Bharat Seats Ltd
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]
- Market Cap ₹ 487 Cr.
- Current Price ₹ 155
- High / Low ₹ 204 / 92.0
- Stock P/E 20.0
- Book Value ₹ 48.9
- Dividend Yield 0.90 %
- 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 3.18 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
Quarterly Results
Figures in Rs. Crores
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: | 14% |
3 Years: | 30% |
1 Year: | 62% |
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% |
Documents
Announcements
- Format of the Initial Disclosure to be made by an entity identified as a Large Corporate : Annexure A 2d
- Announcement under Regulation 30 (LODR)-Credit Rating 2d
- YEARLY CERTIFICATION FOR THE YEAR ENDED 31ST MARCH 2024 As per Regulation 40(9) OF SEBI (LODR) REGULATIONS, 2015 2d
- Compliances - Compliance Certificate For The Period Ended March 2024. 12 Apr
- Compliances-Certificate under Reg. 74 (5) of SEBI (DP) Regulations, 2018 12 Apr
Annual reports
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Financial Year 2023
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Financial Year 2022
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Financial Year 2021
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Financial Year 2020
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Financial Year 2019
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Financial Year 2018
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Financial Year 2017
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Financial Year 2016
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Financial Year 2015
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Financial Year 2014
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Financial Year 2013
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Financial Year 2012
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Financial Year 2011
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Financial Year 2010
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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]