BEML Ltd

BEML is engaged in manufacture of Rail Coaches & Spare Parts and Mining Equipment at its Bangalore Complex.

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Pros:

Stock is trading at 1.18 times its book value

Company has been maintaining a healthy dividend payout of 37.16%

Cons:

The company has delivered a poor growth of 3.65% over past five years.

Company has a low return on equity of 4.24% for last 3 years.

Company has high debtors of 169.56 days.

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

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Detailed Comparison with:

	Jun 2018	Sep 2018	Dec 2018	Mar 2019	Jun 2019	Sep 2019	Dec 2019
	453	734	921	1,366	580	687	693
	592	689	844	1,111	657	694	667
Operating Profit	-139	45	77	255	-77	-7	26
OPM %	-31%	6%	8%	19%	-13%	-1%	4%
Other Income	5	4	5	9	9	8	6
Interest	11	14	18	16	12	9	10
Depreciation	17	18	18	18	18	18	18
Profit before tax	-163	17	46	230	-98	-27	4
Tax %	-0%	0%	0%	29%	-0%	-0%	0%
Net Profit	-163	17	46	163	-98	-27	4
EPS in Rs	-39.04	3.99	11.09	39.12	-23.58	-6.53	1.02
	Notes	Notes	Notes	Notes	Notes	Notes	Notes

	Mar 2008	Mar 2009	Mar 2010	Mar 2011	Mar 2012	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	TTM
	2,526	2,794	2,835	2,644	2,715	2,801	2,904	2,802	2,975	2,494	3,239	3,474	3,326
	2,235	2,446	2,555	2,558	2,569	2,828	2,797	2,728	2,825	2,341	2,986	3,237	3,130
Operating Profit	292	348	280	86	146	-27	107	74	149	153	253	238	196
OPM %	12%	12%	10%	3%	5%	-1%	4%	3%	5%	6%	8%	7%	6%
Other Income	100	108	132	203	76	114	84	60	42	63	25	23	32
Interest	23	39	56	71	111	162	127	76	56	55	48	60	47
Depreciation	18	28	33	34	45	51	54	53	57	63	65	71	72
Profit before tax	350	390	322	184	66	-125	10	5	79	98	164	130	109
Tax %	35%	31%	30%	20%	14%	34%	39%	-9%	18%	14%	21%	52%
Net Profit	227	270	224	147	57	-83	6	6	64	85	130	63	42
EPS in Rs	53.24	62.62	52.04	33.51	12.82	0.00	1.29	1.22	15.41	20.29	31.04	15.13	10.03
Dividend Payout %	22%	19%	19%	28%	37%	-13%	68%	70%	26%	39%	26%	46%

* Sales is net of excise duty and discounts

	Mar 2008	Mar 2009	Mar 2010	Mar 2011	Mar 2012	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Sep 2019
	42	42	42	42	42	42	42	42	42	42	42	42	42
Reserves	1,668	1,878	2,002	2,101	2,134	2,038	2,039	2,035	2,088	2,141	2,159	2,146	2,006
Borrowings	304	569	916	821	962	1,263	958	645	569	438	446	404	370
	1,403	1,672	1,458	1,298	1,819	1,879	1,790	1,921	1,722	2,137	2,097	2,487	2,237
Total Liabilities	3,417	4,161	4,417	4,262	4,957	5,222	4,828	4,643	4,420	4,757	4,744	5,078	4,654
	214	259	286	401	540	546	513	482	557	583	595	631	623
CWIP	24	25	32	80	24	142	173	192	104	79	68	25	26
Investments	5	5	5	5	0	0	0	0	0	0	0	0	0
	3,173	3,872	4,093	3,776	4,393	4,534	4,142	3,969	3,759	4,094	4,081	4,422	4,005
Total Assets	3,417	4,161	4,417	4,262	4,957	5,222	4,828	4,643	4,420	4,757	4,744	5,078	4,654

	Mar 2008	Mar 2009	Mar 2010	Mar 2011	Mar 2012	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019
	-477	-411	101	-156	245	-136	394	548	80	209	130	257
	-57	-40	-36	-162	-105	-132	-28	-36	-33	-59	-62	-62
	707	193	239	-201	6	152	-427	-384	-105	-160	-101	-129
Net Cash Flow	173	-258	304	-519	146	-116	-61	128	-57	-11	-33	65

	Mar 2008	Mar 2009	Mar 2010	Mar 2011	Mar 2012	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019
ROCE %	24%	19%	14%	9%	5%	1%	4%	3%	5%	6%	8%	7%
Debtor Days	216	202	175	161	106	112	123	129	148	209	186	170
Inventory Turnover	3.03	2.18	1.73	1.49	1.25	1.14	1.24	1.34	1.60	1.32	1.66	1.91