Bhansali Engineering Polymers Ltd

₹ 116 -0.17%
05 Dec - close price
About

Bhansali Engineering Polymers Ltd is engaged in manufacturing and sale of ABS Resins, AES Resins, ASA resins, SAN resins and their alloys with other plastics in the Indian market.
Its customers include leading companies dealing in Automobiles, Home Appliances, Electronics, Healthcare and Kitchenware.[1]

Key Points

Revenue Breakup
The company deals with single business segment viz. ABS and SAN polymers with trading in styrene.[1]

Acrylonitrile Butadiene Styrene (ABS) - 71%
Other than plastic granules (ABS/SAN) - 29%[2]

  • Market Cap 1,925 Cr.
  • Current Price 116
  • High / Low 182 / 98.0
  • Stock P/E 8.11
  • Book Value 62.4
  • Dividend Yield 2.59 %
  • ROCE 56.8 %
  • ROE 42.1 %
  • Face Value 1.00

Pros

  • Company is almost debt free.
  • Company has delivered good profit growth of 57.9% CAGR over last 5 years
  • Company has a good return on equity (ROE) track record: 3 Years ROE 44.7%

Cons

  • Working capital days have increased from 103 days to 157 days

* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.

Peer comparison

Sector: Petrochemicals Industry: Petrochemicals

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Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021 Sep 2021 Dec 2021 Mar 2022 Jun 2022 Sep 2022
280 260 251 99 308 411 473 232 375 342 446 337 358
260 236 239 103 262 227 254 131 211 244 345 277 305
Operating Profit 20 25 13 -3 46 184 219 101 164 98 101 60 53
OPM % 7% 9% 5% -3% 15% 45% 46% 43% 44% 29% 23% 18% 15%
-0 1 0 5 2 2 2 5 3 6 4 7 7
Interest 0 0 0 0 0 0 0 0 0 0 0 0 1
Depreciation 2 3 3 3 3 3 2 2 3 2 2 2 3
Profit before tax 17 23 10 -1 45 183 219 103 165 101 103 65 57
Tax % -17% 26% 25% -8% 22% 26% 25% 25% 25% 25% 29% 26% 28%
Net Profit 20 17 8 -1 35 136 163 77 124 76 73 48 41
EPS in Rs 1.22 1.02 0.47 -0.08 2.13 8.20 9.84 4.65 7.45 4.56 4.41 2.86 2.47
Raw PDF

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 TTM
463 414 419 507 601 531 626 1,032 1,225 1,104 1,292 1,394 1,483
407 394 404 491 575 493 562 877 1,146 1,018 845 931 1,171
Operating Profit 56 20 15 16 25 37 64 154 79 86 447 463 312
OPM % 12% 5% 4% 3% 4% 7% 10% 15% 6% 8% 35% 33% 21%
4 1 1 1 2 3 8 14 7 6 10 19 25
Interest 14 13 11 10 14 11 10 8 1 0 1 0 1
Depreciation 6 6 4 4 5 6 5 6 7 10 10 10 10
Profit before tax 39 2 0 3 9 23 57 154 77 83 446 472 326
Tax % 15% 39% -441% 47% 38% 29% 37% 35% 40% 19% 25% 26%
Net Profit 33 1 1 1 5 17 36 100 47 67 333 349 237
EPS in Rs 2.01 0.07 0.07 0.09 0.33 1.01 2.15 6.01 2.80 4.03 20.10 21.06 14.30
Dividend Payout % 5% 152% 139% 112% 31% 10% 9% 5% 18% 12% 5% 14%
Compounded Sales Growth
10 Years: 13%
5 Years: 17%
3 Years: 4%
TTM: -1%
Compounded Profit Growth
10 Years: 77%
5 Years: 58%
3 Years: 96%
TTM: -53%
Stock Price CAGR
10 Years: 22%
5 Years: -7%
3 Years: 38%
1 Year: -29%
Return on Equity
10 Years: 31%
5 Years: 41%
3 Years: 45%
Last Year: 42%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Sep 2022
17 17 17 17 17 17 17 17 17 17 17 17 17
Reserves 205 194 184 174 169 111 146 242 282 340 664 964 1,019
56 56 30 59 42 32 137 0 0 0 0 0 0
148 123 143 129 169 191 121 166 230 297 96 127 105
Total Liabilities 425 390 374 379 396 350 421 424 529 653 777 1,107 1,141
166 156 143 133 122 82 93 107 144 150 141 145 143
CWIP 0 0 0 0 0 0 0 6 0 2 0 0 0
Investments 0 0 0 0 1 2 2 2 2 2 2 1 1
260 234 231 246 273 267 326 309 384 500 634 962 997
Total Assets 425 390 374 379 396 350 421 424 529 653 777 1,107 1,141

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022
26 14 42 -11 36 56 78 192 53 88 103 298
-2 -3 -1 -5 -6 -35 -12 -16 -55 -43 -21 -300
-18 -15 -39 17 -33 -23 -65 -149 -7 -10 -9 -50
Net Cash Flow 5 -4 2 1 -3 -2 2 27 -8 35 74 -52

Ratios

Standalone Figures in Rs. Crores / View Consolidated

Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022
Debtor Days 147 138 112 78 89 91 80 66 67 51 82 74
Inventory Days 42 42 64 77 54 74 94 39 36 85 60 96
Days Payable 135 122 141 103 116 158 67 62 70 111 19 34
Cash Conversion Cycle 53 58 35 52 27 6 107 43 33 25 123 136
Working Capital Days 78 92 67 73 54 43 114 44 45 44 107 157
ROCE % 20% 6% 5% 5% 9% 18% 29% 58% 28% 25% 86% 57%

Shareholding Pattern

Numbers in percentages

Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021 Sep 2021 Dec 2021 Mar 2022 Jun 2022 Sep 2022
55.00 56.45 56.45 56.45 56.45 56.45 56.45 56.45 56.45 56.64 56.64 56.65
1.76 1.10 0.71 0.43 0.90 0.95 2.55 1.88 1.54 1.01 0.89 0.82
0.44 0.17 0.17 0.02 0.16 0.02 0.02 0.02 0.02 0.01 0.02 0.00
42.80 42.28 42.67 43.10 42.48 42.58 40.98 41.65 41.99 42.33 42.44 42.54

* The XBRL reporting format changed from Sep'2022 onwards. The new format added details about banks and foreign portfolio investors. These were not available earlier.
The sudden increase in FII or DII might be because of these changes.

Please click on the line-items to see the names of individual entities.

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