BHEL reported another loss making 2QFY22. While revenue stood ~10% above our expectation, lack of operating leverage led to losses at the operating level. It reported a net loss of INR675m, below our expected loss of INR2.3b, owing to lower other expenses (reversal of provisions ~INR1.8b) and revaluation of depreciation charges by ~INR580m. Adjusted for the above two items, losses are in line with our expectation. Of the total order book of INR1.1t, the executable order book stands at INR90b. Around 50% of the order book is fixed cost contracts, thus posing a...