Bharat Rasayan Ltd

Bharat Rasayan is engaged in a backward integration project to manufacture Technical Grade Pesticides and Intermediates confirming to International Standards.(Source : 201903 Annual Report Page No: 102)

Pros:
Company has good consistent profit growth of 40.82% over 5 years
Company has a good return on equity (ROE) track record: 3 Years ROE 34.06%
Cons:

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

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Quarterly Results Figures in Rs. Crores

Sep 2016 Dec 2016 Mar 2017 Jun 2017 Sep 2017 Dec 2017 Mar 2018 Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019
194 130 133 169 244 189 193 245 285 190 272 354
163 108 101 139 199 144 155 204 226 150 224 284
Operating Profit 31 23 32 30 45 45 38 41 59 39 48 71
OPM % 16% 17% 24% 18% 19% 24% 20% 17% 21% 21% 18% 20%
Other Income 1 2 -5 1 -0 -3 7 2 1 -0 -1 1
Interest 3 4 2 3 3 3 2 3 4 4 5 5
Depreciation 4 4 4 4 4 4 4 4 4 4 4 4
Profit before tax 25 17 20 24 38 35 38 36 51 31 38 63
Tax % 34% 34% 38% 34% 37% 35% 7% 30% 30% 31% 22% 34%
Net Profit 17 11 12 16 24 23 36 25 36 21 29 42
EPS in Rs 39.07 26.46 28.50 36.79 56.68 54.35 83.60 58.79 84.24 50.25 69.22 98.22
Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes

Profit & Loss Figures in Rs. Crores

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
67 103 99 94 142 185 360 438 451 618 792 989 1,101
63 97 93 87 125 159 296 355 370 508 639 802 885
Operating Profit 4 6 6 7 17 26 64 82 81 111 153 188 217
OPM % 6% 6% 6% 7% 12% 14% 18% 19% 18% 18% 19% 19% 20%
Other Income 3 4 4 4 -0 0 1 1 1 2 10 1 0
Interest 1 1 0 0 1 5 17 18 13 12 12 16 18
Depreciation 1 1 1 2 2 7 18 18 17 16 16 17 17
Profit before tax 5 9 9 8 14 14 30 48 52 84 135 155 182
Tax % 13% 41% 33% 27% 28% 32% 33% 34% 34% 35% 27% 28%
Net Profit 4 5 6 6 10 10 20 32 34 55 98 112 128
EPS in Rs 10.40 11.84 13.36 13.67 22.94 22.56 47.25 74.43 79.73 128.35 231.40 262.49 301.93
Dividend Payout % 10% 8% 13% 9% 5% 0% 2% 2% 2% 1% 1% 1%
* Sales is net of excise duty and discounts
Compounded Sales Growth
10 Years:25.39%
5 Years:22.39%
3 Years:29.91%
TTM:26.42%
Compounded Profit Growth
10 Years:36.16%
5 Years:40.82%
3 Years:49.36%
TTM:19.14%
Stock Price CAGR
10 Years:56.75%
5 Years:56.99%
3 Years:49.05%
1 Year:-0.63%
Return on Equity
10 Years:30.00%
5 Years:32.88%
3 Years:34.06%
Last Year:31.90%

Balance Sheet Figures in Rs. Crores

Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019
4 4 4 4 4 4 4 4 4 4 4 4
Reserves 29 34 39 39 49 58 78 109 142 196 294 405
Borrowings 8 13 4 8 39 131 143 140 111 115 128 247
8 13 14 13 34 53 82 82 69 55 77 100
Total Liabilities 49 64 60 65 126 246 307 335 326 370 504 756
6 5 6 20 16 135 142 137 136 131 148 150
CWIP 0 0 0 3 48 0 1 2 1 1 7 35
Investments 1 4 11 1 1 0 0 30 20 0 0 0
42 54 43 41 60 111 164 167 169 238 349 570
Total Assets 49 64 60 65 126 246 307 335 326 370 504 756

Cash Flows Figures in Rs. Crores

Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019
-1 -2 19 10 13 -8 29 60 47 16 29 -52
-0 -4 -8 -7 -42 -77 -25 -41 -5 8 -31 -46
2 5 -10 -5 30 87 -3 -19 -43 -24 2 102
Net Cash Flow 2 -1 1 -2 1 3 1 -0 -1 -0 0 4

Ratios Figures in Rs. Crores

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 % 16% 21% 19% 10% 21% 14% 22% 27% 25% 34% 39% 32%
Debtor Days 90 79 62 62 77 89 61 66 71 71 102 103
Inventory Turnover 7.08 8.76 8.00 7.37 9.95 6.86 6.88 7.01 7.91 8.80 8.90 6.50