Bharat Financial Inclusion Ltd

Bharat Financial Inclusion is a non-banking financial company-micro finance institution (NBFC-MFI). The Company is engaged in providing micro finance services to women in the rural areas of India enrolled as members and organized as Joint Liability Groups. In addition to its business of providing micro-credit, the Company uses its distribution channel to provide other financial products and services to the members.

Pros:
Company has reduced debt.
Company is expected to give good quarter
Cons:
Stock is trading at 2.98 times its book value
Though the company is reporting repeated profits, it is not paying out dividend
Promoter holding is low: 1.58%

Peer Comparison Sector: Finance // Industry: Finance & Investments

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Quarterly Results Figures in Rs. Crores

Jun 2016 Sep 2016 Dec 2016 Mar 2017 Jun 2017 Sep 2017 Dec 2017 Mar 2018 Jun 2018 Sep 2018 Dec 2018 Mar 2019
Revenue 369 407 409 368 451 482 576 646 612 760 814 851
Interest 136 158 164 165 176 179 183 189 199 205 204 181
137 143 144 476 180 156 181 238 227 244 224 243
Financing Profit 96 107 100 -272 96 146 212 218 186 312 386 427
Financing Margin % 26% 26% 25% -74% 21% 30% 37% 34% 30% 41% 47% 50%
Other Income 45 42 46 41 0 0 0 1 0 0 0 0
Depreciation 2 3 3 4 3 3 4 4 3 4 5 6
Profit before tax 139 146 143 -235 93 143 209 215 183 308 381 421
Tax % -70% 0% 0% -0% 48% 6% 8% 1% 22% 24% 24% 24%
Net Profit 236 146 143 -235 48 135 193 213 142 233 288 321
Gross NPA % 0.10% 0.10% 0.06% 6.00% 5.90% 5.10% 4.30% 2.40% 0.30% 0.40% 0.60% 0.80%
Net NPA % 0.03% 0.04% 0.03% 2.70% 0.20% 0.10% 0.10% 0.10% 0.10% 0.10% 0.20% 0.20%
Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes

Profit & Loss Figures in Rs. Crores

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
Revenue 45 169 553 955 1,262 472 352 545 802 1,320 1,728 2,101 3,037
Interest 14 56 194 288 350 200 143 214 279 485 622 710 789
27 80 225 390 733 1,586 500 257 326 434 900 924 938
Financing Profit 5 33 134 277 179 -1,314 -291 74 198 401 205 467 1,310
Financing Margin % 10% 20% 24% 29% 14% -279% -83% 14% 25% 30% 12% 22% 43%
Other Income 2 1 1 3 8 1 0 0 1 1 0 1 0
Depreciation 2 5 11 13 16 10 6 4 5 8 13 13 18
Profit before tax 5 29 124 268 171 -1,324 -297 70 194 394 193 455 1,292
Tax % 51% 43% 35% 35% 35% -3% -0% 0% 3% 23% -50% -0%
Net Profit 2 17 80 174 112 -1,361 -297 70 188 303 290 455 985
EPS in Rs 15.44 0.00 0.00 6.45 14.86 23.80 20.99 32.69
Dividend Payout % 0% 0% 0% 0% 0% -0% -0% 0% 0% 0% 0% 0%
* Sales is net of excise duty and discounts
Compounded Sales Growth
10 Years:28.66%
5 Years:42.95%
3 Years:37.83%
TTM:40.87%
Compounded Profit Growth
10 Years:39.28%
5 Years:%
3 Years:34.39%
TTM:67.04%
Return on Equity
10 Years:0.12%
5 Years:18.57%
3 Years:17.90%
Last Year:16.72%

Balance Sheet Figures in Rs. Crores

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
27 44 57 65 72 72 108 108 126 127 138 139 140
Reserves 45 168 606 889 1,708 358 282 351 920 1,256 2,309 2,859 4,084
Borrowings 249 790 2,137 2,695 2,235 1,021 1,618 1,531 3,280 5,130 7,125 7,617 4,778
15 88 249 407 311 271 503 507 372 641 846 915 1,226
Total Liabilities 335 1,089 3,039 4,055 4,326 1,722 2,511 2,497 4,699 7,154 10,418 11,531 10,229
5 14 18 23 28 20 11 10 9 15 22 22 31
CWIP 0 1 1 2 3 0 0 2 1 1 0 0 0
Investments 0 0 0 0 4 0 0 0 0 0 0 0 0
330 1,075 3,020 4,031 4,292 1,701 2,500 2,486 4,688 7,137 10,395 11,509 10,198
Total Assets 335 1,089 3,039 4,055 4,326 1,722 2,511 2,497 4,699 7,154 10,418 11,531 10,229

Cash Flows Figures in Rs. Crores

Mar 2007 Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018
-192 -432 -277 -1,226 -624 1,341 -644 -132 -1,112 -1,635 -1,887 -1,162
-4 -25 -230 14 1 -68 3 -24 -5 -15 -19 -13
233 665 1,564 671 235 -1,210 847 -87 2,139 1,872 2,750 528
Net Cash Flow 38 208 1,057 -541 -388 63 206 -243 1,022 223 844 -646

Ratios Figures in Rs. Crores

Mar 2007 Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018
ROE % 5% 12% 18% 22% 8% -123% -72% 16% 25% 25% 15% 17%

Credit Ratings