Banco Products (India) Ltd

₹ 218 4.67%
18 Aug - close price
About

Banco Products (India) Ltd manufactures and supplies engine cooling modules and systems for automotive and industrial applications in both the domestic and international markets. It was Incorporated in 1961, promoted by Mr. Mehul K. Patel who has more than 40 years of experience in the automotive industry [1]

Key Points

Product Portfolio
It manufactures Engine Cooling Modules such as Radiators, Charged Air Coolers, Fuel Coolers, Oil Coolers, and Condensers.
It offers both Copper Brass coolers and Aluminum coolers. Its product is used in Passenger Cars, Light Commercial Vehicles, Medium, and Heavy Commercial Vehicle, Agricultural Tractors, High-Performance Bikes, Harvesters, Construction Machineries, Power Generation Equipment, Traction Rail locomotives, and other similar equipment [1]

  • Market Cap 1,563 Cr.
  • Current Price 218
  • High / Low 225 / 118
  • Stock P/E 11.1
  • Book Value 137
  • Dividend Yield 9.16 %
  • ROCE 23.6 %
  • ROE 16.8 %
  • Face Value 2.00

Pros

  • Stock is providing a good dividend yield of 9.16%.
  • Company has been maintaining a healthy dividend payout of 97.7%

Cons

  • The company has delivered a poor sales growth of 9.58% over past five years.
  • Company has a low return on equity of 13.9% for last 3 years.

* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.

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Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021 Sep 2021 Dec 2021 Mar 2022 Jun 2022
393 380 318 332 274 438 376 445 501 549 402 507 586
349 354 299 298 247 368 321 418 429 468 363 427 519
Operating Profit 44 26 19 34 27 70 54 27 72 81 40 80 67
OPM % 11% 7% 6% 10% 10% 16% 14% 6% 14% 15% 10% 16% 11%
9 4 5 7 1 4 2 1 8 0 -3 -1 1
Interest 1 1 1 1 1 0 1 2 1 1 1 3 2
Depreciation 7 8 8 10 8 8 9 8 8 8 8 24 12
Profit before tax 45 21 16 30 20 65 47 18 71 72 28 53 55
Tax % 33% 24% 17% 41% 12% 37% 22% -4% 36% 31% 40% 23% 37%
Net Profit 30 16 13 17 18 41 37 18 46 49 17 40 35
EPS in Rs 4.18 2.22 1.86 2.43 2.46 5.73 5.15 2.57 6.42 6.88 2.39 5.62 4.84

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 TTM
872 986 1,024 1,116 1,129 1,148 1,239 1,336 1,567 1,422 1,533 1,958 2,043
761 864 905 951 1,027 1,002 1,096 1,157 1,405 1,300 1,354 1,686 1,777
Operating Profit 111 122 119 165 102 146 144 179 161 122 178 272 267
OPM % 13% 12% 12% 15% 9% 13% 12% 13% 10% 9% 12% 14% 13%
2 10 9 9 53 11 32 18 10 25 9 5 -2
Interest 9 8 16 19 8 3 2 2 4 3 4 5 6
Depreciation 19 21 29 32 34 35 33 28 29 33 34 48 52
Profit before tax 85 102 83 122 113 119 141 167 138 111 150 224 207
Tax % 23% 25% 26% 26% 22% 25% 31% 30% 50% 31% 24% 32%
Net Profit 66 77 61 90 88 90 97 117 69 77 114 152 141
EPS in Rs 9.18 10.70 8.57 12.56 12.26 12.57 13.59 16.33 9.66 10.71 15.90 21.31 19.73
Dividend Payout % 33% 23% 21% 16% 24% 37% 66% 61% 83% 187% 13% 94%
Compounded Sales Growth
10 Years: 7%
5 Years: 10%
3 Years: 8%
TTM: 16%
Compounded Profit Growth
10 Years: 8%
5 Years: 12%
3 Years: 30%
TTM: -1%
Stock Price CAGR
10 Years: 14%
5 Years: 1%
3 Years: 29%
1 Year: 16%
Return on Equity
10 Years: 13%
5 Years: 13%
3 Years: 14%
Last Year: 17%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022
14 14 14 14 14 14 14 14 14 14 14 14
Reserves 338 409 458 574 605 674 705 793 818 696 814 967
127 147 214 172 36 36 38 34 40 92 14 115
148 153 168 183 164 232 211 356 322 287 344 435
Total Liabilities 628 724 854 944 819 956 969 1,197 1,195 1,089 1,187 1,532
141 201 232 243 227 221 192 191 184 193 190 297
CWIP -0 3 9 12 11 3 4 13 13 3 1 15
Investments 3 39 62 71 1 1 91 24 69 9 1 1
484 480 551 618 581 731 682 969 929 883 995 1,220
Total Assets 628 724 854 944 819 956 969 1,197 1,195 1,089 1,187 1,532

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022
72 109 97 131 85 68 90 99 62 52 157 57
-87 -88 -104 -42 88 -17 -59 -22 -52 149 -59 -104
5 -14 -10 -82 -136 -6 -61 -68 -49 -153 -78 -11
Net Cash Flow -11 7 -16 7 36 46 -30 9 -39 49 20 -58

Ratios

Consolidated Figures in Rs. Crores / View Standalone

Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022
Debtor Days 72 66 69 70 57 70 60 70 63 75 64 60
Inventory Days 164 142 178 172 152 190 171 217 191 212 234 225
Days Payable 63 45 53 57 39 71 -0 90 102 99 118 95
Cash Conversion Cycle 172 163 194 184 170 189 231 197 152 188 180 191
Working Capital Days 114 98 102 107 106 118 116 116 119 142 134 139
ROCE % 21% 20% 15% 19% 12% 18% 17% 21% 17% 13% 19% 24%

Shareholding Pattern

Numbers in percentages

Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021 Sep 2021 Dec 2021 Mar 2022 Jun 2022
67.88 67.88 67.88 67.88 67.88 67.88 67.88 67.88 67.88 67.88 67.88 67.88
0.75 0.73 0.72 0.14 0.01 0.17 0.26 0.26 0.38 0.34 0.31 0.37
3.83 2.78 2.77 0.11 0.02 0.02 0.02 0.02 0.02 0.02 0.02 0.02
27.54 28.61 28.63 31.87 32.09 31.92 31.83 31.84 31.72 31.76 31.79 31.73

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