Bhansali Engineering Polymers Ltd

Bhansali Engineering Polymers Ltd

₹ 89.4 -0.39%
28 Mar - 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

Business Overview
Company manufactures ABS (Acrylonitrile Butadiene Styrene) and SAN (Styrene Acrylonitrile) resins. ABS is used to make light, rigid, molded products such as pipe, automotive body parts, wheel covers, enclosures, and protective headgear. SAN is a plastic copolymer with thermal resistant and chemical resistant nature and its uses including housewares and consumer goods, various compounded products, packaging, appliances (electrical and electronic). [1]

  • Market Cap 2,230 Cr.
  • Current Price 89.4
  • High / Low 118 / 63.7
  • Stock P/E 14.6
  • Book Value 35.9
  • Dividend Yield 3.36 %
  • ROCE 19.2 %
  • ROE 13.3 %
  • Face Value 1.00

Pros

  • Company is almost debt free.
  • Stock is providing a good dividend yield of 3.36%.
  • Company has a good return on equity (ROE) track record: 3 Years ROE 34.6%
  • Company has been maintaining a healthy dividend payout of 75.1%

Cons

  • The company has delivered a poor sales growth of 5.72% over past five years.

* 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

Consolidated Figures in Rs. Crores / View Standalone

Dec 2020 Mar 2021 Jun 2021 Sep 2021 Dec 2021 Mar 2022 Jun 2022 Sep 2022 Dec 2022 Mar 2023 Jun 2023 Sep 2023 Dec 2023
411 473 232 375 342 446 337 358 339 328 294 314 292
227 254 131 211 244 345 277 305 298 306 238 257 245
Operating Profit 184 219 101 164 98 101 60 53 41 22 57 58 47
OPM % 45% 46% 43% 44% 29% 23% 18% 15% 12% 7% 19% 18% 16%
2 2 5 4 6 5 7 7 7 8 13 10 10
Interest 0 0 0 0 0 0 0 1 0 0 0 0 0
Depreciation 3 2 2 3 2 2 2 3 3 2 2 2 2
Profit before tax 183 219 103 165 101 103 65 57 46 28 67 65 54
Tax % 26% 25% 25% 25% 25% 29% 26% 28% 27% 48% 24% 25% 26%
136 163 77 124 76 73 48 41 34 14 51 48 40
EPS in Rs 5.48 6.57 3.11 4.97 3.04 2.94 1.92 1.66 1.35 0.57 2.03 1.94 1.62
Raw PDF

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 TTM
601 531 626 1,032 1,225 1,104 1,292 1,394 1,363 1,228
576 494 563 877 1,146 1,018 845 931 1,186 1,045
Operating Profit 25 37 63 154 79 86 447 463 177 183
OPM % 4% 7% 10% 15% 6% 8% 35% 33% 13% 15%
2 3 8 14 8 6 11 20 30 40
Interest 14 11 10 8 1 0 1 0 1 0
Depreciation 5 6 5 6 7 10 10 10 10 10
Profit before tax 8 23 57 155 78 83 446 473 196 213
Tax % 40% 29% 37% 35% 40% 19% 25% 26% 30%
5 16 35 100 47 67 334 350 137 153
EPS in Rs 0.20 0.65 1.42 4.02 1.90 2.69 13.42 14.06 5.49 6.16
Dividend Payout % 34% 10% 9% 5% 18% 12% 5% 14% 206%
Compounded Sales Growth
10 Years: %
5 Years: 6%
3 Years: 7%
TTM: -17%
Compounded Profit Growth
10 Years: %
5 Years: 6%
3 Years: 27%
TTM: -22%
Stock Price CAGR
10 Years: 27%
5 Years: 13%
3 Years: -2%
1 Year: 39%
Return on Equity
10 Years: %
5 Years: 31%
3 Years: 35%
Last Year: 13%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Sep 2023
Equity Capital 17 17 17 17 17 17 17 17 17 25
Reserves 168 110 145 241 282 340 665 965 1,051 868
42 32 137 0 0 0 0 0 0 0
169 191 121 166 230 297 96 127 99 183
Total Liabilities 396 349 420 423 529 653 777 1,108 1,167 1,076
122 82 93 107 144 150 141 145 140 136
CWIP 0 0 0 6 0 2 0 0 0 0
Investments 0 0 0 1 1 2 2 2 3 3
274 267 326 309 384 500 634 962 1,024 937
Total Assets 396 349 420 423 529 653 777 1,108 1,167 1,076

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023
36 56 78 192 53 88 103 298 140
-6 -35 -12 -16 -55 -43 -21 -300 -15
-33 -23 -65 -149 -7 -10 -9 -50 -50
Net Cash Flow -3 -2 2 27 -8 35 74 -52 75

Ratios

Consolidated Figures in Rs. Crores / View Standalone

Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023
Debtor Days 89 91 80 66 67 51 82 74 64
Inventory Days 54 74 94 39 36 85 60 96 63
Days Payable 116 158 67 62 70 111 19 34 23
Cash Conversion Cycle 27 6 107 43 33 25 123 136 104
Working Capital Days 54 43 114 44 45 44 107 157 136
ROCE % 18% 29% 58% 28% 25% 86% 57% 19%

Shareholding Pattern

Numbers in percentages

2 Recently
Mar 2021Jun 2021Sep 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023
56.45% 56.45% 56.45% 56.45% 56.64% 56.64% 56.65% 56.65% 56.71% 57.48% 57.48% 57.48%
0.95% 2.55% 1.88% 1.54% 1.01% 0.89% 0.82% 0.85% 0.93% 1.03% 0.95% 1.13%
0.02% 0.02% 0.02% 0.02% 0.01% 0.02% 0.00% 0.00% 0.00% 0.00% 0.04% 0.05%
42.58% 40.98% 41.65% 41.99% 42.33% 42.44% 42.54% 42.50% 42.38% 41.51% 41.54% 41.35%
No. of Shareholders 55,77381,12690,8801,02,3851,09,4841,11,9081,10,1621,07,7361,05,9381,07,5251,13,6411,15,630

* The classifications might have changed from Sep'2022 onwards. The new XBRL format added more details from Sep'22 onwards.

Classifications such as banks and foreign portfolio investors were not available earlier. The sudden changes in FII or DII can be because of these changes.

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