Bright Brothers Ltd

The 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.

Pros:
Stock is trading at 0.83 times its book value
Stock is providing a good dividend yield of 3.13%.
Cons:
Company has low interest coverage ratio.
The company has delivered a poor growth of 8.08% over past five years.
Company has a low return on equity of -5.64% for last 3 years.

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

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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
50.21 51.71 44.28 56.70 62.78 57.38 47.00 53.74 57.58 64.41 55.13 53.67
47.62 49.63 43.10 54.84 60.06 54.36 44.38 50.74 55.38 60.46 51.61 49.69
Operating Profit 2.59 2.08 1.18 1.86 2.72 3.02 2.62 3.00 2.20 3.95 3.52 3.98
OPM % 5.16% 4.02% 2.66% 3.28% 4.33% 5.26% 5.57% 5.58% 3.82% 6.13% 6.38% 7.42%
Other Income 0.37 0.50 0.32 0.44 0.29 0.32 0.28 0.15 0.10 0.20 -0.02 0.14
Interest 1.09 1.03 1.00 1.36 1.57 1.40 1.28 1.56 1.62 1.63 1.45 1.51
Depreciation 1.31 1.25 1.33 0.96 1.34 1.45 1.46 1.21 1.42 1.39 1.50 1.47
Profit before tax 0.56 0.30 -0.83 -0.02 0.10 0.49 0.16 0.38 -0.74 1.13 0.55 1.14
Tax % 1.79% -20.00% 6.02% -1,850.00% -30.00% 4.08% -87.50% 21.05% -0.00% 0.00% 0.00% 8.77%
Net Profit 0.55 0.36 -0.78 -0.39 0.13 0.47 0.30 0.30 -0.74 1.13 0.56 1.05
Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes

Profit & Loss Figures in Rs. Crores

Jun 2006 Dec 2007 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 TTM
150.28 281.07 88.66 98.92 127.39 120.44 147.13 149.82 162.43 154.41 183.53 216.97 230.79
137.63 295.19 88.21 94.44 120.15 114.66 141.61 142.30 157.10 152.62 175.81 205.60 217.14
Operating Profit 12.65 -14.12 0.45 4.48 7.24 5.78 5.52 7.52 5.33 1.79 7.72 11.37 13.65
OPM % 8.42% -5.02% 0.51% 4.53% 5.68% 4.80% 3.75% 5.02% 3.28% 1.16% 4.21% 5.24% 5.91%
Other Income 1.27 115.09 4.16 3.25 3.79 3.58 3.34 1.75 2.32 1.38 1.63 1.03 0.42
Interest 8.86 19.59 3.26 2.72 3.27 3.13 4.71 4.61 4.41 4.06 4.48 5.81 6.21
Depreciation 6.64 12.37 1.61 1.98 2.78 3.27 4.48 4.57 4.64 4.98 4.86 5.46 5.78
Profit before tax -1.58 69.01 -0.26 3.03 4.98 2.96 -0.33 0.09 -1.40 -5.87 0.01 1.13 2.08
Tax % 7.59% 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%
Net Profit -1.46 55.51 -4.70 2.83 1.54 2.29 -0.77 2.63 -1.36 -5.89 -0.26 1.20 2.00
EPS in Rs 0.00 58.79 0.00 4.53 2.38 3.71 0.00 4.31 0.00 0.00 0.00 2.12
Dividend Payout % -0.00% 10.75% -25.40% 40.99% 73.77% 49.61% -147.53% 43.19% -83.53% -19.29% -436.92% 94.67%
* Sales is net of excise duty and discounts
Compounded Sales Growth
10 Years:-2.56%
5 Years:8.08%
3 Years:10.13%
TTM:4.48%
Compounded Profit Growth
10 Years:%
5 Years:%
3 Years:%
TTM:66.67%
Return on Equity
10 Years:-1.90%
5 Years:-3.64%
3 Years:-5.64%
Last Year:0.93%

Balance Sheet Figures in Rs. Crores

Jun 2006 Dec 2007 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019
7.92 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 10.42 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 63.39 9.15 5.29 3.57 3.78 3.37 6.52 5.32 4.40 3.85 3.70 4.90 10.01
30.84 46.53 12.22 19.80 20.95 23.61 22.05 26.45 24.25 26.55 40.24 40.92 35.01
Total Liabilities 110.22 119.95 75.68 83.69 84.66 87.88 87.38 91.89 85.72 80.21 87.07 88.89 88.65
33.75 9.64 13.56 22.68 26.43 31.79 38.65 34.96 35.04 33.10 37.81 40.86 45.12
CWIP 6.08 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 0.08 0.13 35.00 8.96 4.48 1.64 10.00 14.44 12.69 10.25 11.21 7.36 4.28
70.31 110.01 27.02 51.31 50.93 50.23 38.61 42.39 37.02 34.73 38.05 40.43 39.04
Total Assets 110.22 119.95 75.68 83.69 84.66 87.88 87.38 91.89 85.72 80.21 87.07 88.89 88.65

Cash Flows Figures in Rs. Crores

Jun 2006 Dec 2007 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018
13.34 31.93 -27.99 4.83 0.94 2.51 7.88 9.33 8.54 5.32 11.46 9.31
-7.41 131.29 -34.94 -6.14 2.72 3.44 -4.85 -3.12 -1.56 -0.45 -6.79 -3.98
-5.82 -73.70 -16.86 -6.49 -5.00 -4.93 -4.08 -7.14 -6.67 -4.81 -2.49 -7.76
Net Cash Flow 0.11 89.52 -79.79 -7.80 -1.34 1.02 -1.05 -0.93 0.32 0.06 2.18 -2.42

Ratios Figures in Rs. Crores

Jun 2006 Dec 2007 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018
ROCE % -74.86% 6.80% 9.28% 12.92% 9.33% 5.71% 5.89% 1.47% -5.33% 6.33% 12.83%
Debtor Days 102.45 3.45 15.36 23.95 17.11 28.82 19.70 29.53 27.71 29.31 31.04 32.32
Inventory Turnover 26.76 12.24 10.34 10.60 9.20 12.58 14.15 15.79 14.66 15.13 15.70