Bhartiya International Ltd

₹ 428 1.17%

24 Apr - close price

About

Incorporated in 1987, Bhartiya International manufactures and trades leather products
& textile products^[1]

Key Points

Business Overview:^[1]^[2]
Company sources leather from India, Europe, Middle East, Latin America and other Asia Pacific counties, and exports leather garments and accessories to US, Canada, Switzerland, Italy, France, Spain, and Austria, etc. Besides leather products, company also trades in textile apparels for which designing, raw material procurement and marketing activities are done in-house, while production is outsourced to manufacturers in China and Bangladesh.

Website BSE NSE - BE

Market Cap ₹ 523 Cr.
Current Price ₹ 428
High / Low ₹ 485 / 173
Stock P/E 31.0
Book Value ₹ 274
Dividend Yield 0.00 %
ROCE 8.45 %
ROE 5.18 %
Face Value ₹ 10.0

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Pros

Debtor days have improved from 58.5 to 46.4 days.

Cons

Though the company is reporting repeated profits, it is not paying out dividend
Company has low interest coverage ratio.
The company has delivered a poor sales growth of 5.09% over past five years.
Company has a low return on equity of 3.31% over last 3 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: Leather Industry: Leather / Leather Products

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Detailed Comparison with:

Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

	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
	99.65	95.40	75.56	168.87	169.64	116.79	176.32	190.97	174.83	122.31	153.28	183.40	177.59
	89.52	89.14	68.61	149.48	159.54	109.90	162.83	167.92	159.69	111.35	137.14	156.03	163.92
Operating Profit	10.13	6.26	6.95	19.39	10.10	6.89	13.49	23.05	15.14	10.96	16.14	27.37	13.67
OPM %	10.17%	6.56%	9.20%	11.48%	5.95%	5.90%	7.65%	12.07%	8.66%	8.96%	10.53%	14.92%	7.70%
	0.74	2.04	0.75	0.74	0.73	2.41	0.64	0.66	0.68	1.49	0.66	0.65	0.82
Interest	3.49	6.17	5.59	5.73	5.66	5.75	6.98	8.33	10.18	8.97	9.04	9.95	9.75
Depreciation	2.20	1.95	2.00	2.02	2.11	2.22	2.32	2.32	2.42	2.75	2.70	2.57	2.60
Profit before tax	5.18	0.18	0.11	12.38	3.06	1.33	4.83	13.06	3.22	0.73	5.06	15.50	2.14
Tax %	36.87%	205.56%	-9.09%	26.49%	24.51%	69.17%	24.43%	25.11%	22.67%	65.75%	24.51%	24.97%	47.66%
	3.27	-0.20	0.13	9.09	2.31	0.41	3.65	9.78	2.48	0.26	3.83	11.64	1.12
EPS in Rs	2.68	-0.16	0.11	7.45	1.89	0.34	2.99	8.01	2.03	0.21	3.14	9.53	0.92
Raw PDF

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2012	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	TTM
	207	247	319	424	445	473	518	609	573	397	531	664	637
	187	224	288	390	405	438	476	550	517	364	484	594	568
Operating Profit	20	23	31	34	40	35	42	59	56	33	47	71	68
OPM %	10%	9%	10%	8%	9%	7%	8%	10%	10%	8%	9%	11%	11%
	2	2	2	2	3	6	5	4	4	4	5	3	4
Interest	9	11	17	11	16	16	20	31	27	27	26	43	38
Depreciation	2	2	3	4	4	5	6	7	9	8	8	10	11
Profit before tax	11	12	13	21	23	19	20	25	25	2	17	22	23
Tax %	35%	32%	35%	34%	36%	35%	36%	35%	14%	34%	29%	26%
	7	8	9	14	15	12	13	16	22	2	12	16	17
EPS in Rs	7.04	7.50	7.81	12.55	12.61	10.63	10.78	13.33	17.63	1.29	9.79	13.25	13.80
Dividend Payout %	14%	13%	13%	8%	10%	11%	11%	9%	-0%	-0%	-0%	-0%

Compounded Sales Growth
10 Years:	10%
5 Years:	5%
3 Years:	5%
TTM:	-3%

Compounded Profit Growth
10 Years:	7%
5 Years:	5%
3 Years:	-9%
TTM:	3%

Stock Price CAGR
10 Years:	6%
5 Years:	12%
3 Years:	30%
1 Year:	135%

Return on Equity
10 Years:	5%
5 Years:	5%
3 Years:	3%
Last Year:	5%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2012	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Sep 2023
Equity Capital	10	11	11	11	12	12	12	12	12	12	12	12	12
Reserves	118	128	136	149	176	216	238	257	277	279	291	307	323
	68	98	151	192	220	258	328	341	405	394	437	462	509
	40	49	51	66	87	80	118	110	75	71	104	121	167
Total Liabilities	237	286	348	419	495	565	696	720	770	756	845	902	1,011
	40	56	56	60	69	82	87	104	112	109	121	142	138
CWIP	8	0	4	6	9	6	20	3	3	0	8	-0	2
Investments	70	69	60	62	61	71	72	66	66	66	66	66	66
	119	161	229	291	357	406	517	547	589	582	649	694	805
Total Assets	237	286	348	419	495	565	696	720	770	756	845	902	1,011

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2012	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023
	4	-14	-40	-27	-23	2	-49	23	-7	16	30	29
	-6	-8	6	-5	-14	-24	-20	2	-8	-9	-45	-22
	2	24	42	30	34	40	52	-17	39	-38	18	-11
Net Cash Flow	-0	3	8	-1	-3	18	-17	8	23	-31	3	-4

Ratios

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2012	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023
Debtor Days	12	40	21	44	47	45	68	43	49	72	58	46
Inventory Days	223	215	287	261	353	347	404	413	470	694	537	512
Days Payable	84	55	40	43	50	57	103	84	50	88	100	93
Cash Conversion Cycle	151	201	268	263	350	335	369	371	469	678	494	466
Working Capital Days	115	136	173	178	215	233	270	247	298	452	346	292
ROCE %	11%	11%	12%	10%	10%	8%	7%	9%	8%	4%	6%	8%

Shareholding Pattern

Numbers in percentages

2 Recently

	Jun 2021	Sep 2021	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024
	57.36%	57.36%	57.36%	57.36%	57.36%	57.36%	57.36%	57.36%	57.36%	57.35%	57.35%	57.35%
	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	8.64%	8.61%	8.53%	8.36%	8.36%
	8.65%	8.65%	8.65%	8.65%	8.64%	8.64%	8.64%	0.00%	0.00%	0.00%	0.00%	0.00%
	34.00%	34.00%	34.00%	34.00%	34.00%	33.99%	34.00%	34.00%	34.03%	34.13%	34.29%	34.29%
No. of Shareholders	5,686	5,692	6,517	6,531	6,690	6,423	6,239	6,122	6,437	6,157	6,120	5,548

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024
	49.35%	47.60%	47.52%	50.48%	57.38%	57.36%	57.36%	57.35%
	0.21%	0.21%	6.12%	0.00%	0.00%	0.00%	8.64%	8.36%
	0.25%	0.32%	0.23%	8.55%	8.55%	8.65%	0.00%	0.00%
	0.00%	0.33%	0.33%	0.35%	0.42%	0.00%	0.00%	0.00%
	50.19%	51.54%	45.81%	40.61%	33.65%	34.00%	34.00%	34.29%
No. of Shareholders	5,981	4,976	4,812	4,681	4,934	6,531	6,122	5,548

* 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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Bhartiya International Ltd

Bhartiya International Ltd

Peer comparison

Quarterly Results

Profit & Loss

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Cash Flows

Ratios

Shareholding Pattern

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