Bharat Bijlee Ltd

About [ edit ]

Bharat Bijlee is one of the leaders in the electrical engineering industry in India. A multi-product, multi-divisional organisation, its main products are transformers, electric motors, magnet technology machines and drives & automation system.(Source : 201903 Annual Report Page No: 86)

  • Market Cap 634 Cr.
  • Current Price 1,121
  • High / Low 1,273 / 623
  • Stock P/E 23.3
  • Book Value 1,403
  • Dividend Yield 1.11 %
  • ROCE 9.19 %
  • ROE 5.90 %
  • Face Value 10.0

Pros

  • Stock is trading at 0.80 times its book value
  • Company has delivered good profit growth of 26.62% CAGR over last 5 years

Cons

  • The company has delivered a poor sales growth of 8.76% over past five years.
  • Promoter holding is low: 33.45%
  • Company has a low return on equity of 5.01% for last 3 years.
  • Earnings include an other income of Rs.25.96 Cr.
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Quarterly Results

Figures in Rs. Crores

Mar 2018 Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020
223 197 238 225 273 225 197 247 260 72 146 222
210 181 227 206 260 209 187 226 240 84 137 198
Operating Profit 12 16 11 19 13 16 10 21 20 -11 9 24
OPM % 6% 8% 4% 8% 5% 7% 5% 9% 8% -16% 6% 11%
Other Income 54 10 6 5 8 7 7 8 9 5 6 5
Interest 5 5 3 4 5 5 5 6 5 5 4 4
Depreciation 2 2 2 2 2 2 2 2 2 2 2 3
Profit before tax 59 19 11 18 14 16 10 21 22 -13 9 23
Tax % 17% 32% 44% 29% 32% 34% 33% 34% 34% 33% 36% 32%
Net Profit 49 13 6 13 10 11 7 14 14 -9 6 16
EPS in Rs 86.45 22.67 10.76 23.02 17.04 18.88 12.01 24.74 25.07 -15.46 10.70 27.76

Profit & Loss

Figures in Rs. Crores

Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 TTM
543 653 695 717 541 485 610 638 677 774 932 929 701
459 587 631 671 541 491 628 618 658 737 872 858 658
Operating Profit 84 66 64 46 -0 -6 -18 20 20 37 61 70 43
OPM % 16% 10% 9% 6% -0% -1% -3% 3% 3% 5% 6% 8% 6%
Other Income 3 12 48 46 17 18 18 21 27 68 30 30 26
Interest 7 8 11 16 15 15 23 23 19 23 20 23 18
Depreciation 7 8 9 10 11 11 12 10 10 9 8 9 9
Profit before tax 73 61 92 66 -8 -13 -34 7 18 73 62 69 41
Tax % 35% 32% 20% 19% 41% 16% 1% 2% 20% 16% 33% 34%
Net Profit 48 41 74 54 -5 -11 -34 7 14 61 42 46 27
EPS in Rs 84.10 72.94 130.09 94.96 -8.62 -19.98 -60.25 12.72 25.51 107.88 73.48 80.72 48.07
Dividend Payout % 30% 34% 19% 26% -29% 0% 0% 0% 0% 2% 17% 15%
Compounded Sales Growth
10 Years:4%
5 Years:9%
3 Years:11%
TTM:-26%
Compounded Profit Growth
10 Years:1%
5 Years:27%
3 Years:46%
TTM:-34%
Stock Price CAGR
10 Years:1%
5 Years:1%
3 Years:-12%
1 Year:70%
Return on Equity
10 Years:3%
5 Years:4%
3 Years:5%
Last Year:6%

Balance Sheet

Figures in Rs. Crores

Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Sep 2020
6 6 6 6 6 6 6 6 6 6 6 6 6
Reserves 194 219 276 313 306 295 260 267 646 686 746 750 787
Borrowings 12 28 24 60 85 81 133 169 178 215 199 248 208
146 175 220 227 193 193 201 201 213 208 197 237 155
Total Liabilities 357 427 525 606 589 576 599 642 1,042 1,114 1,148 1,240 1,155
68 71 71 90 97 94 84 77 72 65 69 74 81
CWIP 5 3 12 5 2 1 1 1 1 7 8 24 22
Investments 8 57 22 10 24 12 8 8 352 347 376 353 394
277 296 419 501 466 469 507 556 618 693 695 790 658
Total Assets 357 427 525 606 589 576 599 642 1,042 1,114 1,148 1,240 1,155

Cash Flows

Figures in Rs. Crores

Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020
39 58 76 -5 7 6 -41 -5 13 -53 53 14
-9 -54 -23 -19 -12 11 10 -11 6 26 -20 -24
-28 -3 -29 7 -6 -18 31 14 -7 18 -34 10
Net Cash Flow 2 1 24 -17 -11 -1 0 -2 12 -10 -1 1

Ratios

Figures in Rs. Crores

Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020
ROCE % 40% 29% 24% 15% 2% 0% -3% 7% 6% 6% 9% 9%
Debtor Days 105 101 101 109 127 119 127 128 120 140 100 115
Inventory Turnover 4.37 5.82 6.37 5.87 4.33 3.48 4.69 4.96 4.38 4.72 5.19 3.70

Shareholding Pattern

Numbers in percentages

Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021
33.45 33.45 33.45 33.45 33.45 33.45 33.45 33.45 33.45 33.45 33.45 33.45
0.00 0.00 0.09 0.00 0.00 0.00 0.02 0.00 0.00 0.00 0.00 0.00
18.58 18.64 18.79 18.70 18.71 18.45 17.39 16.54 16.64 16.09 15.89 15.55
0.00 0.00 0.00 0.00 0.00 0.40 0.00 0.00 0.00 0.00 0.00 0.00
47.97 47.91 47.66 47.85 47.84 47.70 49.14 50.01 49.91 50.46 50.66 51.00

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