Bharat Seats Ltd

About

Bharat Seats is engaged in manufacture of complete seating system and interior component for the automotive and surface transport.(Source : 201903 Annual Report Page No: 65)

  • Market Cap 189 Cr.
  • Current Price 60.3
  • High / Low 88.0 / 29.1
  • Stock P/E
  • Book Value 36.1
  • Dividend Yield 0.83 %
  • ROCE 10.8 %
  • ROE 11.6 %
  • Face Value 2.00

Pros

  • Debtor days have improved from 29.70 to 22.38 days.

Cons

  • Company has low interest coverage ratio.
  • The company has delivered a poor growth of -3.23% over past five years.
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Quarterly Results

Figures in Rs. Crores

Sep 2017 Dec 2017 Mar 2018 Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020
265 218 253 239 266 203 195 170 150 144 124 22
244 205 236 223 251 194 186 158 140 135 120 30
Operating Profit 21 14 18 16 15 10 9 12 10 9 4 -8
OPM % 8% 6% 7% 7% 6% 5% 5% 7% 7% 6% 3% -39%
Other Income 0 1 0 0 1 0 3 0 0 0 1 0
Interest 1 1 1 1 1 1 1 1 1 1 1 1
Depreciation 5 5 5 5 5 5 5 6 6 6 5 5
Profit before tax 16 9 12 11 11 4 6 6 4 3 -1 -14
Tax % 34% 33% 38% 34% 35% 30% 22% 37% -93% 26% 0% 25%
Net Profit 10 6 8 7 7 3 5 4 7 2 -1 -11
EPS in Rs 3.26 1.86 2.47 2.27 2.18 0.86 1.51 1.21 2.23 0.74 -0.20 -3.35
Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes

Profit & Loss

Figures in Rs. Crores

Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 TTM
218 334 438 429 600 560 693 700 840 970 904 589 440
211 326 421 412 576 531 661 670 803 905 853 553 425
Operating Profit 7 8 18 17 24 29 32 30 37 65 50 36 15
OPM % 3% 2% 4% 4% 4% 5% 5% 4% 4% 7% 6% 6% 3%
Other Income 1 1 1 1 1 0 2 2 1 1 5 2 2
Interest 1 1 2 3 6 6 6 5 4 3 3 3 3
Depreciation 2 3 5 7 11 14 16 17 17 19 21 22 21
Profit before tax 4 5 11 7 7 9 11 10 17 44 31 12 -8
Tax % 35% 26% 28% 22% 24% 26% 29% 27% 28% 35% 31% -2%
Net Profit 3 4 8 6 5 7 8 7 12 28 21 13 -2
EPS in Rs 0.88 1.22 2.62 1.81 1.70 2.14 2.59 2.30 3.88 8.99 6.82 3.99 -0.58
Dividend Payout % 57% 49% 31% 44% 47% 37% 35% 39% 23% 11% 15% 13%
Compounded Sales Growth
10 Years:6%
5 Years:-3%
3 Years:-11%
TTM:-47%
Compounded Profit Growth
10 Years:12%
5 Years:9%
3 Years:1%
TTM:-110%
Stock Price CAGR
10 Years:10%
5 Years:12%
3 Years:-32%
1 Year:-10%
Return on Equity
10 Years:20%
5 Years:21%
3 Years:23%
Last Year:12%

Balance Sheet

Figures in Rs. Crores

Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020
6 6 6 6 6 6 6 6 6 6 6 6
Reserves 19 21 26 29 32 35 40 47 56 80 98 107
Borrowings 13 22 36 63 105 102 91 75 63 25 29 40
27 36 40 71 79 109 127 122 140 172 140 89
Total Liabilities 66 85 109 170 221 253 265 250 265 285 273 242
25 48 61 90 112 150 150 144 146 136 152 150
CWIP 1 3 4 24 32 4 3 1 0 13 0 22
Investments 3 4 0 0 0 0 0 0 0 0 0 0
37 30 43 56 78 99 111 104 119 135 121 69
Total Assets 66 85 109 170 221 253 265 250 265 285 273 242

Cash Flows

Figures in Rs. Crores

Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020
-1 25 15 28 5 36 36 34 38 69 35 28
-1 -28 -20 -54 -37 -17 -13 -6 -17 -23 -24 -34
1 6 10 20 29 -18 -23 -28 -22 -44 -4 -3
Net Cash Flow -1 2 6 -7 -3 0 0 0 0 2 7 -9

Ratios

Figures in Rs. Crores

Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020
ROCE % 14% 15% 23% 13% 11% 11% 13% 12% 17% 40% 28% 11%
Debtor Days 29 14 10 21 31 43 40 43 41 35 31 22
Inventory Turnover 38.62 42.86 42.47 32.28 39.28 39.06 54.51 47.66 49.99 39.02 30.86 22.15

Shareholding Pattern

Numbers in percentages

Dec 2017 Mar 2018 Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020
74.38 74.38 74.38 74.39 74.39 74.39 74.39 74.39 74.36 74.59 74.59 74.59
0.25 0.29 0.21 0.17 0.14 0.05 0.00 0.00 0.00 0.00 0.00 0.00
0.11 0.11 0.11 0.11 0.11 0.11 0.11 0.11 0.13 0.11 0.11 0.11
0.13 0.13 0.13 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
25.13 25.09 25.17 25.34 25.36 25.45 25.50 25.50 25.51 25.30 25.30 25.30

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