Bright Brothers Ltd

Bright Brothers is engaged in the business of manufacturing injection moulded plastics products for supplies to Original Equipment Manufacturers for Consumer Durable Industry and market its own products under Brite brand for material handling crates.(Source : 201903 Annual Report Page No: 70)

Pros:
Stock is trading at 0.80 times its book value
Stock is providing a good dividend yield of 3.27%.
Cons:
Company has low interest coverage ratio.
The company has delivered a poor growth of 9.03% over past five years.
Company has a low return on equity of 0.68% for last 3 years.

Peer Comparison Sector: Plastic products // Industry: Plastics Products

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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
51.71 44.28 56.70 62.78 57.38 47.00 53.74 57.58 64.41 55.13 53.67 61.42
49.63 43.10 54.84 60.06 54.36 44.38 50.74 55.38 60.46 51.61 49.69 56.69
Operating Profit 2.08 1.18 1.86 2.72 3.02 2.62 3.00 2.20 3.95 3.52 3.98 4.73
OPM % 4.02% 2.66% 3.28% 4.33% 5.26% 5.57% 5.58% 3.82% 6.13% 6.38% 7.42% 7.70%
Other Income 0.50 0.32 0.44 0.29 0.32 0.28 0.15 0.10 0.20 -0.02 0.14 0.12
Interest 1.03 1.00 1.36 1.57 1.40 1.28 1.56 1.62 1.63 1.45 1.51 1.48
Depreciation 1.25 1.33 0.96 1.34 1.45 1.46 1.21 1.42 1.39 1.50 1.47 1.54
Profit before tax 0.30 -0.83 -0.02 0.10 0.49 0.16 0.38 -0.74 1.13 0.55 1.14 1.83
Tax % -20.00% 6.02% -1,850.00% -30.00% 4.08% -87.50% 21.05% -0.00% 0.00% 0.00% 8.77% 1.64%
Net Profit 0.36 -0.78 -0.39 0.13 0.47 0.30 0.30 -0.74 1.13 0.56 1.05 1.81
EPS in Rs 0.63 -1.38 0.49 0.23 0.83 0.53 0.53 -1.30 2.00 0.99 1.85 3.19
Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes

Profit & Loss Figures in Rs. Crores

Dec 2007 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 TTM
281.07 88.66 98.92 127.39 120.44 147.13 149.82 162.43 154.41 183.53 214.41 230.79 234.63
295.19 88.21 94.44 120.15 114.66 141.61 142.30 157.10 152.62 175.81 203.04 217.11 218.45
Operating Profit -14.12 0.45 4.48 7.24 5.78 5.52 7.52 5.33 1.79 7.72 11.37 13.68 16.18
OPM % -5.02% 0.51% 4.53% 5.68% 4.80% 3.75% 5.02% 3.28% 1.16% 4.21% 5.30% 5.93% 6.90%
Other Income 115.09 4.16 3.25 3.79 3.58 3.34 1.75 2.32 1.38 1.63 1.03 0.41 0.44
Interest 19.59 3.26 2.72 3.27 3.13 4.71 4.61 4.41 4.06 4.48 5.81 6.22 6.07
Depreciation 12.37 1.61 1.98 2.78 3.27 4.48 4.57 4.64 4.98 4.86 5.46 5.77 5.90
Profit before tax 69.01 -0.26 3.03 4.98 2.96 -0.33 0.09 -1.40 -5.87 0.01 1.13 2.10 4.65
Tax % 19.56% -1,707.69% 6.60% 69.08% 22.64% -133.33% -2,833.33% 2.86% -0.34% 2,700.00% -6.19% 4.76%
Net Profit 55.51 -4.70 2.83 1.54 2.29 -0.77 2.63 -1.36 -5.89 -0.26 1.20 2.00 4.55
EPS in Rs 58.79 0.00 4.53 2.38 3.71 0.00 4.31 0.00 0.00 0.00 2.12 3.53 8.03
Dividend Payout % 10.75% -25.40% 40.99% 73.77% 49.61% -147.53% 43.19% -83.53% -19.29% -436.92% 94.67% 56.80%
* Sales is net of excise duty and discounts
Compounded Sales Growth
10 Years:10.04%
5 Years:9.03%
3 Years:14.34%
TTM:8.78%
Compounded Profit Growth
10 Years:8.44%
5 Years:-1.96%
3 Years:31.15%
TTM:1278.79%
Return on Equity
10 Years:-0.28%
5 Years:-3.95%
3 Years:0.68%
Last Year:4.22%

Balance Sheet Figures in Rs. Crores

Dec 2007 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019
6.97 5.97 5.80 5.68 5.68 5.68 5.68 5.68 5.68 5.68 5.68 5.68
Reserves 58.30 52.20 54.52 54.25 55.22 53.13 54.44 51.39 44.13 37.45 37.39 37.95
Borrowings 9.15 5.29 3.57 3.78 3.37 6.52 5.32 4.40 3.85 3.70 7.00 12.37
46.53 12.22 19.80 20.95 23.61 22.05 26.45 24.25 26.55 40.24 38.82 32.66
Total Liabilities 119.95 75.68 83.69 84.66 87.88 87.38 91.89 85.72 80.21 87.07 88.89 88.66
9.64 13.56 22.68 26.43 31.79 38.65 34.96 35.04 33.10 37.81 40.86 45.13
CWIP 0.17 0.10 0.74 2.82 4.22 0.12 0.10 0.97 2.13 0.00 0.24 0.21
Investments 0.13 35.00 8.96 4.48 1.64 10.00 14.44 12.69 10.25 11.21 7.36 4.27
110.01 27.02 51.31 50.93 50.23 38.61 42.39 37.02 34.73 38.05 40.43 39.05
Total Assets 119.95 75.68 83.69 84.66 87.88 87.38 91.89 85.72 80.21 87.07 88.89 88.66

Cash Flows Figures in Rs. Crores

Dec 2007 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019
31.93 -27.99 4.83 0.94 2.51 7.88 9.33 8.54 5.32 11.46 7.86 10.53
131.29 -34.94 -6.14 2.72 3.44 -4.85 -3.12 -1.56 -0.45 -6.79 -3.98 -6.67
-73.70 -16.86 -6.49 -5.00 -4.93 -4.08 -7.14 -6.67 -4.81 -2.49 -6.12 -3.24
Net Cash Flow 89.52 -79.79 -7.80 -1.34 1.02 -1.05 -0.93 0.32 0.06 2.18 -2.23 0.63

Ratios Figures in Rs. Crores

Dec 2007 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019
ROCE % -74.86% 6.80% 9.28% 12.92% 9.33% 5.71% 5.89% 1.47% -5.33% 6.33% 12.55% 15.35%
Debtor Days 3.45 15.36 23.95 17.11 28.82 19.70 29.53 27.71 29.31 31.04 32.70 26.43
Inventory Turnover 26.76 12.24 10.34 10.60 9.20 12.58 14.15 15.79 14.66 15.13 15.51 15.45