Bhansali Engineering Polymers Ltd

Bhansali Engineering Polymers is engaged in manufacturing of ABS and SAN resins which is classified under the category of Highly Specialized Engineering Thermoplastics.

Pros:
Company is virtually debt free.
Company is expected to give good quarter
Company has good consistent profit growth of 99.13% over 5 years
Company has a good return on equity (ROE) track record: 3 Years ROE 28.64%
Cons:

Peer Comparison Sector: Petrochemicals // Industry: Petrochemicals

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Quarterly Results Standalone Figures in Rs. Crores / View Consolidated

Sep 2016 Dec 2016 Mar 2017 Jun 2017 Sep 2017 Dec 2017 Mar 2018 Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019
163 123 193 224 248 258 302 202 350 323 350 313
148 114 170 194 210 215 258 174 322 306 343 284
Operating Profit 16 9 23 30 38 43 44 28 28 17 7 29
OPM % 10% 7% 12% 13% 15% 17% 15% 14% 8% 5% 2% 9%
Other Income 1 0 6 1 2 6 5 0 0 1 6 5
Interest 3 2 3 1 2 2 2 0 0 1 0 0
Depreciation 1 1 1 2 2 2 1 2 2 2 2 2
Profit before tax 13 6 25 28 36 45 46 26 26 15 11 32
Tax % 33% 48% 37% 39% 30% 36% 37% 35% 35% 34% 73% 32%
Net Profit 9 3 16 17 25 29 29 17 17 10 3 22
EPS in Rs 0.53 0.18 0.95 1.02 1.51 1.75 1.72 1.01 1.02 0.60 0.17 1.32
Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes

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

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
257 225 313 463 414 419 507 601 531 626 1,032 1,225 1,336
234 222 275 407 394 404 491 575 493 563 877 1,146 1,256
Operating Profit 23 2 37 56 20 15 16 25 37 64 154 79 81
OPM % 9% 1% 12% 12% 5% 4% 3% 4% 7% 10% 15% 6% 6%
Other Income 9 1 2 4 1 1 1 2 3 8 14 7 12
Interest 15 17 15 14 13 11 10 14 11 10 8 1 1
Depreciation 6 6 6 6 6 4 4 5 6 5 6 7 8
Profit before tax 11 -19 19 39 2 0 3 9 23 57 154 77 84
Tax % 38% 41% 45% 15% 39% -441% 47% 38% 29% 37% 35% 40%
Net Profit 7 -11 11 33 1 1 1 5 17 36 100 47 52
EPS in Rs 0.40 0.00 0.63 2.00 0.05 0.06 0.07 0.31 0.99 2.15 6.01 2.80 3.11
Dividend Payout % 24% -0% 0% 5% 152% 139% 112% 31% 10% 9% 5% 18%
* Sales is net of excise duty and discounts
Compounded Sales Growth
10 Years:18.47%
5 Years:19.30%
3 Years:32.15%
TTM:32.40%
Compounded Profit Growth
10 Years:19.79%
5 Years:99.13%
3 Years:40.55%
TTM:-48.07%
Stock Price CAGR
10 Years:14.41%
5 Years:25.55%
3 Years:26.20%
1 Year:-65.16%
Return on Equity
10 Years:12.52%
5 Years:20.81%
3 Years:28.64%
Last Year:16.64%

Balance Sheet Standalone Figures in Rs. Crores / View Consolidated

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
Reserves 205 183 183 205 194 184 174 169 111 146 242 282
Borrowings 60 91 60 56 56 30 59 42 32 137 0 0
149 112 145 150 125 146 130 170 192 123 168 232
Total Liabilities 430 403 406 428 392 377 379 397 352 423 426 531
197 183 168 166 156 143 133 122 82 93 107 144
CWIP 7 8 11 0 0 0 0 0 0 0 6 0
Investments 0 0 0 0 0 0 0 1 2 2 2 2
226 212 227 262 237 235 246 274 269 328 311 386
Total Assets 430 403 406 428 392 377 379 397 352 423 426 531

Cash Flows Standalone Figures in Rs. Crores / View Consolidated

Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019
31 -16 51 26 14 42 -11 36 56 78 192 53
-3 -3 -3 -2 -3 -1 -5 -6 -35 -12 -16 -33
-22 13 -46 -18 -15 -39 17 -33 -23 -65 -149 -29
Net Cash Flow 6 -6 2 5 -4 2 1 -3 -2 2 27 -8

Ratios Standalone Figures in Rs. Crores / View Consolidated

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 % 9% -1% 12% 20% 6% 5% 5% 9% 18% 29% 58% 28%
Debtor Days 227 262 186 147 138 112 78 89 91 80 66 67
Inventory Turnover 6.94 9.60 11.68 11.24 10.26 8.43 6.70 7.25 6.71 5.63 9.41 13.60