Bharat Dynamics Ltd

Bharat Dynamics Limited (BDL) designs and manufactures under water guided weapon systems.

Pros:
Company has reduced debt.
Company is virtually debt free.
Company has a good return on equity (ROE) track record: 3 Years ROE 27.59%
Company has been maintaining a healthy dividend payout of 30.02%
Cons:

Peer Comparison Sector: Capital Goods-Non Electrical Equipment // Industry: Engineering

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Quarterly Results Figures in Rs. Crores

Mar 2017 Jun 2017 Sep 2017 Dec 2017 Mar 2018 Jun 2018 Sep 2018 Dec 2018 Mar 2019
1,651 864 880 822 2,021 548 606 1,038 877
1,477 747 758 778 1,636 425 540 726 757
Operating Profit 174 116 122 44 385 124 66 312 120
OPM % 11% 13% 14% 5% 19% 23% 11% 30% 14%
Other Income 62 42 48 52 30 22 24 33 57
Interest 1 1 1 1 1 1 1 1 1
Depreciation 23 16 14 15 18 16 19 17 30
Profit before tax 212 141 155 81 396 128 70 327 146
Tax % 60% 28% 46% 92% 15% 36% 60% 42% 15%
Net Profit 85 101 84 6 337 82 28 188 124
Notes Notes Notes Notes Notes Notes Notes Notes Notes

Profit & Loss Figures in Rs. Crores

Mar 2015 Mar 2016 Mar 2017 Mar 2018 TTM
2,841 4,079 4,887 4,588 3,069
2,564 3,564 4,317 3,919 2,447
Operating Profit 277 515 569 669 622
OPM % 10% 13% 12% 15% 20%
Other Income 439 385 300 173 136
Interest 5 5 4 4 4
Depreciation 67 53 62 63 82
Profit before tax 644 841 803 774 671
Tax % 31% 33% 35% 32%
Net Profit 444 562 524 528 423
EPS in Rs 28.82
Dividend Payout % 19% 30% 30% 30%
* Sales is net of excise duty and discounts
Compounded Sales Growth
10 Years:%
5 Years:%
3 Years:17.32%
TTM:-33.09%
Compounded Profit Growth
10 Years:%
5 Years:%
3 Years:5.98%
TTM:-19.99%
Return on Equity
10 Years:%
5 Years:%
3 Years:27.59%
Last Year:25.44%

Balance Sheet Figures in Rs. Crores

Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019
115 98 122 183 183
Reserves 1,538 1,753 2,073 1,773 2,085
Borrowings 0 4 4 4 2
6,759 7,851 6,257 4,763 3,198
Total Liabilities 8,412 9,706 8,456 6,723 5,468
518 697 757 868 957
CWIP 142 126 136 130 47
Investments 3 3 3 239 4
7,749 8,880 7,560 5,485 4,461
Total Assets 8,412 9,706 8,456 6,723 5,468

Cash Flows Figures in Rs. Crores

Mar 2015 Mar 2016 Mar 2017 Mar 2018
-765 284 -420 977
239 149 3 -271
-72 -324 -166 -769
Net Cash Flow -598 109 -583 -63

Ratios Figures in Rs. Crores

Mar 2015 Mar 2016 Mar 2017 Mar 2018
ROCE % 48% 40% 37%
Debtor Days 43 13 12 42
Inventory Turnover 2.31 2.26 2.16