track basis by BHEL in line with the company's strategy of focusing on revival of held up projects and their speedy execution. The Yadadri project will lead to a quantum jump in BHEL's executable outstanding order book and will help the company to enhance its growth momentum.
On 12 December 2017, BHEL achieved yet another milestone in the South East Asian region with the successful commissioning of a 54 MW coal-fired captive power project in Indonesia.
On 9 March 2018, BHEL announced that it has won a Rs 11700 crore order for setting up a 3x800 MW supercritical thermal power plant in Jharkhand. The order has been placed on BHEL by Patratu Vidyut Utpadan Nigam Limited (PVUNL) - a subsidiary of NTPC Ltd. in Joint Venture with Jharkhand Bijli Vitran Nigam Limited. Significantly, this is the single largest order ever placed by NTPC or its subsidiaries and the second largest order ever won by BHEL.
On 21 March 2018, BHEL announced that it has entered into a Technology Collaboration Agreement (TCA) with HLB Power, Republic of Korea for in-house design and manufacture of Large size Gates and Dampers for use in coal fired power plants, to be commissioned or retrofitted with high capacity emission control equipment. BHEL has been supplying conventional Gates and Dampers manufactured at its Boiler Auxiliaries Plant, Ranipet for over three decades. This TCA will help in establishing the capability for in-house design, manufacture and testing of very large size Gates and Dampers.
On 23 March 2018, BHEL announced that it has entered into a Technology Transfer Agreement with Indian Space Research Organisation (ISRO) for the manufacture of space-grade Lithium-ion cells of various capacities utilising the technology developed by ISRO at its Vikram Sarabhai Space Centre (VSSC). This transfer of technology will enable BHEL to manufacture Lithium-ion cells in-house for ISRO and other suitable applications. The Lithium-ion technology can also be further extended for use in the emerging areas of energy storage and e-mobility. BHEL will set up a state-of-the-art facility for manufacturing these cells at its Bengaluru unit.
On 26 March 2018, BHEL announced that it has won an order for setting up a 75 MW Solar Photovoltaic (SPV) Power Plant on Engineering, Procurement and Construction (EPC) basis, in Gujarat. Significantly, this will be BHEL's largest Solar PV project till date.
On 28 March 2018, BHEL announced its foray into lake purification under Smart City segment by bagging a prestigious order for purification of Telibandha Lake, from Raipur Smart City Limited (RSCL), including Operation & Maintenance for five years thereafter. This is the first ever order of its kind from the Smart Cities segment using Phytorid Technology developed by the National Environmental Engineering Research Institute (NEERI) under the Council of Scientific & Industrial Research (CSIR), which is an environment friendly technology.
During the FY 2017-18, 4,149 MW of power generating capacity was commissioned / synchronised during the year. In addition, 170 MW of solar PV plants were also commissioned. With this, the worldwide installed base of power generating equipment supplied by BHEL has exceeded 183 GW. BHEL has commissioned/synchronised 4,319 MW of power generating sets in FY 2017-18.
During the year 2018-19, BHEL commissioned an 800 MW supercritical unit at 1x800 MW TSGENCO / Kothagudem TPS on EPC basis; 3x110 MW Kishanganga hydroelectric project (HEP) was commissioned from m Srinagar, J&K in March, 2018; R&M works at Koradi Unit-6 were completed and the unit was upgraded from 210 MW to 228 MW. It commissioned 4x250 MW BRBCL Nabinagar Thermal Power Plant in Bihar; Bay hall of 4X30 MW Pulichintala hydroelectric project in Telangana; Turbine Hall of BHEL commissioned 5x30 MW Kalwakurthy Lift Irrigation Scheme (LIS); Both supercritical units of 2x660 MW Ib Valley project were synchronised in 2018-19 and made ready for capacity addition by BHEL.
During the year 2018-19, BHEL carried out the renovation & modernization of 6 ESP Sets. Also, 2 C&I R&M projects (NTPC Farakka Unit-4 & 5) were commissioned, Koradi U-6 (which was uprated from 210 MW to 228 MW) achieved full load, and UPRVUNL Obra Unit-12 was synchronized. 5 MW Ground Mounted Solar Power Plant commissioned in hilly terrain at Berradol, H.P for Himachal Pradesh Power Corporation Limited. TANTRANSCO Thappkundu Substation (400 kV - 9 bays, 110 kV - 12 bays) was commissioned; POWERGRID Bhuj substation (765 kV - 10 bays, 400 kV - 7 bays) and Banaskantha Extn (765 kV - 6 bays) commissioned; POWEGRID Banaskantha substation (765 kV - 10 bays, 400 kV - 12 bays) and Sankhari substation (400 kV - 2 bays) commissioned; commissioned world's largest 800 kV multi-terminal HVDC project (North-East to Agra), which is under commercial operation since September, 2017; completed one year of successful field operation of its first own-make 145 kV GIS at TSTRANSCO Vittalwadi in Dec'18 including its O&M; 61 MW SPV plants commissioned during FY18-19; More than 160 MW CPP projects commissioned in 2018-19; commissioned first Solar based EV charging station along Delhi-Chandigarh Highway at Ethnic Resort, Rai, Sonepat (Haryana); In-house development completed for 50 KW EV charger, 67 KW induction motor, 130 KW Induction Motor and 125 KW Permanent Magnet Synchronous Motor (PMSM); completed the 220/20 kV Charikar & Doshi substations in Afghanistan.
In 2019-20, BHEL commissioned SG packages for projects aggregating to 1,460 MW and ESP package for projects aggregating to 2,260 MW. In addition, it synchronized 1,206.15 MW from utility power projects and 2,103 MW from Lift Irrigation Scheme. 4x150 MW Kameng HEP commissioned in Arunchal Pradesh, commissioned largest pump motor sets for Kaleshwaram Lift Irrigation Scheme (LIS) project located on the Godavari river in Kaleshwaram, Telangana; 2x660 MW IB Valley Thermal Power Station commissioned by BHEL in Odisha; commissioned all four units of the 4X130 MW Parbati HEP in Himachal Pradesh.
During the year 2019-20, BHEL carried out Renovation & Modernization of five numbers of Electro Static Precipitators, combustion modification of APCPL Jhajjar Unit No 1 & 3 R&M, and Condenser R&M of TANGEDCO Tuticorin Unit 1. Nine Air-Conditioned ACEMU local trains for Western Railway & Central Railway commissioned to provide metro for local commuters; 53 Diesel Electric Tower Cars for various zonal railways commissioned and dispatched; supplied and commissioned Diesel Electric Tower Cars,e IGBT based Composite Converter on 3-Phase Passenger locomotive developed; AUSC development on track; High Spin Rotor Test Rig commissioned; manufacturing technology for boiler tubes for high temperature application & alloy 617 blades established; commissioned 200+ electric substations and 5 major HVDC projects in 2020.
In 2020-21, BHEL commissioned Utility boiler and STGs at IOCL Paradip, Odisha; Indian Railway's first 9000 HP freight locomotive equipped with propulsion system indigenously developed and supplied by BHEL including Traction Converter, Vehicle Control Unit (VCU) and high power Traction Motors was commissioned during the year; commissioned 6000HP WAG9H locomotives to Indian Railways; commissioned 1.7 MW SPV plant supplying power directly to traction grid of Indian Railways at Bina, Madhya Pradesh; Unit 1 of 4x270 MW Bhadradri Thermal Power Station commissioned in Telangana. 25 Supercritical Steam Generators (SGs) and 20 Supercritical Turbine Generators (TGs) were commissioned till March 31, 2021.
In 2021-22, Floating Solar PV Plants including 100MW NTPC Ramagundam - largest in the country), 25 MW NTPC Simhadri and 22 MW NTPC Kayamkulam commissioned by BHEL during the year; 18,500+ MW Captive Power Plants commissioned. In October, 2021 commissioned ±800 kV, 6,000 MW Ultra High Voltage Direct Current (UHVDC) Link between the Western Region Grid (Raigarh, Chattisgarh) and the Southern Region Grid (Pugalur, Tamil Nadu). In September 2021, a 0.25 TPD Coal to Methanol plant at Hyderabad funded by DST was commissioned; Flue Gas Desulphurisation (FGD) Plant at Dadri commissioned in 2021. 80 MW of the 100 MW
NTPC Ramagundam floating Solar PV - country's largest floating solar SPV plant, was commissioned by BHEL as on 31st March 2022 and the entire 100 MW commissioned thereafter.
In 2022-23, the Unit 1 of Maitree Thermal power project in Bangladesh was synchronised in August 2022. The synchronisation of Unit 2 of Maitree project was commissioned in Jun'23. Unit 1 of North Karanpura 3x660 thermal power plant was synchronised in Oct'22. The Company supplied 800+ locomotives and other traction equipment for locomotives & EMUs; commissioned 240+ electric substations and 6 major HVDC projects; installed & commissioned 1.2+ GW solar portfolio; 18.8 GW Captive Power Plants commissioned in 2023. In the supercritical thermal power segment, BHEL commissioned 30 sets of supercritical Steam Generators (SGs) and 23 sets of supercritical Turbine Generators (TGs) till March 31, 2023. Three subcritical plants of West Bengal Power Development Corporation Limited (WBPDCL) commissioned; further commissioned 660 MW unit fitted with an Air Cooled Condenser (ACC) at 3x660 MW North Karanpura Super Thermal Power Plant in Jharkhand; 765/400kV substation commissioned at Raichur, Karnataka; DC Hall of +800 kV, 6000 MW UHVDC link between the Western Region Grid (Raigarh, Chattisgarh) and the Southern Region Grid (Pugalur, Tamil Nadu). implemented by BHEL.
Bharat Heavy Electricals Ltd
Directors Reports
Dear Members,
The Board of Directors takes pleasure in presenting the 59th
Annual Report on the business and operations of your Company and the Audited Financial
Statements for the year ended March 31, 2023.
Financial Results
|
For the year ended |
|
March 31, 2023 |
March 31, 2022 |
| Revenue |
22136 |
20153 |
| Revenue from operations |
23365 |
21211 |
| Profit/(loss) after tax |
448 |
410 |
| Total comprehensive income /(loss) |
430 |
487 |
| EPS (in ) |
1.29 |
1.18 |
State of Company Affairs
The company posted a growth of 10% in Revenue from Operations,
achieving 23,365 Crore during FY 2022-23 as against 21,211 Crore in last financial year
and a growth of 9.3% in Profit After Tax achieving 448 Crore as against 410 Crore in the
previous year.
The results of continued focus in recent years on project execution,
closures and physical performance have become clearly visible with erection tonnage at
project sites at a record 5.41 lakh MT (doubled over a period of previous 3 years) despite
decline in order book on the back of ‘nil' ordering in thermal sector for over
three years as well as increase in liquidation of Current Year billing to 86% in FY
2022-23 from 59% over the past four years. This is a clear indication of success of the
major initiatives including implementation of Integrated Project Management System (IPMS)
for real time project monitoring, Site Data Digitization for ensuring single source of
data, focus on sequential supplies and technical & financial closure of completed
projects. Focused project management efforts saw excellent results with commissioning of
North Karanpura Unit 1, Nation's first utility scale thermal power plant fitted with
Air Cooled Condenser (ACC), as well as commissioning of Unit 1 of the prestigious 2x660 MW
Maitree Super Thermal Power Project, Bangladesh. Further, Unit 2 of the Maitree Project
has been synchronized on 28 June 2023 ahead of a very tough time target given by
Government of Bangladesh, for the same.
Diversification efforts in recent years saw fruits in the form of
signing of MoU with Coal India Ltd for setting-up of 2,000 TPD Coal to Ammonium Nitrate
plant based on BHEL's indigenous technology for gasification of high ash Indian coal
(first proven technology for the same), which has been followed with completion of
engineering, optimization & validation by international experts and formation of the
Joint Venture is progressing well. Further efforts for increasing our rail transportation
business led to award of prestigious order for manufacturing and maintenance of 80 sets of
"Vande Bharat" trainsets. This project is being taken-up by BHEL as lead partner
in consortium with Titagarh Rail Systems Ltd. and is valued at over 23,000 Crore excluding
taxes (BHEL share at about 13,500 Crore).
With regard to future growth perspective, the order booking for the
company in FY 2022-23 touched 23,548 Crore (net of taxes), which is highest in the last 5
years. It is also pertinent to note that the company's efforts in the Industry Sector
have borne fruits and the order booking at 9,537 Crore (net of taxes) is highest in the
last 13 years, with its share at 40% of the yearly order book. The reporting of order book
is done excluding applicable taxes for better understanding of all stakeholders, and is in
line with the reporting of revenue numbers. The total outstanding order book as on 31st
March 2023 stands at 91,336 Crore, net of taxes (PY 90,084 Crore). With the receipt of the
prestigious "Vande Bharat" trainset order in April 2023, the total outstanding
order book has crossed 1 Lakh crore (excluding taxes), which is the highest in last 4
years.
The increase in revenue in FY 2022-23 has been achieved despite
challenges persisting for material availability on account of geopolitical issues and
scarcity of key inputs such as semiconductors. The spares & services business, which
has been a focus area for your company, recorded a growth of about 25%.
Material cost in the recent past has been a challenge, not only for
BHEL but also across the industry spectrum, domestic as well as global. Though metal
prices have seen some corrections, they are still at substantially elevated levels.
Despite these constraints, your company was able to maintain the material cost during FY
2022-23, at levels similar to previous year. In the coming year, rising raw material
prices as well as execution of old projects, won through highly competitive bidding, are
expected to continue to affect the financial position & liquidity of the company.
Higher fuel prices have adversely impacted the bottom-line.
Furthermore, inflation in general is also putting persistent pressures on operational
budgets which are being dealt through stringent budgetary controls measures. The company
is focusing on project completion despite poor margins in civil revenues, which would
continue to challenge the bottom-line.
Your company optimized the inventory levels by unlocking the blocked
inventories, and during the year 2022-23, 230 Crore worth of non-moving inventory was
liquidated. The efforts in sale of scrap, disposal of non-moving inventory, etc., in the
company have helped increase other operational income and has assisted in improving EBITDA
levels to 1,231 Crore, up by about 11% from EBITDA of 1,106 Crore for FY 2021-22. Profit
After Tax for FY 2022-23 was further aided by the gains made in the taxation area. During
the year, the company received Income Tax refunds (including interest) totalling 266
Crore, which have helped in the net cash generation as well as the bottom line.
Other operational income, directly contributing to bottom line, reached
its highest levels at 1,229 Crore during FY 2022-23, which is up by 16% over FY 2021-22.
The increase in Profit After Tax was also aided by continued stringent budgetary control
on Manufacturing, Administrative and S&D expenses, which have been at their lowest
level at 6.6% of Revenues, reflecting strong budgetary controls in the company. Concerted
efforts & thrust on ‘Project Centric' operations resulted in liquidation of
current year billing at 86% in FY 2022-23, which is similar to last year. The trade
receivables in terms of no. of days of Revenue from Operations, have reduced to 102 days
during FY 2022-23, as against 107 days during FY 2021-22. The Trade Receivables were at
6,544 Crore as on 31st March 2023 ( 6,229 Crore as on 31st March
2022) and Contract Assets stand at 29,740 Crore as on 31st March 2023 ( 26,940
Crore as on 31st March 2022). Though overall receivables have increased during
FY 2022-23, there is a reduction in terms of no. of days of Revenue from Operations from
571 days last year to 567 days current year. The increase in receivables is mainly on
account of skewed payment terms in contracts under execution that resulted in higher
accumulation of deferred debts that are payable on completion of intermediate and final
milestones.
Due to high investment in contract assets, the company had some
pressures on cash position. However, the company retained its debt free status with
closing positive cash & bank balance (net of short-term borrowings) of 1,258 Crore,
and has enough leverage to invest in capex and diversification initiatives.
Transfer to Reserve
The company has not transferred any amount to the Reserves during FY
2022-23.
Dividend
The Board of Directors, in its meeting held on May 26, 2023 has
recommended a final dividend @20 % ( 0.40 per share of 2 each), amounting to 139.28 Crore,
out of profit for FY 2022-23, subject to your approval. The Company has a dividend
distribution policy in place in pursuance of the requirements of Regulation 43A of the
Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements)
Regulations, 2015 ("LODR"). Dividend distribution policy is available on the
Company's website at https://www.bhel.com/dividend-distribution-policy-bhel-0.
Deposits
The Company has not accepted deposits from the public falling within
the ambit of Section 73 of the Companies Act, 2013 during FY 2022-23.
Capital & Finance
During FY 2022-23, the company has met its CAPEX and operating fund
requirements through internal accruals. The company invests any available surplus funds to
maximize the interest income to the company. To meet any intermittent operational fund
requirement, short term borrowing options used by the company including WCDL, Commercial
Papers (listed on NSE and BSE), PCFC, etc. PCFC borrowings provide a natural forex hedge
to the company. The company continues to retain its status as Zero Debt Company.
Loans and Investments
There are no instances of investments by the loanee in the company or
its subsidiary.
Credit Rating
The credit ratings of your Company are as follows:
| Rating Agency |
Date of Rating |
Long Term Rating |
Outlook |
Short Term Rating |
| CRISIL |
18-06-2021 |
CRISIL AA- |
Negative |
CRISIL A1+ |
|
25-07-2022 |
CRISIL AA- |
Negative |
CRISIL A1+ |
| INDIA |
01-07-2021 |
Ind AA- |
Negative |
Ind A1+ |
| RATINGS & RESEARCH |
30-06-2022 |
Ind AA- |
Negative |
Ind A1+ |
|
24-06-2021 |
CARE AA- |
Stable |
CARE A1+ |
| CARE |
17-06-2022 |
CARE AA- |
Stable |
CARE A1+ |
|
19-06-2023 |
CARE AA- |
Stable |
CARE A1+ |
Persistent efforts by the company during the financial year for cutting
down miscellaneous expenses and liquidation of old outstanding resulted in positive cash
flows from operations and helped maintain the credit rating of the organization.
Material Changes and Commitments affecting the Financial Position
There are no material changes and commitments affecting the financial
position of the Company between the end of FY 2022-23 and the date of this report. There
are no significant and material orders passed by the regulators or courts or tribunals
impacting the going concern status and company's operations in future.
Suspension of Trading
The Equity Shares of the company are listed on NSE & BSE. The
shares of the company were not suspended from trading during FY 2022-23.
Directors' Responsibility Statement
Pursuant to section 134(5) of the Companies Act, 2013, the Board of
Directors confirm that: a) In the preparation of the Annual Accounts, the applicable
Accounting Standards (Ind AS) have been followed along with proper explanations relating
to material departures;
b) The Directors have selected such accounting policies & applied
them consistently and made judgments and estimates that are reasonable and prudent so as
to give a true and fair view of the state of affairs of the Company at the end of
financial year and of the profit of the Company for that period;
c) The Directors have taken proper and sufficient care for maintenance
of adequate accounting records in accordance with the provisions of this Act for
safeguarding the assets of the Company and for preventing and detecting fraud and other
irregularities;
d) The Directors have prepared the Annual Accounts on a going concern
basis;
e) The Directors have laid down internal financial controls to be
followed by the Company and that such internal financial controls are adequate and
operating effectively;
f) The Directors have devised proper systems to ensure compliance with
the provisions of all applicable laws and that such systems were adequate and operating
effectively.
Management Discussion & Analysis
This report conveys the Management's perspective on the external
environment, company's strategy for the future, operating and financial performance,
risks and concerns, and initiatives taken in various areas during the year; such as
diversification of business areas, revamping project execution, cost optimization,
technology development, digitalization, quality, etc.
In the midst of a continuously challenging business and economic
environment, your company has continued to focus on regaining growth. Strengthening the
core business, focus on execution, and determined efforts towards diversification
including increased business in non-coal areas are critical enablers for long term
sustainable growth. For further details, please refer Annexure-I to the Board's
report.
Corporate Governance
Pursuant to Regulation 34 of the SEBI (Listing Obligations
& Disclosure Requirements) Regulations, 2015, a report on Corporate
Governance (including Board & Committee Meetings details) is given at Annexure-II
to the Board Report together with the following, i. Certificate of
Non-Disqualification of Directors under Schedule V of the SEBI Listing Regulations. ii.
Auditors certificate on Corporate Governance under SEBI Listing Regulations &
Department of Public Enterprises (DPE) guidelines on Corporate Governance. iii.
Secretarial Audit Report under Section 204 (1) of the Companies Act, 2013.
Declaration of Independence
Declaration under Section 149(6) of the Companies Act, 2013 pertaining
to criteria of independence has been given by the Independent Directors to the Board of
Directors. All the Independent Directors have registered themselves on the online database
of the Indian Institute of Corporate Affairs (IICA), notified under Section 150 of the
Companies Act, 2013. In the opinion of the Board, the Independent Directors possess
integrity and necessary expertise & experience.
Compliances
In addition to focus on many other areas, the company continuously
reviews and strengthens its compliance of systems and processes.
• The Company considers sound_Corporate Governance as one of its
core values committing itself to maintaining_high degree of transparency in disclosures.
• To strengthen compliance mechanism across various laws, a
quarterly legal compliance report on the Applicable laws/ Acts is reviewed by the Board of
Directors.
• Being a listed company, compliance with the SEBI_ –
(Listing Obligations and Disclosure_ Requirement) Regulations, 2015 is ensured._ There is
no adverse comment from SEBI for the FY 2022-23 on any financial matter.
• The Company has complied with the applicable secretarial
standards.
• For preparation of financial statements, the company ensures
compliance to the_Indian Accounting Standards (Ind AS), Guidance Notes and other
authoritative literature issued by the ICAI, Companies Act 2013 and other applicable
statutes. The company endeavours to constantly improve its disclosures and transparency
standards in the Financial Statements.
Contribution to the Exchequer
The Company, over the years, has been consistently making significant
contribution to the Exchequer, and maintaining high standards of integrity with respect to
tax compliances. During the current year, the company's contribution to exchequer
stood at over 3,831 Crore.
Audit Committee
The Company has in place a Board Level Audit Committee in terms of the
requirements of the Companies Act, 2013 read with rules made thereunder and Regulation 18
of the SEBI (Listing Obligations & Disclosure Requirements) Regulations 2015, the
details in respect of which are given in the Corporate Governance Report. All the issues
are fairly and transparently deliberated in the meetings which are held at regular
intervals. The views and suggestions of the Board Level Audit Committee members are taken
into account and imbibed into the Company's processes. Further, there has been no
instance where the Board of Directors have not accepted the recommendation of the Board
Level Audit Committee.
Details of changes in Directors & Key Managerial Personnel
Appointment
Ms. Arti Bhatnagar, Additional Secretary & Financial Advisor,
Ministry of Commerce & Industry has been appointed as Part-time Offcial Director
w.e.f. February 14, 2023.
Shri Ramesh Patlya Mawaskar has been appointed as Part-time Non-Offcial
(Independent) Director w.e.f. June 8, 2023. Shri Jai Prakash Srivastava, Director (E,
R&D) & Director (Finance) - additional charge has been designated as Chief
Financial Officer (CFO) of the Company w.e.f. May 26, 2023. Shri Krishna Kumar Thakur has
been appointed as Whole Time (Functional) Director w.e.f. July 4, 2023 and has taken
charge as Director (Human Resources).
In accordance with applicable statutory provisions and Article 67(iv)
of the Articles of Association of the Company, Ms. Arti Bhatnagar, Shri Ramesh Patlya
Mawaskar and Shri Krishna Kumar Thakur having been appointed as additional directors,
shall hold directorship upto the 59th Annual General Meeting of the Company and
are eligible for appointment as Directors at the Meeting.
Further, pursuant to Section 152 of the Companies Act, 2013 and Article
67(i) of the Articles of Association of the Company, Shri Upinder Singh Matharu and Shri
Jai Prakash Srivastava will retire by rotation at the Annual General Meeting and being
eligible, offers themselves for re-appointment.
Cessation
Dr. Raj K. Agarwal, who was appointed as Part-time Non-Offcial
(Independent) Director on November 9, 2021, ceased to be a Director of the Company
consequent to his resignation on September 12, 2022 from BHEL's Board of Directors.
Dr. Raj K. Agarwal tendered his resignation citing his pre-occupation in personal affairs
and inability to devote sufficient time towards discharge of his responsibilities as an
Independent Director of the Company. Further, he also confirmed that there are no other
reasons other than those provided by him for resignation.
Shri Raj Kamal Bindal and Shri Manish Kapoor, who were appointed as
Part-time Non-o_cial (Independent) Directors on January 31, 2020, ceased to be Directors
of the Company on completion of their tenure on January 27, 2023. Shri Shashank Priya,
then Special Secretary & Financial Adviser, Ministry of Commerce & Industry who
was appointed as Part-time Offcial Director on October 4, 2019, ceased to be Part-time
Offcial Director on February 14, 2023. Shri Subodh Gupta who was appointed as Director
(Finance) w.e.f. April 18, 2018 ceased to be Director (Finance) w.e.f. April 18, 2023 in
terms of Ministry of Heavy Industries' communication dated May 17, 2023. Further, he
also ceased to be CFO of BHEL w.e.f. April 18, 2023.
The Board of Directors place on record their deep appreciation for the
valuable services rendered as well as advice and guidance provided by Dr. Raj K. Agarwal,
Shri Raj
Kamal Bindal, Shri Manish Kapoor, Shri Shashank Priya and Shri Subodh
Gupta during their respective tenure on the BHEL Board.
In compliance with Regulation 36(3) of the SEBI (Listing Obligations
& Disclosure Requirements) Regulations, 2015, brief resume of the Directors proposed
for appointment and re-appointment along with the nature of their expertise in specific
functional areas and names of companies in which the person holds directorship along with
the membership of the Committees of the Board are given in the explanatory statement/
annexure to the Notice.
CEO/ CFO Certificate
CEO/CFO certificate as per Regulation 17(8) of the SEBI (Listing
Obligations & Disclosure Requirements) Regulations, 2015 is placed at Annexure- III
to the Board's Report.
Consolidated Financial Statements
The brief on consolidated financial statements prepared pursuant to
section 129 (3) of the Companies Act, 2013 and Regulation 34 of the SEBI (Listing
Obligations & Disclosure Requirement) Regulations 2015, is given in section 1.8.3
under Management Discussion & Analysis.
Sustainable Development
We, at BHEL, tirelessly endeavour for sustainable operations in our
various business processes & activities. Our mission statement – ‘Providing
sustainable business solutions in the fields of Energy, Industry &
Infrastructure' bears testimony to our commitment for contributing towards
Sustainable Development and aspires to augment the industrial effort in this direction.
Sustainable development at BHEL addresses all three pillars of sustainability; namely-
Environmental, Economic and Social. Being a responsible and sustainable organisation, BHEL
strives towards integration of environmental, health, social equity and economic vitality
within the organisation and beyond. Manifestation of this vision is evident in our actions
apropos greener product development, increased renewable energy generation and usage,
efficient water management, enhanced green cover, emission reduction, optimization of
natural resources usage and improved energy efficiency and conservation. The brief of some
of these activities that help us move towards a sustainable future are given in Annexure-IV
to the Board's Report.
Green Company
Climate change has today occupied the centre stage in policy making
across the globe and is seriously impacting the way businesses work. At the national
level, Govt. of India has adopted ‘Panchamrit' to deal with these challenges as
well as committed to Net Zero target by 2070. As part of our ethos for sustainable
development, the company has now undertaken a major initiative for "Making BHEL a
Green
Company". This initiative will further strengthen BHEL's
position as a responsible and sustainable organization. In addition to generating goodwill
for the company, it is expected to reduce costs and improve availability of borrowings
& insurance in the long run and will also help to create a culture of innovation
within the company to design, engineer and manufacture environment friendly products.
Business Responsibility and Sustainability Report
In line with the requirement of the listing regulations, Business
Responsibility and Sustainability Report providing disclosures in environmental, social
and governance perspectives is enclosed at Annexure-V to the Board's Report.
Achievements of R&D and Technological Development
BHEL, in line with country's vision towards net zero carbon
emissions by 2070 for a sustainable future, has realigned its innovation ecosystem for
development of cleaner technologies. The company is working towards development of
products and systems in new business areas; such as coal to chemicals, high efficiency
thermal plants, rail transportation, defence, aerospace, hydrogen value chain, downstream
oil & gas, etc.
In FY 2022-23, BHEL has incurred an expenditure of 691 Crore towards
R&D activities, which is approx. 3% of the revenue. This includes expenditure incurred
on R&D projects taken up for development of new products, processes and systems as
well as efforts made for modifications/ improvements in products and designs against
customer requirements. During the year, BHEL has filed 503 patents and copyrights
applications, enhancing the company's intellectual capital to more than 5400 nos.
Approx. 19% of the company's revenue, amounting to 4,212 Crore has been achieved from
its in-house developed products, systems and services. Further details of major
developments have been provided in Annexure-VI to the Board's Report.
Implementation of Offcial Language
Offcial Language cells and Offcial Language Implementation Committees
have been established in all Units/Divisions/ Offices of BHEL, with Rajbhasha Officers
working in all these cells. Additionally, in the last two years, a lot of emphasis has
been given on Rajbhasha implementation. More than 100 Rajbhasha Chakras have been formed
across the company to motivate the employees to use Hindi in their day to day offcial work
and expedite Rajbhasha implementation which has enhanced the use of Hindi across the
Company. Quarterly meetings were held by the committees in all the Units/ Divisions
including Corporate Office during the year. Several activities in the form of events,
workshops, competitions were organized during the year. Your company is also contributing
as a member in the Testing Committee of the Memory Based Translation Software
‘Kanthastha 2.0' and its mobile-app version by the Department of Offcial
Language, Ministry of Home Affairs, Government of India. Further details have been
provided in Annexure-VIII to the Board's Report.
Vigil Mechanism
BHEL advocates the principles of Good Governance, Transparency, Probity
and Ethics so as to ensure highest level of integrity in its functioning. The company has
in place a full-fledged Vigil Mechanism consisting of Vigilance, Internal Audit, Whistle
Blower Policy, Independent External Monitors as well as Board Level Committee.
Vigilance function of BHEL is headed by Chief Vigilance Officer (CVO)
who acts as an extended arm of Central Vigilance Commission (CVC) for monitoring the
affairs of the Company. Units & Divisions of BHEL have a Vigilance set-up headed by a
senior officer reporting to the CVO. A panel of Independent External Monitors (IEMs) is in
place to oversee implementation of Integrity Pact, and address concerns related to the
same. The Company also encourages reporting of unfair & unethical practices and has a
Whistle Blower Policy which provides adequate safeguard to the complainant against
victimization. The "Board Level Audit Committee" (BLAC) reviews the functioning
of the Whistle Blower / Vigil Mechanism, and annual review of the Vigilance function is
also done by CMD / Board of Directors through structured meeting(s). Further, details are
provided in Annexure-VIII to the Board's Report.
Health, Safety & Environment (HSE)
BHEL focusses on developing sustainable practices for ensuring the
safety & health of its workforce as well as protecting the planet from various
environmental impacts of its operations. We believe that good health, safety and
environmental performance will result in long-term benefits, in terms of enhanced customer
loyalty, valuable partnerships & collaborations and sustainable development. BHEL, in
its pursuit of achieving the highest levels of Occupational, Health & Safety and
Environmental performance, has got its manufacturing units and Power Sector regions
certified under Occupational Health and Safety Certification (ISO 45001:2018) and
Environmental Management Systems Certification (ISO 14001:2015). To enhance regular
compliance, internal audits of manufacturing units and project sites are also carried out
by a team of HSE experts from within the organisation. Further details are provided in Annexure-VIII
to the Board's Report.
Data and Cyber Security
In today's hyper connected world, data and cyber security is of
paramount importance, especially for the country's foremost engineering organization
in heavy engineering sector. In this regard, BHEL has implemented advanced security
measures to protect its IT assets and data from cyber threats. These measures include a
multi-layered defence system that incorporates the latest technologies such as perimeter
security for datacentres, data networks, applications, and end user devices. Further
details have been included in Section 1.16 of the Board Report.
Other disclosures
Information in accordance with the provisions of Section 134(3)(m) of
the Companies Act, 2013 read with Companies (Accounts) Rules, 2014 regarding conservation
of energy, technology absorption and foreign exchange earnings and outgo is given at Annexure-VII
to the Board's Report.
As per provisions of section 197 of the Companies Act, 2013 read with
the Rule 5 of the Companies (Appointment and Remuneration of Managerial Personnel) Rules,
2014, every listed company is required to disclose the details of the remuneration of the
Directors etc. in the Board report. However, as per Notification No. GSR 463(E) dated June
5, 2015 issued by the Ministry of Corporate Affairs, Government Companies are exempted
from complying with provisions of section 197 of the Companies Act, 2013. BHEL being a
Government Company, such particulars are not included as part of Board's Report._
Statement pursuant to Section 129 of the Companies Act, 2013 (Form AOC-1) relating to
subsidiary companies & joint ventures and Form AOC-2 pursuant to section 134(3)(h) of
the Companies Act read with Rule 8(2) of the Companies (Accounts) Rules, 2014 is given at Annexure-IX
to the Board's Report.
Auditors
The Statutory Auditors of your Company are appointed by the Comptroller
and Auditor General of India. Three firms of statutory auditors were appointed as joint
statutory auditors and four firms were appointed as branch auditors. The names of audit
firms appointed for FY 2022-23 are given separately in the Annual Report.
Auditors' Report on the Accounts
The Auditors' Report on Standalone and Consolidated Financial
Statements for FY 2022-23 of the Company are given at Annexure- X to the
Board's Report. There is no qualification in the Auditors report on the Financial
Statements of the Company. The Supplementary Audit report under section 143(6) read with
section 129(4) of the Companies Act,2013 issued by the Comptroller & Auditor General
of India also forms part of Annexure-X.
Secretarial Audit
In terms of section 204(1) of the Companies Act, 2013, the Company
engaged M/s Agarwal S. & Associates, Company Secretaries in whole-time practice, as
Secretarial Auditors for conducting Secretarial Audit for FY 2022-23 and their report
forms part of Corporate Governance section.
Secretarial Auditor in their Audit Report have observed non-compliance
in composition of the Board of Directors as per Regulation 17 (1) (a) & (b) of the
Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements)
Regulations, 2015, Section 149 (4) of the Companies Act, 2013 and paras 3.1.2 & 3.1.4.
of the DPE Guidelines on Corporate Governance on account of (i) resignation of one
independent director on 30.05.2022, resulting in the Company not having requisite number
of independent directors on its Board and (ii) completion of tenure of two non-executive
directors on 27.01.2023, resulting in the Company not having requisite number of
non-executive directors on its Board.
The Management noted the observation and explained that BHEL, being a
Government Company, the directors, including the independent directors are appointed by
the Government of India. The Company has been in constant communication with the
Government for appointment of requisite number of independent directors on its Board so as
to ensure compliance with Corporate Governance norms enunciated under the SEBI (Listing
Obligations and Disclosure Requirements) Regulations, 2015, Companies Act, 2013 as well as
the DPE Guidelines on Corporate Governance. The matter of filling up of these vacancies is
under process at the end of Government.
Cost Auditors
In terms of provisions of Section 148 of the Companies Act, 2013 and as
per the Companies (Cost Records and Audit) Rules, 2014 and amendments thereof, the Board,
on the recommendation of the Audit Committee, approved the appointment of seven firms of
Cost Accountants as Cost Auditors for auditing the cost accounts of your Company for FY
2022-23. Cost accounts and records as specified by the Central Government under
sub-section (1) of section 148 of the Companies Act, 2013 have been properly maintained
and complied with. The detail of cost auditors appointed for FY 2022-23 are given
separately in the Annual Report. The Cost Audit Report for FY 2021-22 has been filed under
XBRL mode on September 02, 2022, well within the due date of filing and there was no
qualification in the cost audit report.
Appreciation and Acknowledgements
Your Directors gratefully acknowledge with deep sense of appreciation,
the co-operation and guidance received from the Government of India, particularly the
Ministry of Heavy Industries in various spheres of the company's operations and
strategic initiatives. We are deeply appreciative of and thankful to various ministries
and statutory authorities/ departments of the Government of India for their valuable
support and continuous cooperation. The Directors place on record their sincere
appreciation towards the Company's valued customers in India and abroad for their
co-operation in addressing various issues faced in complex long gestation construction
contracts.
The Directors also express their gratitude to the Comptroller and
Auditor General of India, professional bodies, Statutory Auditors, Branch Auditors,
Secretarial Auditor and Cost Auditors for their constructive suggestions and continuous
cooperation. The Directors place on record their sincere appreciation towards the
company's esteemed shareholders for the support and confidence reposed by them in the
management of the company and look forward to the continuance of in future. The Directors
also wish to place on record their appreciation for the continued cooperation received
from all the technology collaborators, suppliers and contractors. The support provided by
the financial institutions, bankers and stock exchanges are also acknowledged and
appreciated.
Last but not the least, your Directors wish to place on record their
sincere appreciation for the diligent efforts, hard work and commitment put in by all BHEL
employees, who have worked day and night, to meet the company's commitments._
| For and on behalf of the Board of Directors of |
| BHARAT HEAVY ELECTRICALS LTD. |
| Dr. Nalin Shinghal |
| Chairman & Managing Director |
| Place: New Delhi |
| Date: July 28, 2023 |
  Â
Bharat Heavy Electricals Ltd
Company Background
| Incorporation Year | 1964 |
| Registered Office | BHEL House,Siri Fort
New Delhi,New Delhi-110049 |
| Telephone | 91-11-66337000,Managing Director |
| Fax | 91-11-26493021 |
Koppu Sadashiv MurthyNalin Shinghal| Company Secretary | Rajeev Kalra |
| Auditor | ABP & Associates/PSMG & Associates/M Anandam & Co |
| Face Value | 2 |
| Market Lot | 1 |
| Listing | BSE,MSEI ,NSE, |
| Registrar | Alankit Assignments Ltd
Alankit House ,4E/2 Jhandewalan Ext, ,New Delhi - 110055 |
Bharat Heavy Electricals Ltd
Company Management
| Director Name | Director Designation | Year |
|---|
| Rajeev Kalra | Company Sec. & Compli. Officer | 2023 |
| Nalin Shinghal | Chairman & Managing Director | 2023 |
| K Sivaprasad | Independent Director | 2023 |
| Lekhasri Samantsinghar | Independent Director | 2023 |
| Upinder Singh Matharu | Director (Power) | 2023 |
| Vijay Mittal | Official Director (Part time) | 2023 |
| Jai Prakash Srivastava | Director (Research & Devplmnt) | 2023 |
| Shri Ramesh Patlya Mawaskar | Independent Director | 2023 |
| KRISHNA KUMAR THAKUR | Director (Human Resources) | 2023 |
| Arti Bhatnagar | Official Director (Part time) | 2023 |
| Bani Varma | Director | 2023 |
| Koppu Sadashiv Murthy | Chairman & Managing Director | 2023 |
Bharat Heavy Electricals Ltd
Listing Information
| Listing Information |
|---|
| BSE_500 |
| BSE_CG |
| BSE_200 |
| BSEDOLLEX |
| BSE_PSU |
| CNX500 |
| BSEMID |
| CNXMIDCAP |
| CNXMID50 |
| BSEPOWER |
| CNX_PSE |
| CNX200 |
| CNXALPHAIN |
| BSECPSE |
| BSEALLCAP |
| INDUSTRIAL |
| MID150 |
| LMI250 |
| MSL400 |
| BSEMOI |
| NFTYLM250 |
| NFTYMC150 |
| NFTYMSC400 |
| NFTY200M30 |
| NF500M5025 |
| NFTYTOTMKT |
| NFTY200A30 |
| NFMC150M50 |
| NMIM503020 |
| NMIF503020 |
Bharat Heavy Electricals Ltd
Finished Product
| Product Name | Unit | Installed
Capacity | Production
Quantity | Sales
Quantity | Sales
Value |
|---|
| sales | NA | 0 | 0 | 0 | 20490.64 |
| Liabilities written back | NA | 0 | 0 | 0 | 312.27 |
| Recoveries from Suppliers | NA | 0 | 0 | 0 | 219.79 |
| Scrap Sale | NA | 0 | 0 | 0 | 168.99 |
| Freight & Insurance | NA | 0 | 0 | 0 | 143.43 |
| Other operating revenues | NA | 0 | 0 | 0 | 119.53 |
| Insurance Claims | NA | 0 | 0 | 0 | 16.42 |
| Export Incentives | NA | 0 | 0 | 0 | 14.99 |
| Adjustment | NA | 0 | 0 | 0 | 0 |
| Repair & Project Work | NA | 0 | 0 | 0 | 0 |
| Sales less return | NA | 0 | 0 | 0 | 0 |
| Others | MT | 0 | 0 | 0 | 0 |
| Others | NA | 0 | 0 | 0 | 0 |
| Pipe Collar | NA | 0 | 0 | 0 | 0 |
| Poly Phase | No | 0 | 0 | 0 | 0 |
| MCBG for Railways | Lot | 0 | 0 | 0 | 0 |
| Microwave Sintering System | No | 0 | 0 | 0 | 0 |
| New Product Loco | No | 0 | 0 | 0 | 0 |
| Seamless Steel Tubes | MT | 0 | 0 | 0 | 0 |
| Solar Gyesers | No | 0 | 0 | 0 | 0 |
| Solar Roof Top & Pump | NA | 0 | 0 | 0 | 0 |
| Steam & Water Chemistry Diagno | Lot | 0 | 0 | 0 | 0 |
| Strain Mesaurement Instrument | No | 0 | 0 | 0 | 0 |
| Turbine Modules | MW | 0 | 0 | 0 | 0 |
| Turbine Modules | No | 0 | 0 | 0 | 0 |
| TurboGenerator Modules | MW | 0 | 0 | 0 | 0 |
| TurboGenerator Modules | No | 0 | 0 | 0 | 0 |
| Unspecified | NA | 0 | 0 | 0 | 0 |
| Wall Blowers | NA | 0 | 0 | 0 | 0 |
| Non Ferrous Casting | MT | 0 | 0 | 0 | 0 |
| Scrap Sales | NA | 0 | 0 | 0 | 0 |
| Bowl Mills | No | 0 | 0 | 0 | 0 |
| Bushings | NA | 0 | 0 | 0 | 0 |
| Cathodic Protection System | MT | 0 | 0 | 0 | 0 |
| Ceralin | CMT | 0 | 0 | 0 | 0 |
| Ceralin | MT | 0 | 0 | 0 | 0 |
| Ceralin Assembled | MT | 0 | 0 | 0 | 0 |
| Super Rapid Gun Mount | No | 0 | 0 | 0 | 0 |
| Fabricated Items | MT | 0 | 0 | 0 | 0 |
| S W H S | No | 0 | 0 | 0 | 0 |
| Erection Income | NA | 0 | 0 | 0 | 0 |
| Motors & Spares | No | 0 | 0 | 0 | 0 |
| Other Components-Indl.Sys.Grup | NA | 0 | 0 | 0 | 0 |
| Other Spares | Lot | 0 | 0 | 0 | 0 |
| Spares | NA | 0 | 0 | 0 | 0 |
| Spares & Rep. for Boiler/Turb. | NA | 0 | 0 | 0 | 0 |
| Spares (incl.Services)-Power.. | NA | 0 | 0 | 0 | 0 |
| Spares for tank truck automati | Lot | 0 | 0 | 0 | 0 |
| Spares Other than Breakers | NA | 0 | 0 | 0 | 0 |
| Income from external eri & Oth | NA | 0 | 0 | 0 | 0 |
| Income From Testing & Oth.Serv | NA | 0 | 0 | 0 | 0 |
| Job Charges (Internal Use) | NA | 0 | 0 | 0 | 0 |
| Mining Project | NA | 0 | 0 | 0 | 0 |
| Other Services | NA | 0 | 0 | 0 | 0 |
| Receipt from sale of stock | NA | 0 | 0 | 0 | 0 |
| Repair Contract EMRP | NA | 0 | 0 | 0 | 0 |
| Service Revenue | No | 0 | 0 | 0 | 0 |
| SPV | NA | 0 | 0 | 0 | 0 |
| 4 Cell PEM Fuel Cell | Set | 0 | 0 | 0 | 0 |
| 8 HP Permanent Magnet DC Motor | No | 0 | 0 | 0 | 0 |
| ASRS | Lot | 0 | 0 | 0 | 0 |
| Assembled Production | MT | 0 | 0 | 0 | 0 |
| ATP | NA | 0 | 0 | 0 | 0 |
| Cooling System | No | 0 | 0 | 0 | 0 |
| Cryogenics | MT | 0 | 0 | 0 | 0 |
| DC Field Coils | No | 0 | 0 | 0 | 0 |
| DG Sets & Erection Services | NA | 0 | 0 | 0 | 0 |
| Fuel Pipe Coupling | NA | 0 | 0 | 0 | 0 |
| Girder Pin Connection | NA | 0 | 0 | 0 | 0 |
| GPS Synchronisation of Master | No | 0 | 0 | 0 | 0 |
| Income from Sales | NA | 0 | 0 | 0 | 0 |
| Industrial Sets | NA | 0 | 0 | 0 | 0 |
| KVA Alternator | Lot | 0 | 0 | 0 | 0 |
| Rental Income | NA | 0 | 0 | 0 | 0 |
| Bio Gas Digestor | No | 0 | 0 | 0 | 0 |
| Silicon | Kg | 0 | 0 | 0 | 0 |
| Billets & Blooms | MT | 0 | 0 | 0 | 0 |
| Tubes-Steel-Seamless | MT | 0 | 0 | 0 | 0 |
| Castings | NA | 0 | 0 | 0 | 0 |
| Castings-Cast Iron | MT | 0 | 0 | 0 | 0 |
| Castings-Steel | MT | 0 | 0 | 0 | 0 |
| Steel Casting | MT | 0 | 0 | 0 | 0 |
| Stampings | No | 0 | 0 | 0 | 0 |
| Steel Forgings | MT | 0 | 0 | 0 | 0 |
| Steel Forgings (Heavy) | MT | 0 | 0 | 0 | 0 |
| Steel Forgings (Medium) | MT | 0 | 0 | 0 | 0 |
| AC Motors upto 1000H-Indl.Mach | No | 0 | 0 | 0 | 0 |
| Equipment-Others-Indl.Sys.Gr | NA | 0 | 0 | 0 | 0 |
| Large Electrical Machine | No | 0 | 0 | 0 | 0 |
| Boiler | MT | 0 | 0 | 0 | 0 |
| Nuclear Steam Generating Eqpt. | MW | 0 | 0 | 0 | 0 |
| Boiler Auxiliaries | MT | 0 | 0 | 0 | 0 |
| Drive Turbines | No | 0 | 0 | 0 | 0 |
| Gas Turbines | MW | 0 | 0 | 0 | 0 |
| Gas Turbines | No | 0 | 0 | 0 | 0 |
| Industrial Turbines | MW | 0 | 0 | 0 | 0 |
| Steam Turbines | MW | 0 | 0 | 0 | 0 |
| Steam Turbines | No | 0 | 0 | 0 | 0 |
| Steel Turbines | MW | 0 | 0 | 0 | 0 |
| Thermal Sets | MW | 0 | 0 | 0 | 0 |
| Hydro Sets | MW | 0 | 0 | 0 | 0 |
| Hydro Sets | No | 0 | 0 | 0 | 0 |
| Hydro Sets - Hydro Generator | MW | 0 | 0 | 0 | 0 |
| Hydro Sets - Hydro Generator | No | 0 | 0 | 0 | 0 |
| Hydro Sets - Hydro Turbine | MW | 0 | 0 | 0 | 0 |
| Hydro Sets - Hydro Turbine | No | 0 | 0 | 0 | 0 |
| Water Wheel Alternators/Turbin | MW | 0 | 0 | 0 | 0 |
| Water Wheel Alternators/Turbin | No | 0 | 0 | 0 | 0 |
| Industrial Turbo Sets | MW | 0 | 0 | 0 | 0 |
| Turbo Alternators/Steam Turbin | No | 0 | 0 | 0 | 0 |
| Turbo Sets | MW | 0 | 0 | 0 | 0 |
| Turbo Sets | No | 0 | 0 | 0 | 0 |
| Turbo Sets - Marine Turbine | MW | 0 | 0 | 0 | 0 |
| Turbo Sets - Marine Turbine | No | 0 | 0 | 0 | 0 |
| Turbo Sets - Nuclear Turbine | MW | 0 | 0 | 0 | 0 |
| Turbo Sets - Nuclear Turbine | Set | 0 | 0 | 0 | 0 |
| Turbo Sets - Steam Turbine | MW | 0 | 0 | 0 | 0 |
| Turbo Sets - Steam Turbine | No | 0 | 0 | 0 | 0 |
| Wind Energy Generator-4 KW | No | 0 | 0 | 0 | 0 |
| Wind Mills | MT | 0 | 0 | 0 | 0 |
| Pumps | No | 0 | 0 | 0 | 0 |
| Pumps & Heaters | No | 0 | 0 | 0 | 0 |
| Compressors | No | 0 | 0 | 0 | 0 |
| Aerators | No | 0 | 0 | 0 | 0 |
| Heaters-High Pressure | No | 0 | 0 | 0 | 0 |
| Radar Cooling Systems | Set | 0 | 0 | 0 | 0 |
| Solar Thermal Plant | No | 0 | 0 | 0 | 0 |
| Tusker Cooling Systems | No | 0 | 0 | 0 | 0 |
| TWT Cooling System | No | 0 | 0 | 0 | 0 |
| Cold Plates & Heat exchangers | No | 0 | 0 | 0 | 0 |
| Heat Exchangers | MT | 0 | 0 | 0 | 0 |
| Heat Exchangers | No | 0 | 0 | 0 | 0 |
| Heat Exchangers-Hvy.Rot.Plt.Tu | NA | 0 | 0 | 0 | 0 |
| R.O.Desalination | No | 0 | 0 | 0 | 0 |
| Oil Rigs | No | 0 | 0 | 0 | 0 |
| Pulverisers | No | 0 | 0 | 0 | 0 |
| Valves | MT | 0 | 0 | 0 | 0 |
| Valves | No | 0 | 0 | 0 | 0 |
| Industrial Valves | MT | 0 | 0 | 0 | 0 |
| Industrial Valves | No | 0 | 0 | 0 | 0 |
| Defence Electronics | Set | 0 | 0 | 0 | 0 |
| Electrical Mach.-Above 1000 HP | No | 0 | 0 | 0 | 0 |
| Electrical Machinery | MW | 0 | 0 | 0 | 0 |
| Electrical Machinery | No | 0 | 0 | 0 | 0 |
| Electronic Simulator/Sub-Sys. | Rs. | 0 | 0 | 0 | 0 |
| Photovoltaics | KW | 0 | 0 | 0 | 0 |
| Power Devices | No | 0 | 0 | 0 | 0 |
| Simulators | Set | 0 | 0 | 0 | 0 |
| Traction Machines | No | 0 | 0 | 0 | 0 |
| Motors-Indl. Sys. Group | No | 0 | 0 | 0 | 0 |
| Sets-110/120 MW | MW | 0 | 0 | 0 | 0 |
| Sets-60 MW | MW | 0 | 0 | 0 | 0 |
| Sets-60 MW | No | 0 | 0 | 0 | 0 |
| Small & Medium Sets | MW | 0 | 0 | 0 | 0 |
| Small & Medium Sets | No | 0 | 0 | 0 | 0 |
| Traction Motors for AC/DC Sys. | No | 0 | 0 | 0 | 0 |
| Turbo Alternators/Steam Turbin | Set | 0 | 0 | 0 | 0 |
| Generator Sets | MW | 0 | 0 | 0 | 0 |
| ACEMU Transformer | No | 0 | 0 | 0 | 0 |
| Power Transformers Upto 400KV | MVA | 0 | 0 | 0 | 0 |
| Transformer-Power 33Kv/132Kv | MVA | 0 | 0 | 0 | 0 |
| Transformer-Power 33Kv/132Kv | No | 0 | 0 | 0 | 0 |
| Transformers-Dry Type | No | 0 | 0 | 0 | 0 |
| Transformers-Freight Loco | No | 0 | 0 | 0 | 0 |
| Transformers-Instr. | No | 0 | 0 | 0 | 0 |
| Transformers-Instr./Welding | MVA | 0 | 0 | 0 | 0 |
| Transformers-Instr./Welding | No | 0 | 0 | 0 | 0 |
| Transformers-Other | No | 0 | 0 | 0 | 0 |
| Transformers-Power | MVA | 0 | 0 | 0 | 0 |
| Transformers-Power | No | 0 | 0 | 0 | 0 |
| Transformers-Power/Special | No | 0 | 0 | 0 | 0 |
| Transformers-Traction | No | 0 | 0 | 0 | 0 |
| Transftormers-ESP | No | 0 | 0 | 0 | 0 |
| Power Transformers33kv/132kv | MVA | 0 | 0 | 0 | 0 |
| Power Transformers33kv/132kv | No | 0 | 0 | 0 | 0 |
| Instrument Transformer | MVA | 0 | 0 | 0 | 0 |
| Instrument Transformer | No | 0 | 0 | 0 | 0 |
| Rectifiers (Sets) | No | 0 | 0 | 0 | 0 |
| Rectifiers with Electronics | No | 0 | 0 | 0 | 0 |
| Power Transformers Accessories | MVA | 0 | 0 | 0 | 0 |
| Power Transformers Accessories | No | 0 | 0 | 0 | 0 |
| EPABX Lines (128 Port) | No | 0 | 0 | 0 | 0 |
| Software | Lot | 0 | 0 | 0 | 0 |
| Radio Receivers | No | 0 | 0 | 0 | 0 |
| Capacitors | MVR | 0 | 0 | 0 | 0 |
| Capacitors-(Electronic Div.) | No | 0 | 0 | 0 | 0 |
| Capacitors-Control Gear (MVAR) | No | 0 | 0 | 0 | 0 |
| Capacitors-Electroytic | No | 0 | 0 | 0 | 0 |
| Capacitors-Paper | No | 0 | 0 | 0 | 0 |
| Capacitors-Polyester | No | 0 | 0 | 0 | 0 |
| Aux.Prodn.Breakers | No | 0 | 0 | 0 | 0 |
| Breakers/Spares | No | 0 | 0 | 0 | 0 |
| Circuit Breakers | No | 0 | 0 | 0 | 0 |
| Breakers | No | 0 | 0 | 0 | 0 |
| Traction Controlgear for ACDC | Set | 0 | 0 | 0 | 0 |
| Switchgears | No | 0 | 0 | 0 | 0 |
| Switchgears 11 KV to 220 KV | No | 0 | 0 | 0 | 0 |
| Bus Ducts | MT | 0 | 0 | 0 | 0 |
| Bus Ducts | No | 0 | 0 | 0 | 0 |
| Industrial Control Gears | No | 0 | 0 | 0 | 0 |
| Control Panels | No | 0 | 0 | 0 | 0 |
| Industrial Control Panels | No | 0 | 0 | 0 | 0 |
| PV Panels | KW | 0 | 0 | 0 | 0 |
| Solar Lanterns | No | 0 | 0 | 0 | 0 |
| Bus Duct Project | Set | 0 | 0 | 0 | 0 |
| Disc Insulators | CMT | 0 | 0 | 0 | 0 |
| Insulators | CMT | 0 | 0 | 0 | 0 |
| Insulators & Bushings | CMT | 0 | 0 | 0 | 0 |
| Insulators & Bushings | MT | 0 | 0 | 0 | 0 |
| Ceramic Liners | MT | 0 | 0 | 0 | 0 |
| AC Locomotives | No | 0 | 0 | 0 | 0 |
| Diesel Shunters | No | 0 | 0 | 0 | 0 |
| Armoured Recovery Vehicle | No | 0 | 0 | 0 | 0 |
| Aircrafts-Light | No | 0 | 0 | 0 | 0 |
| Water Meters | MW | 0 | 0 | 0 | 0 |
| Water Meters | No | 0 | 0 | 0 | 0 |
| Electricity meters | No | 0 | 0 | 0 | 0 |
| Energy Meter | No | 0 | 0 | 0 | 0 |
| Energy Meters-Poly Phase | No | 0 | 0 | 0 | 0 |
| Energy Meters-Single Phase | No | 0 | 0 | 0 | 0 |
| Telecommunication | Lin | 0 | 0 | 0 | 0 |
| Chopper Controllers | No | 0 | 0 | 0 | 0 |
| Control Equipments | NA | 0 | 0 | 0 | 0 |
| Control Equipments | No | 0 | 0 | 0 | 0 |
| Control Equipments(Cubicales) | No | 0 | 0 | 0 | 0 |
| Control Equipments-Electronic | NA | 0 | 0 | 0 | 0 |
| Control Equipments-Indl.Sys.Gr | No | 0 | 0 | 0 | 0 |