Bharat Road Network Ltd

Bharat Road Network Ltd

₹ 59.1 -1.99%
19 Apr - close price
About

Incorporated in 2006, Bharat Road Network Ltd is in the business of designing, building, operating, maintaining and carrying out all other activities pertaining to road projects, under the aforesaid SPV model[1]

Key Points

Business Overview:[1]
BRNL is an Indian road BOT company specializing in developing, implementing, operating, and maintaining highways and road projects. It functions as a developer and operator for such projects on a BOT basis in Kerala and Maharashtra, partnering with experienced local EPC players in the respective project locations.

  • Market Cap 496 Cr.
  • Current Price 59.1
  • High / Low 98.5 / 25.4
  • Stock P/E
  • Book Value 27.9
  • Dividend Yield 0.00 %
  • ROCE -2.35 %
  • ROE -52.5 %
  • Face Value 10.0

Pros

  • Company is expected to give good quarter
  • Debtor days have improved from 178 to 65.9 days.

Cons

  • Company has low interest coverage ratio.
  • Promoter holding has decreased over last quarter: -1.53%
  • Company has a low return on equity of -27.9% over last 3 years.
  • Contingent liabilities of Rs.1,099 Cr.

* 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.

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Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

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
64 61 45 57 71 44 68 67 97 94 99 91 97
11 111 44 44 23 17 14 23 167 109 47 98 49
Operating Profit 53 -49 0 13 48 27 54 44 -70 -15 52 -7 49
OPM % 83% -81% 1% 22% 67% 61% 79% 66% -72% -16% 53% -7% 50%
10 7 6 2 1 -142 11 6 -5 2 2 2 2
Interest 54 -9 45 45 47 45 46 45 46 46 47 48 47
Depreciation 11 12 8 11 11 13 13 13 15 15 16 16 16
Profit before tax -2 -45 -47 -42 -9 -173 6 -9 -136 -74 -9 -68 -12
Tax % -253% 16% 2% 17% -13% 7% -60% 0% 6% 7% 22% 3% 16%
3 -41 -39 -34 -13 -303 0 -9 -128 -69 -7 -66 -10
EPS in Rs 0.20 -4.25 -3.98 -3.73 -1.32 -35.79 -0.41 -1.53 -15.83 -7.20 -1.40 -6.64 -1.87
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Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 TTM
1 10 8 1 142 153 401 299 210 216 326 381
3 10 9 4 173 172 248 116 163 266 322 302
Operating Profit -2 -0 -1 -3 -32 -18 153 184 46 -50 4 79
OPM % -312% -1% -11% -388% -22% -12% 38% 61% 22% -23% 1% 21%
2 0 33 4 1 98 48 34 35 -133 14 9
Interest 17 51 41 50 31 44 205 193 167 182 184 188
Depreciation 0 0 0 0 0 0 34 36 39 43 57 63
Profit before tax -17 -51 -8 -50 -62 35 -37 -12 -125 -408 -222 -164
Tax % 0% 0% 0% 0% -1% 33% -16% -9% 5% 5% 8%
-17 -61 -26 -93 -62 23 -44 -13 -119 -389 -205 -152
EPS in Rs -16.88 -60.76 -26.42 -92.54 -11.40 2.78 -4.56 -1.90 -13.61 -44.83 -24.96 -17.11
Dividend Payout % 0% 0% 0% 0% 0% 36% -11% 0% 0% 0% 0%
Compounded Sales Growth
10 Years: 85%
5 Years: 16%
3 Years: 3%
TTM: 38%
Compounded Profit Growth
10 Years: %
5 Years: %
3 Years: %
TTM: 53%
Stock Price CAGR
10 Years: %
5 Years: -10%
3 Years: 30%
1 Year: 98%
Return on Equity
10 Years: %
5 Years: -15%
3 Years: -28%
Last Year: -52%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

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 10 10 10 55 84 84 84 84 84 84 84
Reserves 14 0 -4 -77 386 979 928 917 802 425 218 150
298 462 567 885 559 1,041 1,372 1,556 1,539 1,492 1,413 1,369
6 43 56 18 231 465 581 767 717 845 991 1,098
Total Liabilities 328 516 629 837 1,231 2,569 2,965 3,324 3,143 2,846 2,706 2,702
0 2 2 2 25 893 869 1,689 1,661 1,629 1,536 1,799
CWIP 0 55 160 303 420 542 797 100 132 158 242 0
Investments 320 374 381 361 449 562 523 486 426 206 119 119
7 86 86 171 337 573 776 1,048 924 853 810 784
Total Assets 328 516 629 837 1,231 2,569 2,965 3,324 3,143 2,846 2,706 2,702

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023
1 19 -32 -35 -9 143 296 238 51 22 259
-296 -46 38 -215 -333 -1,031 -365 -157 168 196 44
299 52 -30 264 353 881 86 -86 -199 -233 -213
Net Cash Flow 4 25 -24 14 11 -7 17 -5 20 -15 90

Ratios

Consolidated Figures in Rs. Crores / View Standalone

Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023
Debtor Days 242 100 85 1,124 12 247 90 144 236 233 66
Inventory Days
Days Payable
Cash Conversion Cycle 242 100 85 1,124 12 247 90 144 236 233 66
Working Capital Days -1,385 -1,244 -1,877 5,451 33 -274 -47 10 188 26 -217
ROCE % -0% 6% 0% -3% 5% 7% 7% 1% -4% -2%

Shareholding Pattern

Numbers in percentages

10 Recently
Jun 2021Sep 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024
53.76% 53.76% 53.76% 53.76% 53.76% 53.76% 53.76% 53.76% 53.76% 53.76% 53.76% 52.23%
0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.06%
0.01% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
46.23% 46.24% 46.24% 46.24% 46.24% 46.24% 46.24% 46.24% 46.24% 46.24% 46.24% 47.70%
No. of Shareholders 17,59917,17117,76121,90721,45021,18921,84021,82521,86923,59925,67051,896

* 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.

Click on the line-items to see the names of individual entities.

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