Bharat Dynamics Ltd

About [ edit ]

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

Key Points [ edit ]
  • Market Cap 6,422 Cr.
  • Current Price 350
  • High / Low 482 / 145
  • Stock P/E 20.9
  • Book Value 137
  • Dividend Yield 2.51 %
  • ROCE 30.6 %
  • ROE 21.9 %
  • Face Value 10.0

Pros

  • Company is almost debt free.
  • Company is expected to give good quarter
  • Company has been maintaining a healthy dividend payout of 28.49%
  • Debtor days have improved from 54.58 to 39.90 days.

Cons

  • The company has delivered a poor sales growth of 1.73% over past five years.
  • Earnings include an other income of Rs.128.83 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
2,021 548 606 1,038 877 492 659 509 1,435 31 277 459
1,636 425 540 726 757 380 502 455 1,031 150 225 420
Operating Profit 385 124 66 312 120 112 158 53 405 -119 52 40
OPM % 19% 23% 11% 30% 14% 23% 24% 10% 28% -377% 19% 9%
Other Income 30 22 24 33 57 25 25 33 32 31 11 55
Interest 1 1 1 1 1 2 1 1 1 1 1 1
Depreciation 18 16 19 17 30 17 21 23 36 17 21 25
Profit before tax 396 128 70 327 146 118 161 63 400 -106 41 69
Tax % 15% 36% 60% 42% 15% 45% 34% 15% 23% 26% 35% 28%
Net Profit 337 82 28 188 124 66 106 53 310 -78 26 49
EPS in Rs 18.37 4.46 1.55 10.27 6.77 3.58 5.81 2.90 16.90 -4.26 1.43 2.68
Notes Notes 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 Mar 2020 TTM
2,841 4,079 4,887 4,588 3,069 3,095 2,203
2,564 3,564 4,317 3,919 2,446 2,367 1,825
Operating Profit 277 515 569 669 623 728 378
OPM % 10% 13% 12% 15% 20% 24% 17%
Other Income 439 385 300 173 136 116 129
Interest 5 5 4 4 5 5 4
Depreciation 67 53 62 63 82 96 99
Profit before tax 644 841 803 774 671 742 404
Tax % 31% 33% 35% 32% 37% 28%
Net Profit 444 562 524 528 423 535 307
EPS in Rs 3,856.96 5,750.08 4,288.89 28.82 23.06 29.18 16.75
Dividend Payout % 19% 30% 30% 25% 30% 30%
Compounded Sales Growth
10 Years:%
5 Years:2%
3 Years:-14%
TTM:-13%
Compounded Profit Growth
10 Years:%
5 Years:4%
3 Years:1%
TTM:-12%
Stock Price CAGR
10 Years:%
5 Years:%
3 Years:%
1 Year:28%
Return on Equity
10 Years:%
5 Years:25%
3 Years:22%
Last Year:22%

Balance Sheet

Figures in Rs. Crores

Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Sep 2020
115 98 122 183 183 183 183
Reserves 1,538 1,753 2,073 1,773 2,085 2,424 2,325
Borrowings 0 4 4 4 5 15 8
6,759 7,786 6,208 4,697 3,250 3,128 3,409
Total Liabilities 8,412 9,641 8,407 6,657 5,523 5,750 5,926
518 697 757 868 957 932 906
CWIP 142 126 136 130 47 42 45
Investments 3 3 3 239 4 4 4
7,749 8,815 7,511 5,420 4,516 4,771 4,971
Total Assets 8,412 9,641 8,407 6,657 5,523 5,750 5,926

Cash Flows

Figures in Rs. Crores

Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020
-765 284 -420 -342 84 504
239 149 3 1,047 170 -33
-72 -324 -166 -769 -268 -191
Net Cash Flow -598 109 -583 -63 -15 280

Ratios

Figures in Rs. Crores

Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020
ROCE % 48% 40% 37% 32% 31%
Debtor Days 43 13 12 61 63 40
Inventory Turnover 1.42 1.40 1.36 0.91 1.18

Shareholding Pattern

Numbers in percentages

Mar 2018 Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020
87.75 87.75 87.75 87.75 87.75 87.75 87.75 87.75 87.75 87.75 74.93 74.93
0.00 0.58 0.92 0.97 0.90 0.01 0.02 0.05 0.04 0.04 0.26 0.12
6.74 6.90 6.62 6.61 6.63 7.56 7.62 7.57 7.47 7.49 17.68 17.76
5.51 4.77 4.71 4.67 4.72 4.68 4.61 4.63 4.74 4.72 7.13 7.20

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