Bharat Dynamics Ltd

₹ 925 1.68%
02 Feb 1:47 p.m.
About

Bharat Dynamics (BDL), is a Government of India Enterprise. It is engaged in the manufacturing of guided missiles and allied defence equipments [1] [2].

Key Points

Manufacturing units
Currently company has three manufacturing units, located at Kanchanbagh, Hyderabad in Telangana State, Bhanur, Sangareddy District in Telangana State and Visakhapatnam in Andhra Pradesh. The company is in the process of setting up facilities at Amaravati, Maharashtra, lbrahimpatnam, Telangana and Jhansi (UP).

  • Market Cap 16,949 Cr.
  • Current Price 925
  • High / Low 1,027 / 406
  • Stock P/E 27.5
  • Book Value 171
  • Dividend Yield 0.88 %
  • ROCE 26.1 %
  • ROE 18.3 %
  • Face Value 10.0

Pros

  • Company has reduced debt.
  • Company is almost debt free.
  • Company is expected to give good quarter
  • Company has been maintaining a healthy dividend payout of 37.6%

Cons

  • The company has delivered a poor sales growth of -10.4% over past five 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

Figures in Rs. Crores

Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021 Sep 2021 Dec 2021 Mar 2022 Jun 2022 Sep 2022
659 509 1,439 31 281 459 1,137 129 504 804 1,381 695 535
502 455 1,025 143 228 400 793 162 438 514 977 653 441
Operating Profit 158 53 414 -112 53 59 344 -34 66 290 404 42 94
OPM % 24% 10% 29% -355% 19% 13% 30% -26% 13% 36% 29% 6% 18%
25 33 23 24 10 35 25 28 20 35 -5 37 45
Interest 1 1 1 1 1 1 1 1 1 1 1 2 1
Depreciation 21 23 36 17 21 25 31 21 24 25 21 23 21
Profit before tax 161 63 400 -106 41 69 338 -28 62 299 378 53 117
Tax % 34% 15% 23% 26% 35% 28% 23% 26% 30% 29% 30% 25% 35%
Net Profit 106 53 310 -78 26 49 260 -21 43 213 264 40 76
EPS in Rs 5.81 2.90 16.90 -4.26 1.43 2.68 14.21 -1.14 2.36 11.64 14.42 2.17 4.14
Raw PDF

Profit & Loss

Figures in Rs. Crores

Mar 2012 Mar 2013 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 TTM
956 1,076 2,841 4,079 4,887 4,588 3,069 3,105 1,914 2,817 3,415
1,019 1,088 2,564 3,564 4,317 3,919 2,446 2,349 1,568 2,090 2,585
Operating Profit -64 -12 277 515 569 669 623 756 346 727 829
OPM % -7% -1% 10% 13% 12% 15% 20% 24% 18% 26% 24%
463 464 439 385 300 173 136 88 95 78 112
Interest 1 1 5 5 4 4 5 5 5 5 5
Depreciation 50 42 67 53 62 63 82 96 95 90 90
Profit before tax 348 409 644 841 803 774 671 742 341 710 846
Tax % 33% 32% 31% 33% 35% 32% 37% 28% 24% 30%
Net Profit 235 279 444 562 524 528 423 535 258 500 593
EPS in Rs 2,043.13 2,424.26 3,856.96 5,750.08 4,288.89 28.82 23.06 29.18 14.06 27.28 32.37
Dividend Payout % 20% 21% 19% 30% 30% 25% 30% 30% 52% 30%
Compounded Sales Growth
10 Years: 11%
5 Years: -10%
3 Years: -3%
TTM: 53%
Compounded Profit Growth
10 Years: 8%
5 Years: 0%
3 Years: 7%
TTM: 86%
Stock Price CAGR
10 Years: %
5 Years: %
3 Years: 49%
1 Year: 87%
Return on Equity
10 Years: %
5 Years: 19%
3 Years: 17%
Last Year: 18%

Balance Sheet

Figures in Rs. Crores

Mar 2012 Mar 2013 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Sep 2022
115 115 115 98 122 183 183 183 183 183 183
Reserves 617 936 1,538 1,753 2,073 1,773 2,085 2,424 2,501 2,847 2,945
0 0 0 4 4 4 5 15 11 10 6
5,694 6,199 6,759 7,786 6,208 4,697 3,250 3,128 3,334 3,595 3,691
Total Liabilities 6,427 7,251 8,412 9,641 8,407 6,657 5,523 5,750 6,030 6,636 6,825
212 277 518 697 757 868 957 932 915 874 858
CWIP 45 70 142 126 136 130 47 42 22 41 79
Investments 1 1 3 3 3 239 4 4 5 0 0
6,169 6,904 7,749 8,815 7,511 5,420 4,516 4,771 5,089 5,721 5,888
Total Assets 6,427 7,251 8,412 9,641 8,407 6,657 5,523 5,750 6,030 6,636 6,825

Cash Flows

Figures in Rs. Crores

Mar 2012 Mar 2013 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022
-765 284 -420 -342 84 504 1,068 530
239 149 3 1,047 170 -33 -734 -573
-72 -324 -166 -769 -268 -191 -173 -149
Net Cash Flow -598 109 -583 -63 -15 280 162 -192

Ratios

Figures in Rs. Crores

Mar 2012 Mar 2013 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022
Debtor Days 34 93 43 13 12 61 63 40 62 39
Inventory Days 373 534 286 302 276 254 380 222 636 534
Days Payable 99 153 100 202 186 129 115 83 322 171
Cash Conversion Cycle 307 475 230 114 101 186 328 178 375 403
Working Capital Days -1,461 -1,137 -126 -106 -11 44 128 196 169 145
ROCE % 46% 48% 40% 37% 32% 31% 13% 26%

Shareholding Pattern

Numbers in percentages

Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021 Sep 2021 Dec 2021 Mar 2022 Jun 2022 Sep 2022 Dec 2022
87.75 87.75 74.93 74.93 74.93 74.93 74.93 74.93 74.93 74.93 74.93 74.93
0.04 0.04 0.26 0.12 0.28 0.41 1.43 1.73 2.11 2.40 2.88 3.24
7.47 7.49 17.68 17.76 17.52 17.92 17.56 17.38 16.38 14.59 13.00 12.39
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.01
4.74 4.72 7.13 7.20 7.27 6.75 6.08 5.96 6.59 8.08 9.18 9.43

* The classifications might have changed from Sep'2022 onwards. The new XBRL format added more details from Sep'22 onwards.

Classifications such as banks and foreign portfolio investors were not available earlier. The sudden changes in FII or DII can be because of these changes.

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Documents

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