Bharat Rasayan Ltd

Bharat Rasayan is an India-based company engaged in manufacturing of pesticides-technical, formulations and its intermediates. The Company primarily offers Metaphenoxy Benzaldehyde.

Pros:
Company has good consistent profit growth of 57.89% over 5 years
Company has a good return on equity (ROE) track record: 3 Years ROE 33.56%
Cons:
Company might be capitalizing the interest cost

Peer Comparison Sector: Agro Chemicals // Industry: Pesticides / Agrochemicals - Indian

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Quarterly Results Figures in Rs. Crores

Mar 2016 Jun 2016 Sep 2016 Dec 2016 Mar 2017 Jun 2017 Sep 2017 Dec 2017 Mar 2018 Jun 2018 Sep 2018 Dec 2018
99.26 166.95 193.85 130.15 132.51 169.15 244.06 188.66 193.44 245.12 285.27 189.56
84.53 138.74 162.98 107.56 101.01 139.41 198.74 143.77 155.20 204.10 226.50 150.13
Operating Profit 14.73 28.21 30.87 22.59 31.50 29.74 45.32 44.89 38.24 41.02 58.77 39.43
OPM % 14.84% 16.90% 15.92% 17.36% 23.77% 17.58% 18.57% 23.79% 19.77% 16.73% 20.60% 20.80%
Other Income 0.09 0.78 0.97 2.50 -5.12 0.68 -0.18 -2.62 6.62 1.78 0.56 -0.12
Interest 2.72 2.95 2.61 3.99 2.46 2.80 2.93 2.73 2.18 3.09 4.01 4.13
Depreciation 4.45 3.99 4.05 4.10 4.29 3.88 4.03 4.18 4.33 4.03 4.25 4.35
Profit before tax 7.65 22.05 25.18 17.00 19.63 23.74 38.18 35.36 38.35 35.68 51.07 30.83
Tax % 35.42% 34.15% 34.07% 33.88% 38.31% 34.16% 36.93% 34.70% 7.38% 29.99% 29.92% 30.75%
Net Profit 4.94 14.52 16.60 11.24 12.11 15.63 24.08 23.09 35.52 24.98 35.79 21.35
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
58 67 103 99 94 142 185 360 438 451 618 792 913
57 63 97 93 87 125 159 296 355 370 508 639 736
Operating Profit 0 4 6 6 7 17 26 64 82 81 111 153 177
OPM % 1% 6% 6% 6% 7% 12% 14% 18% 19% 18% 18% 19% 19%
Other Income 2 3 4 4 4 -0 0 1 1 1 2 10 9
Interest 1 1 1 0 0 1 5 17 18 13 12 11 13
Depreciation 1 1 1 1 2 2 7 18 18 17 16 16 17
Profit before tax 1 5 9 9 8 14 14 30 48 52 84 136 156
Tax % 29% 13% 41% 33% 27% 28% 32% 33% 34% 34% 35% 28%
Net Profit 1 4 5 6 6 10 10 20 32 34 55 98 118
EPS in Rs 2.07 10.40 11.84 13.36 13.67 22.94 22.56 47.25 74.43 79.73 128.35 231.40
Dividend Payout % 0% 10% 8% 13% 9% 5% 0% 2% 2% 2% 1% 1%
* Sales is net of excise duty and discounts
Compounded Sales Growth
10 Years:28.00%
5 Years:33.74%
3 Years:21.87%
TTM:24.38%
Compounded Profit Growth
10 Years:36.18%
5 Years:57.89%
3 Years:45.08%
TTM:57.04%
Return on Equity
10 Years:28.69%
5 Years:32.87%
3 Years:33.56%
Last Year:38.86%

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 Sep 2018
4 4 4 4 4 4 4 4 4 4 4 4 4
Reserves 25 29 34 39 39 49 58 78 109 142 196 294 354
Borrowings 5 8 13 4 8 39 131 143 140 111 115 128 196
3 8 13 14 13 34 53 82 82 69 55 77 140
Total Liabilities 38 49 64 60 65 126 246 307 335 326 370 504 694
6 6 5 6 20 16 135 142 137 136 131 148 149
CWIP 0 0 0 0 3 48 0 1 2 1 1 7 11
Investments 2 1 4 11 1 1 0 0 30 20 0 0 0
30 42 54 43 41 60 111 164 167 169 238 349 534
Total Assets 38 49 64 60 65 126 246 307 335 326 370 504 694

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
3 -1 -2 19 10 13 -8 29 60 47 16 29
-1 -0 -4 -8 -7 -42 -77 -25 -41 -5 8 -31
-1 2 5 -10 -5 30 87 -3 -19 -43 -24 2
Net Cash Flow 1 2 -1 1 -2 1 3 1 -0 -1 -0 0

Ratios

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 % 5% 16% 21% 19% 10% 21% 14% 22% 27% 25% 34% 39%
Debtor Days 105 90 79 62 62 77 89 61 66 71 71 102
Inventory Turnover 7.79 7.08 8.76 8.00 7.37 9.95 6.86 6.88 7.01 7.91 8.80 8.90