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 is expected to give good quarter
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

Dec 2016 Mar 2017 Jun 2017 Sep 2017 Dec 2017 Mar 2018 Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019
130 133 169 244 189 193 245 285 190 272 354 366
108 101 139 199 144 155 204 226 150 224 284 299
Operating Profit 23 32 30 45 45 38 41 59 39 48 71 67
OPM % 17% 24% 18% 19% 24% 20% 17% 21% 21% 18% 20% 18%
Other Income 2 -5 1 -0 -3 7 2 1 -0 -1 1 3
Interest 4 2 3 3 3 2 3 4 4 5 5 4
Depreciation 4 4 4 4 4 4 4 4 4 4 4 4
Profit before tax 17 20 24 38 35 38 36 51 31 38 63 61
Tax % 34% 38% 34% 37% 35% 7% 30% 30% 31% 22% 34% 11%
Net Profit 11 12 16 24 23 36 25 36 21 29 42 55
EPS in Rs 26.46 28.50 36.79 56.68 54.35 83.60 58.79 84.24 50.25 69.22 98.22 128.56
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 1,182
63 97 93 87 125 159 296 355 370 508 639 802 957
Operating Profit 4 6 6 7 17 26 64 82 81 111 153 188 225
OPM % 6% 6% 6% 7% 12% 14% 18% 19% 18% 18% 19% 19% 19%
Other Income 3 4 4 4 -0 0 1 1 1 2 10 1 2
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 84 135 155 192
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 98 112 147
EPS in Rs 10.40 11.84 13.36 13.67 22.94 22.56 47.25 74.43 79.73 128.35 231.40 262.49 346.25
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:29.52%
Compounded Profit Growth
10 Years:36.16%
5 Years:40.82%
3 Years:49.36%
TTM:29.43%
Stock Price CAGR
10 Years:55.18%
5 Years:45.71%
3 Years:48.21%
1 Year:11.74%
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 Sep 2019
4 4 4 4 4 4 4 4 4 4 4 4 4
Reserves 29 34 39 39 49 58 78 109 142 196 294 405 500
Borrowings 8 13 4 8 39 131 143 140 111 115 128 247 186
8 13 14 13 34 53 82 82 69 55 77 100 146
Total Liabilities 49 64 60 65 126 246 307 335 326 370 504 756 836
6 5 6 20 16 135 142 137 136 131 148 150 210
CWIP 0 0 0 3 48 0 1 2 1 1 7 35 0
Investments 1 4 11 1 1 0 0 30 20 0 0 0 0
42 54 43 41 60 111 164 167 169 238 349 570 626
Total Assets 49 64 60 65 126 246 307 335 326 370 504 756 836

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