Bharat Seats Ltd

Bharat Seats Ltd

₹ 154 -1.73%
19 Apr - close price
About

Incorporated in 1986, Bharat Seats Limited (BSL) is a joint-venture (JV) between the Indian promoters Relan Group (25.9%), Maruti Suzuki India Limited (14.81%) and Suzuki Motors Corporation (14.81%) involved in manufacturing of cars seats floor carpets for MSIL and two-wheeler seats for Suzuki Motorcycle India Private Limited (SMIPL). BSL is promoted by Mr. Rohit Relan and his family. BSL is the sole supplier for seat sets for several key models of MSIL. [1] [2]

Key Points

Products
Car Seats Assemblies :85%
Motorcycle seats:6%
the rest from other divisions such as carpet sets, extrusion components for vehicle roofs, and frame components. [1]

  • Market Cap 483 Cr.
  • Current Price 154
  • High / Low 204 / 86.2
  • Stock P/E 19.8
  • Book Value 48.9
  • Dividend Yield 0.91 %
  • ROCE 17.6 %
  • ROE 15.8 %
  • Face Value 2.00

Pros

  • Company has been maintaining a healthy dividend payout of 24.7%
  • Debtor days have improved from 46.0 to 33.5 days.

Cons

  • Stock is trading at 3.15 times its book value
  • Company has a low return on equity of 10.2% over last 3 years.
  • Company might be capitalizing the interest cost

* 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.

Peer comparison

Sector: Auto Ancillaries Industry: Auto Ancillaries

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Quarterly Results

Figures in Rs. Crores

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
176.62 199.57 168.24 190.88 197.56 260.95 247.69 290.75 219.18 293.43 252.75 285.98 249.98
162.49 188.21 164.06 184.63 189.50 247.29 238.20 278.82 209.03 278.77 240.66 269.04 235.33
Operating Profit 14.13 11.36 4.18 6.25 8.06 13.66 9.49 11.93 10.15 14.66 12.09 16.94 14.65
OPM % 8.00% 5.69% 2.48% 3.27% 4.08% 5.23% 3.83% 4.10% 4.63% 5.00% 4.78% 5.92% 5.86%
0.28 1.09 1.81 1.43 0.65 1.38 0.34 0.97 1.44 1.35 1.09 0.84 1.45
Interest 1.11 0.94 0.84 0.99 1.21 0.86 0.71 0.83 0.91 1.18 1.38 2.38 2.24
Depreciation 4.45 4.08 4.47 4.43 4.35 4.37 4.34 4.21 4.21 4.32 5.41 6.30 6.29
Profit before tax 8.85 7.43 0.68 2.26 3.15 9.81 4.78 7.86 6.47 10.51 6.39 9.10 7.57
Tax % 25.20% 27.32% 36.76% 25.22% 25.40% 24.16% 25.52% 25.32% 26.74% 29.88% 26.92% 25.49% 27.08%
6.62 5.39 0.43 1.69 2.36 7.44 3.56 5.87 4.75 7.37 4.67 6.79 5.52
EPS in Rs 2.11 1.72 0.14 0.54 0.75 2.37 1.13 1.87 1.51 2.35 1.49 2.16 1.76
Raw PDF

Profit & Loss

Figures in Rs. Crores

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
429 600 560 693 700 840 970 904 589 548 818 1,051 1,082
412 576 531 661 670 803 905 853 553 521 785 1,005 1,024
Operating Profit 17 24 29 32 30 37 65 50 36 27 32 46 58
OPM % 4% 4% 5% 5% 4% 4% 7% 6% 6% 5% 4% 4% 5%
1 1 0 2 2 1 1 5 2 2 5 4 5
Interest 3 6 6 6 5 4 3 3 3 4 4 4 7
Depreciation 7 11 14 16 17 17 19 21 22 18 18 17 22
Profit before tax 7 7 9 11 10 17 44 31 12 7 16 30 34
Tax % 22% 24% 26% 29% 27% 28% 35% 31% -2% 28% 25% 27%
6 5 7 8 7 12 28 21 13 5 12 22 24
EPS in Rs 1.81 1.70 2.14 2.59 2.30 3.88 8.99 6.82 3.99 1.53 3.79 6.86 7.76
Dividend Payout % 44% 47% 37% 35% 39% 23% 11% 15% 13% 33% 21% 20%
Compounded Sales Growth
10 Years: 6%
5 Years: 2%
3 Years: 21%
TTM: 6%
Compounded Profit Growth
10 Years: 15%
5 Years: -5%
3 Years: 20%
TTM: 13%
Stock Price CAGR
10 Years: 25%
5 Years: 12%
3 Years: 30%
1 Year: 76%
Return on Equity
10 Years: 16%
5 Years: 13%
3 Years: 10%
Last Year: 16%

Balance Sheet

Figures in Rs. Crores

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 6 6 6 6 6 6 6 6 6 6 6 6 6
Reserves 29 32 35 40 47 56 80 98 107 110 121 140 147
63 105 102 91 75 63 25 29 40 35 39 66 101
71 79 109 127 122 140 172 140 89 140 171 146 163
Total Liabilities 170 221 253 265 250 265 285 273 242 291 337 358 418
90 112 150 150 144 146 136 152 150 126 147 199 237
CWIP 24 32 4 3 1 0 13 0 22 30 8 12 3
Investments 0 0 0 0 0 0 0 0 0 0 0 0 0
56 78 99 111 104 119 135 121 69 135 182 147 178
Total Assets 170 221 253 265 250 265 285 273 242 291 337 358 418

Cash Flows

Figures in Rs. Crores

Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023
28 5 36 36 34 38 69 35 28 19 16 43
-54 -37 -17 -13 -6 -17 -23 -24 -34 -12 -15 -59
20 29 -18 -23 -28 -22 -44 -4 -3 -7 -2 17
Net Cash Flow -7 -3 0 0 0 0 2 7 -9 -0 -1 0

Ratios

Figures in Rs. Crores

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 21 31 43 40 43 41 35 31 22 55 49 34
Inventory Days 13 10 8 7 9 8 12 11 16 24 28 12
Days Payable 52 41 59 56 60 61 66 59 57 99 68 48
Cash Conversion Cycle -17 -1 -8 -8 -8 -13 -19 -17 -19 -20 9 -3
Working Capital Days -35 -10 -19 -19 -18 -12 -13 -9 -12 -10 4 -3
ROCE % 13% 11% 11% 13% 12% 17% 40% 28% 11% 7% 12% 18%

Shareholding Pattern

Numbers in percentages

Jun 2021Sep 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024
74.59% 74.59% 74.59% 74.59% 74.59% 74.59% 74.59% 74.59% 74.59% 74.59% 74.59% 74.59%
0.11% 0.11% 0.11% 0.11% 0.11% 0.11% 0.11% 0.11% 0.11% 0.11% 0.11% 0.11%
25.30% 25.30% 25.30% 25.30% 25.30% 25.30% 25.30% 25.30% 25.30% 25.30% 25.29% 25.30%
No. of Shareholders 12,27013,56813,58413,25312,76912,22312,09011,84212,78313,12713,41014,894

* The classifications might have changed from Sep'2022 onwards. The new XBRL format added more details from Sep'22 onwards.

Classifications such as banks and foreign portfolio investors were not available earlier. The sudden changes in FII or DII can be because of these changes.

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