Wed Jan 29 03:50:00 UTC 2025: ## BHEL Shares Surge on Strong Q3 Results, Despite Brokerage Divergence

**Mumbai, India** – Shares of Bharat Heavy Electricals Ltd (BHEL) jumped nearly 4.75% to Rs 196.50 on Wednesday following the release of its strong December 2024 quarter results. The state-run capital goods company reported a 124.5% year-on-year (YoY) rise in consolidated net profit to Rs 134.7 crore, up from Rs 60 crore in the same period last year. Consolidated revenue also saw a significant increase, climbing 32.3% YoY to Rs 7,277.1 crore. Order inflow surged by 167% YoY to Rs 6,860 crore, boosting the order book to Rs 1.6 lakh crore, a 47% YoY increase.

Despite the positive performance, brokerage firms remain divided on the stock’s future. While Antique Stock Broking issued a ‘buy’ rating with a revised target price of Rs 300 (down from Rs 364), citing promising business outlook and improved profitability in FY26, Kotak Institutional Equities maintained a ‘sell’ rating with a revised fair value of Rs 115. Morgan Stanley remains ‘overweight’ with a target price of Rs 325, while CLSA holds an ‘underperform’ rating and a target price of Rs 166. The differing opinions stem from varying interpretations of the results, with some focusing on the strong order inflow and revenue growth, while others highlight concerns about profitability and expenses. The stock’s performance remains volatile, having fallen nearly 45% from its 52-week high of Rs 335.40 in July 2024.

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