Bharat Seats Ltd

Bharat Seats is a joint Venture of Suzuki Motor Corporation, Japan, Maruti Suzuki India Ltd and the Relans for the manufacture of complete seating systems and interior components for the automotive and surface transport.

Pros:
Company has reduced debt.
Company has good consistent profit growth of 39.57% over 5 years
Company has a good return on equity (ROE) track record: 3 Years ROE 26.51%
Company has been maintaining a healthy dividend payout of 24.13%
Cons:
The company has delivered a poor growth of 10.10% over past five years.
Company might be capitalizing the interest cost

Peer Comparison Sector: Auto Ancillaries // Industry: Auto Ancillaries

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Quarterly Results Figures in Rs. Crores

Jun 2016 Sep 2016 Dec 2016 Mar 2017 Jun 2017 Sep 2017 Dec 2017 Mar 2018 Jun 2018 Sep 2018 Dec 2018 Mar 2019
180.59 218.76 202.35 224.53 233.01 265.42 218.39 253.46 238.84 265.85 203.40 195.47
173.21 208.29 193.74 214.68 221.01 244.21 204.86 235.60 222.78 250.91 193.84 186.45
Operating Profit 7.38 10.47 8.61 9.85 12.00 21.21 13.53 17.86 16.06 14.94 9.56 9.02
OPM % 4.09% 4.79% 4.26% 4.39% 5.15% 7.99% 6.20% 7.05% 6.72% 5.62% 4.70% 4.61%
Other Income 0.28 0.15 0.93 0.72 0.20 0.02 0.68 0.32 0.45 1.30 0.40 3.12
Interest 1.11 1.27 1.06 1.03 0.92 0.88 0.77 0.63 0.76 0.62 0.84 0.79
Depreciation 4.14 4.21 4.22 4.52 4.57 4.74 4.69 5.11 4.96 5.07 5.27 5.31
Profit before tax 2.41 5.14 4.26 5.02 6.71 15.61 8.75 12.44 10.79 10.55 3.85 6.04
Tax % 30.29% 31.52% 30.52% 19.92% 34.87% 34.40% 33.26% 37.54% 33.92% 35.17% 29.87% 21.52%
Net Profit 1.68 3.52 2.96 4.01 4.37 10.24 5.84 7.77 7.12 6.84 2.70 4.75
Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes

Profit & Loss Figures in Rs. Crores

Mar 2007 Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 TTM
174 197 218 334 438 429 600 560 693 700 840 970 904
168 191 211 326 421 412 576 531 661 670 803 905 854
Operating Profit 6 6 7 8 18 17 24 29 32 30 37 65 50
OPM % 3% 3% 3% 2% 4% 4% 4% 5% 5% 4% 4% 7% 5%
Other Income 1 1 1 1 1 1 1 0 2 2 1 1 5
Interest 1 1 1 1 2 3 6 6 6 5 4 3 3
Depreciation 3 2 2 3 5 7 11 14 16 17 17 19 21
Profit before tax 4 5 4 5 11 7 7 9 11 10 17 44 31
Tax % 22% 33% 35% 26% 28% 22% 24% 26% 29% 27% 28% 35%
Net Profit 3 3 3 4 8 6 5 7 8 7 12 28 21
EPS in Rs 0.88 0.94 0.79 1.12 2.49 1.68 1.57 2.00 2.40 2.30 3.88 8.99
Dividend Payout % 32% 49% 57% 49% 31% 44% 47% 37% 35% 39% 23% 10%
* Sales is net of excise duty and discounts
Compounded Sales Growth
10 Years:17.26%
5 Years:10.10%
3 Years:11.85%
TTM:-6.88%
Compounded Profit Growth
10 Years:24.75%
5 Years:39.57%
3 Years:51.34%
TTM:-24.13%
Return on Equity
10 Years:21.33%
5 Years:23.79%
3 Years:26.51%
Last Year:38.27%

Balance Sheet Figures in Rs. Crores

Mar 2007 Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019
3 6 6 6 6 6 6 6 6 6 6 6 6
Reserves 21 19 19 21 26 29 32 35 40 47 56 80 98
Borrowings 12 10 13 22 36 63 105 102 91 75 63 25 26
19 24 27 36 40 72 80 110 127 127 146 183 142
Total Liabilities 54 59 66 86 109 170 222 254 265 256 271 296 273
18 22 25 48 61 90 112 150 150 144 146 136 152
CWIP 1 5 1 3 4 24 32 4 3 1 0 13 0
Investments 10 4 3 4 0 0 0 0 0 0 0 0 0
25 28 37 30 43 56 79 99 112 110 124 146 121
Total Assets 54 59 66 86 109 170 222 254 265 256 271 296 273

Cash Flows Figures in Rs. Crores

Mar 2007 Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018
4 10 -1 25 15 28 5 36 36 34 38 69
-5 -3 -1 -28 -20 -54 -37 -17 -13 -6 -17 -23
1 -4 1 6 10 20 29 -18 -23 -28 -22 -44
Net Cash Flow 0 3 -1 2 6 -7 -3 0 0 0 0 2

Ratios

Mar 2007 Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018
ROCE % 13% 15% 14% 15% 23% 13% 11% 11% 13% 12% 17% 40%
Debtor Days 21 20 29 14 10 21 31 43 40 43 41 39
Inventory Turnover 61.01 55.75 43.26 47.28 47.55 36.17 43.42 44.14 61.28 53.85 56.42 45.38