Bharat Dynamics Ltd

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

Pros:
Company is virtually debt free.
Company has been maintaining a healthy dividend payout of 30.00%
Cons:
Debtor days have increased from 47.56 to 69.83 days

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 Jun 2019
1,651 864 880 822 2,021 548 606 1,038 877 492
1,477 747 758 778 1,636 425 540 726 757 380
Operating Profit 174 116 122 44 385 124 66 312 120 112
OPM % 11% 13% 14% 5% 19% 23% 11% 30% 14% 23%
Other Income 62 42 48 52 30 22 24 33 57 25
Interest 1 1 1 1 1 1 1 1 1 2
Depreciation 23 16 14 15 18 16 19 17 30 17
Profit before tax 212 141 155 81 396 128 70 327 146 118
Tax % 60% 28% 46% 92% 15% 36% 60% 42% 15% 45%
Net Profit 85 101 84 6 337 82 28 188 124 66
EPS in Rs 18.37 4.46 1.55 10.27 6.77 3.58
Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes

Profit & Loss Figures in Rs. Crores

Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 TTM
2,841 4,079 4,887 4,588 3,069 3,012
2,564 3,564 4,317 3,919 2,446 2,402
Operating Profit 277 515 569 669 623 610
OPM % 10% 13% 12% 15% 20% 20%
Other Income 439 385 300 173 136 139
Interest 5 5 4 4 5 5
Depreciation 67 53 62 63 82 84
Profit before tax 644 841 803 774 671 661
Tax % 31% 33% 35% 32% 37%
Net Profit 444 562 524 528 423 406
EPS in Rs 28.82 23.06 22.17
Dividend Payout % 19% 30% 30% 30% 30%
* Sales is net of excise duty and discounts
Compounded Sales Growth
10 Years:%
5 Years:%
3 Years:-9.04%
TTM:-29.49%
Compounded Profit Growth
10 Years:%
5 Years:%
3 Years:-9.41%
TTM:-20.10%
Stock Price CAGR
10 Years:%
5 Years:%
3 Years:%
1 Year:-1.13%
Return on Equity
10 Years:%
5 Years:%
3 Years:23.66%
Last Year:19.78%

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 5
6,759 7,851 6,257 4,763 3,323
Total Liabilities 8,412 9,706 8,456 6,723 5,597
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 4,589
Total Assets 8,412 9,706 8,456 6,723 5,597

Cash Flows Figures in Rs. Crores

Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019
-765 284 -420 -342 84
239 149 3 1,047 170
-72 -324 -166 -769 -268
Net Cash Flow -598 109 -583 -63 -15

Ratios Figures in Rs. Crores

Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019
ROCE % 48% 40% 37% 32%
Debtor Days 43 13 12 61 70
Inventory Turnover 2.31 2.26 2.16 1.66