Bharat Heavy Electricals (BHEL) reported provisional results for FY14, with PAT of Rs 32 billion coming in significantly below our/Bloomberg consensus estimates due to weak execution and continued margin pressures. FY14 order inflow was also weak (Rs 280 billion, down 12% YoY) and continues to be below BHEL’s revenue run rate, according to Barclays Equity Rersearch.

''While balance sheet data is awaited (expected end of May), we note that limited movement in the slow moving order book would likely have continued to pressure receivable days. Maintain UW,'' the broking firm opined.

The stock broker has maintained 'Underweight' on BHEL with target price of Rs 130 with current market price (CMP) of Rs 183.50 in its report.

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