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 good consistent profit growth of 26.49% over 5 years
Company has a good return on equity (ROE) track record: 3 Years ROE 27.53%
Cons:
The company has delivered a poor growth of 10.04% over past five years.

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

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Quarterly Results Figures in Rs. Crores

Sep 2016 Dec 2016 Mar 2017 Jun 2017 Sep 2017 Dec 2017 Mar 2018 Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019
218.76 202.35 224.53 233.01 265.42 218.39 253.46 238.84 265.85 203.40 195.47 170.27
208.29 193.74 214.68 221.01 244.21 204.86 235.60 222.78 250.91 193.84 186.45 157.97
Operating Profit 10.47 8.61 9.85 12.00 21.21 13.53 17.86 16.06 14.94 9.56 9.02 12.30
OPM % 4.79% 4.26% 4.39% 5.15% 7.99% 6.20% 7.05% 6.72% 5.62% 4.70% 4.61% 7.22%
Other Income 0.15 0.93 0.72 0.20 0.02 0.68 0.32 0.45 1.30 0.40 3.12 0.32
Interest 1.27 1.06 1.03 0.92 0.88 0.77 0.63 0.76 0.62 0.84 0.79 0.76
Depreciation 4.21 4.22 4.52 4.57 4.74 4.69 5.11 4.96 5.07 5.27 5.31 5.81
Profit before tax 5.14 4.26 5.02 6.71 15.61 8.75 12.44 10.79 10.55 3.85 6.04 6.05
Tax % 31.52% 30.52% 19.92% 34.87% 34.40% 33.26% 37.54% 33.92% 35.17% 29.87% 21.52% 37.19%
Net Profit 3.52 2.96 4.01 4.37 10.24 5.84 7.77 7.12 6.84 2.70 4.75 3.80
Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes

Profit & Loss Figures in Rs. Crores

Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 TTM
197.35 217.83 333.59 438.38 428.60 599.86 559.96 693.40 699.84 840.40 970.28 903.57 834.99
190.86 211.23 325.56 420.74 411.81 576.27 531.33 660.91 670.03 803.20 905.26 853.30 789.17
Operating Profit 6.49 6.60 8.03 17.64 16.79 23.59 28.63 32.49 29.81 37.20 65.02 50.27 45.82
OPM % 3.29% 3.03% 2.41% 4.02% 3.92% 3.93% 5.11% 4.69% 4.26% 4.43% 6.70% 5.56% 5.49%
Other Income 1.43 0.68 0.97 0.84 0.51 1.23 0.16 1.52 1.94 1.19 0.79 4.59 5.14
Interest 0.76 0.91 1.13 2.24 3.35 6.47 6.26 6.21 5.38 4.47 3.20 3.02 3.01
Depreciation 2.36 2.13 2.68 4.81 6.71 11.33 13.52 16.42 16.53 17.10 19.11 20.61 21.46
Profit before tax 4.80 4.24 5.19 11.43 7.24 7.02 9.01 11.38 9.84 16.82 43.50 31.23 26.49
Tax % 32.71% 34.91% 26.01% 28.00% 21.55% 23.79% 25.53% 28.65% 26.63% 27.59% 35.13% 31.41%
Net Profit 3.23 2.76 3.84 8.23 5.68 5.35 6.71 8.12 7.22 12.17 28.22 21.42 18.09
EPS in Rs 0.94 0.79 1.12 2.49 1.68 1.57 2.00 2.40 2.30 3.88 8.99 6.82
Dividend Payout % 48.61% 56.88% 49.06% 30.52% 44.23% 46.95% 37.44% 34.80% 39.14% 23.22% 10.01% 14.66%
* Sales is net of excise duty and discounts
Compounded Sales Growth
10 Years:15.29%
5 Years:10.04%
3 Years:8.89%
TTM:-14.46%
Compounded Profit Growth
10 Years:22.96%
5 Years:26.49%
3 Years:43.49%
TTM:-41.59%
Return on Equity
10 Years:22.18%
5 Years:24.36%
3 Years:27.53%
Last Year:22.88%

Balance Sheet Figures in Rs. Crores

Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019
6.28 6.28 6.28 6.28 6.28 6.28 6.28 6.28 6.28 6.28 6.28 6.28
Reserves 18.78 19.48 21.13 26.44 29.20 31.62 35.39 40.01 47.16 55.86 80.48 98.28
Borrowings 9.77 13.36 21.73 36.49 62.72 104.53 102.23 91.43 75.08 62.65 25.42 28.55
23.68 27.25 36.46 40.05 71.71 79.85 109.61 127.24 127.36 145.76 173.02 140.52
Total Liabilities 58.51 66.37 85.60 109.26 169.91 222.28 253.51 264.96 255.88 270.55 285.20 273.63
22.09 25.33 47.99 61.49 89.66 112.07 150.23 150.04 144.36 145.76 136.31 151.74
CWIP 5.11 1.24 3.05 4.29 24.15 31.57 3.93 3.10 1.19 0.47 13.16 0.43
Investments 3.66 2.73 4.19 0.05 0.04 0.04 0.04 0.00 0.00 0.00 0.00 0.00
27.65 37.07 30.37 43.43 56.06 78.60 99.31 111.82 110.33 124.32 135.73 121.46
Total Assets 58.51 66.37 85.60 109.26 169.91 222.28 253.51 264.96 255.88 270.55 285.20 273.63

Cash Flows Figures in Rs. Crores

Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019
9.87 -0.86 24.93 15.05 27.66 5.46 35.65 35.67 34.36 38.46 68.52 34.68
-3.07 -0.69 -28.26 -20.03 -54.45 -37.45 -17.12 -13.03 -6.32 -16.64 -22.52 -23.87
-3.97 0.93 5.72 10.49 20.16 28.64 -18.49 -22.58 -28.03 -21.65 -43.83 -3.65
Net Cash Flow 2.83 -0.62 2.39 5.51 -6.63 -3.35 0.04 0.06 0.02 0.17 2.18 7.16

Ratios Figures in Rs. Crores

Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019
ROCE % 15.32% 13.96% 14.93% 23.12% 12.71% 11.25% 10.72% 12.59% 11.63% 17.04% 39.77% 28.49%
Debtor Days 19.68 28.77 14.10 9.78 21.18 30.84 43.01 40.41 43.19 40.90 35.28 31.43
Inventory Turnover 55.75 43.26 47.28 47.55 36.17 43.42 44.14 61.28 53.85 56.42 45.38 36.68