Bhansali Engineering Polymers Ltd

Bhansali Engineering Polymers is a petrochemical company. The Company is engaged in the manufacture of acrylonitrile butadiene styrene (ABS) resins and styrene acrylonitrile (SAN) resins.

Pros:
Company has reduced debt.
Company is virtually debt free.
Company has good consistent profit growth of 142.42% over 5 years
Company has a good return on equity (ROE) track record: 3 Years ROE 29.66%
Cons:

Peer Comparison Sector: Petrochemicals // Industry: Petrochemicals

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Quarterly Results Standalone Figures in Rs. Crores / View Consolidated

Jun 2016 Sep 2016 Dec 2016 Mar 2017 Jun 2017 Sep 2017 Dec 2017 Mar 2018 Jun 2018 Sep 2018 Dec 2018 Mar 2019
147 163 123 193 224 248 258 302 202 350 323 350
131 148 114 170 194 210 215 258 174 322 306 343
Operating Profit 16 16 9 23 30 38 43 44 28 28 17 7
OPM % 11% 10% 7% 12% 13% 15% 17% 15% 14% 8% 5% 2%
Other Income 0 1 0 6 1 2 6 5 0 0 1 6
Interest 2 3 2 3 1 2 2 2 0 0 1 0
Depreciation 1 1 1 1 2 2 2 1 2 2 2 2
Profit before tax 13 13 6 25 28 36 45 46 26 26 15 11
Tax % 37% 33% 48% 37% 39% 30% 36% 37% 35% 35% 34% 73%
Net Profit 8 9 3 16 17 25 29 29 17 17 10 3
Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes

Profit & Loss Standalone Figures in Rs. Crores / View Consolidated

Mar 2007 Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 TTM
240 257 225 313 463 414 419 507 601 531 626 1,032 1,225
207 234 222 275 407 394 404 491 575 493 563 877 1,146
Operating Profit 33 23 2 37 56 20 15 16 25 37 64 154 79
OPM % 14% 9% 1% 12% 12% 5% 4% 3% 4% 7% 10% 15% 6%
Other Income 4 9 1 2 4 1 1 1 2 3 8 14 7
Interest 16 15 17 15 14 13 11 10 14 11 10 8 1
Depreciation 6 6 6 6 6 6 4 4 5 6 5 6 7
Profit before tax 15 11 -19 19 39 2 0 3 9 23 57 154 77
Tax % 65% 38% 41% 45% 15% 39% -441% 47% 38% 29% 37% 35%
Net Profit 5 7 -11 11 33 1 1 1 5 17 36 100 47
EPS in Rs 0.30 0.40 0.00 0.63 2.00 0.05 0.06 0.07 0.31 0.99 2.15 6.01
Dividend Payout % 32% 24% -0% 0% 5% 152% 139% 112% 31% 10% 9% 5%
* Sales is net of excise duty and discounts
Compounded Sales Growth
10 Years:14.92%
5 Years:19.75%
3 Years:19.75%
TTM:18.72%
Compounded Profit Growth
10 Years:30.40%
5 Years:142.42%
3 Years:164.24%
TTM:-53.30%
Return on Equity
10 Years:9.99%
5 Years:17.72%
3 Years:29.66%
Last Year:47.35%

Balance Sheet Standalone Figures in Rs. Crores / View Consolidated

Mar 2007 Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019
17 17 17 17 17 17 17 17 17 17 17 17 17
Reserves 210 205 183 183 205 194 184 174 169 111 146 242 282
Borrowings 65 60 91 60 56 56 30 59 42 32 137 0 0
140 149 112 145 150 125 146 130 170 192 123 168 232
Total Liabilities 432 430 403 406 428 392 377 379 397 352 423 426 531
211 197 183 168 166 156 143 133 122 82 93 107 144
CWIP 5 7 8 11 0 0 0 0 0 0 0 6 0
Investments 0 0 0 0 0 0 0 0 1 2 2 2 2
216 226 212 227 262 237 235 246 274 269 328 311 386
Total Assets 432 430 403 406 428 392 377 379 397 352 423 426 531

Cash Flows Standalone Figures in Rs. Crores / View Consolidated

Mar 2007 Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018
46 31 -16 51 26 14 42 -11 36 56 78 192
1 -3 -3 -3 -2 -3 -1 -5 -6 -35 -12 -16
-51 -22 13 -46 -18 -15 -39 17 -33 -23 -65 -149
Net Cash Flow -4 6 -6 2 5 -4 2 1 -3 -2 2 27

Ratios Standalone Figures in Rs. Crores / View Consolidated

Mar 2007 Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018
ROCE % 9% 9% -1% 12% 20% 6% 5% 5% 9% 18% 29% 58%
Debtor Days 240 227 262 186 147 138 112 78 89 91 80 66
Inventory Turnover 5.87 6.94 9.60 11.68 11.24 10.26 8.43 6.70 7.25 6.71 5.63 9.41