B N Rathi Securities Ltd

B N Rathi Securities Ltd

₹ 116 1.67%
22 Apr 12:53 p.m.
About

Incorporated in 1985, B.N.Rathi Securities
Ltd is in the business of broking in securities
and also deals in depository operations and institutional equities[1]

Key Points

Business Overview:[1]
Company offers Trading and Investment Opportunities across multiple market and segments like Equity, F&O, IPOs, Currency and Mutual Funds to Investors through their offices across the country. It is registered with Life Insurance Corporation of India Ltd, UTI, Bank of India and Bank of Maharashtra for their secondary market operations

  • Market Cap 118 Cr.
  • Current Price 116
  • High / Low 126 / 34.7
  • Stock P/E 12.5
  • Book Value 42.4
  • Dividend Yield 1.30 %
  • ROCE 33.0 %
  • ROE 21.0 %
  • Face Value 10.0

Pros

  • Company has reduced debt.
  • Company is almost debt free.
  • Company has delivered good profit growth of 29.9% CAGR over last 5 years
  • Company has been maintaining a healthy dividend payout of 17.5%
  • Debtor days have improved from 80.1 to 61.2 days.

Cons

  • Earnings include an other income of Rs.8.35 Cr.
  • Promoter holding has decreased over last 3 years: -5.87%

* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.

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Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

Dec 2020 Mar 2021 Jun 2021 Sep 2021 Dec 2021 Mar 2022 Jun 2022 Sep 2022 Dec 2022 Mar 2023 Jun 2023 Sep 2023 Dec 2023
7.50 7.34 8.59 9.23 9.77 10.38 10.05 10.01 10.11 10.14 10.18 11.78 11.38
6.73 6.97 7.94 8.26 8.65 9.73 8.55 8.09 8.47 8.69 9.00 9.89 9.94
Operating Profit 0.77 0.37 0.65 0.97 1.12 0.65 1.50 1.92 1.64 1.45 1.18 1.89 1.44
OPM % 10.27% 5.04% 7.57% 10.51% 11.46% 6.26% 14.93% 19.18% 16.22% 14.30% 11.59% 16.04% 12.65%
0.64 0.96 0.99 0.93 1.18 1.32 1.26 1.53 1.57 1.55 1.97 2.27 2.56
Interest 0.20 0.19 0.25 0.25 0.33 0.41 0.45 0.56 0.48 0.38 0.32 0.23 0.29
Depreciation 0.06 0.06 0.05 0.08 0.09 0.08 0.09 0.09 0.09 0.09 0.08 0.08 0.11
Profit before tax 1.15 1.08 1.34 1.57 1.88 1.48 2.22 2.80 2.64 2.53 2.75 3.85 3.60
Tax % 24.35% 59.26% 24.63% 24.20% 25.00% 27.03% 24.77% 24.64% 24.24% 33.99% 25.09% 25.19% 25.28%
0.86 0.44 1.02 1.18 1.40 1.08 1.69 2.12 1.98 1.68 2.06 2.88 2.69
EPS in Rs 1.02 0.52 1.21 1.40 1.67 1.29 2.01 2.52 2.36 2.00 2.45 3.43 2.62
Raw PDF

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 TTM
6.09 5.94 8.08 14.00 16.32 21.28 23.92 22.74 25.53 32.31 42.37 46.46 43.48
5.17 5.17 6.71 11.18 13.64 17.70 20.48 20.53 22.46 26.29 34.57 33.79 37.52
Operating Profit 0.92 0.77 1.37 2.82 2.68 3.58 3.44 2.21 3.07 6.02 7.80 12.67 5.96
OPM % 15.11% 12.96% 16.96% 20.14% 16.42% 16.82% 14.38% 9.72% 12.03% 18.63% 18.41% 27.27% 13.71%
0.15 0.15 0.19 0.00 0.31 0.00 0.00 0.01 0.00 0.00 0.01 -0.25 8.35
Interest 0.32 0.21 0.19 0.38 0.64 0.29 0.29 0.41 0.53 0.72 1.24 1.87 1.22
Depreciation 0.22 0.16 0.15 0.34 0.41 0.31 0.22 0.14 0.21 0.23 0.31 0.36 0.36
Profit before tax 0.53 0.55 1.22 2.10 1.94 2.98 2.93 1.67 2.33 5.07 6.26 10.19 12.73
Tax % 28.30% 29.09% 26.23% 30.00% 34.54% 35.23% 29.35% 31.14% 24.89% 31.76% 25.40% 26.79%
0.38 0.39 0.91 1.47 1.27 1.94 2.07 1.16 1.75 3.45 4.67 7.47 9.31
EPS in Rs 0.45 0.46 1.08 1.75 1.51 2.31 2.46 1.38 2.08 4.11 5.56 8.89 10.50
Dividend Payout % 66.32% 64.62% 33.23% 25.71% 31.75% 25.98% 29.22% 43.45% 28.80% 17.53% 17.99% 16.87%
Compounded Sales Growth
10 Years: 23%
5 Years: 14%
3 Years: 22%
TTM: 7%
Compounded Profit Growth
10 Years: 32%
5 Years: 30%
3 Years: 64%
TTM: 38%
Stock Price CAGR
10 Years: 31%
5 Years: 49%
3 Years: 87%
1 Year: 214%
Return on Equity
10 Years: 15%
5 Years: 16%
3 Years: 19%
Last Year: 21%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Sep 2023
Equity Capital 2.52 2.52 2.52 2.52 5.04 5.04 5.04 5.04 5.04 5.04 8.40 8.40 8.40
Reserves 5.51 5.59 6.15 7.13 8.96 10.88 12.31 12.80 13.07 16.57 24.71 31.41 35.09
0.25 0.25 0.05 1.03 0.27 0.16 0.04 0.00 0.00 6.85 1.69 0.00 0.00
8.88 7.92 13.01 18.38 23.02 24.39 32.19 32.45 40.33 86.04 108.93 112.12 184.29
Total Liabilities 17.16 16.28 21.73 29.06 37.29 40.47 49.58 50.29 58.44 114.50 143.73 151.93 227.78
0.67 0.40 0.42 0.19 0.48 0.31 0.34 0.26 0.25 3.09 3.44 3.28 3.23
CWIP 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Investments 1.00 1.01 1.50 1.50 1.50 1.59 2.40 1.57 1.57 1.57 1.57 1.07 1.07
15.49 14.87 19.81 27.37 35.31 38.57 46.84 48.46 56.62 109.84 138.72 147.58 223.48
Total Assets 17.16 16.28 21.73 29.06 37.29 40.47 49.58 50.29 58.44 114.50 143.73 151.93 227.78

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023
-15.79 -1.62 3.82 4.69 0.37 -4.33 7.80 -3.22 17.21 33.80 40.88 -4.39
7.51 2.49 0.35 1.43 1.07 -0.12 1.89 2.65 2.44 0.27 3.78 6.46
-0.37 -0.47 -4.02 0.27 5.80 -0.89 -1.02 -7.86 -11.91 -43.83 -22.63 2.42
Net Cash Flow -8.65 0.40 0.15 6.40 7.25 -5.34 8.67 -8.43 7.75 -9.76 22.03 4.49

Ratios

Standalone Figures in Rs. Crores / View Consolidated

Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023
Debtor Days 122.27 90.94 82.22 45.36 99.53 150.77 103.00 112.36 60.76 88.12 90.88 61.20
Inventory Days
Days Payable
Cash Conversion Cycle 122.27 90.94 82.22 45.36 99.53 150.77 103.00 112.36 60.76 88.12 90.88 61.20
Working Capital Days -119.27 -259.31 -73.18 -199.71 -153.43 -10.12 -112.61 -64.69 -309.81 -616.35 -813.48 -680.19
ROCE % 10.48% 10.70% 16.63% 25.57% 18.20% 21.55% 19.24% 11.81% 15.91% 24.87% 23.71% 33.00%

Shareholding Pattern

Numbers in percentages

Jun 2021Sep 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024
53.48% 53.48% 53.48% 58.10% 58.10% 58.10% 58.10% 58.10% 58.10% 58.10% 47.61% 47.61%
46.52% 46.52% 46.52% 41.90% 41.90% 41.91% 41.91% 41.90% 41.90% 41.90% 52.39% 52.40%
No. of Shareholders 3,2063,6744,1804,9225,0895,0305,1355,1905,3795,1985,7165,756

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