Nava Bharat Ventures Ltd

About

Nava Bharat Ventures Ltd was established in 1972 as an Indian ferro alloys manufacturer, Nava Bharat is now a multinational company, operating in India, South East Asia and Africa with businesses in metals manufacturing, power, mining, agribusiness and healthcare. [1]

It owns Ferro Alloy facilities which are situated in Paloncha (Telangana) and Kharagprasad (Odisha). It also owns power generation capacity of 434 MW from its 8 thermal power plants located in different states of India. [2]

Its 65% owned subsidiary Maamba Collieries Ltd is Zambia’s largest coal mine concessionaire, which also led to the development of a 300 MW power plant in Zambia which repersents 10% of Zambia’s total installed power generation capacity. [2]

Key Points

Captive Power for Ferro Alloy facilities
The Company’s Ferro Alloys facilities are supported by captive power from its own power plants giving them certain inherent advantages in terms of availability of power and control on costs.

See full details
  • Market Cap 1,672 Cr.
  • Current Price 115
  • High / Low 133 / 46.6
  • Stock P/E 4.19
  • Book Value 304
  • Dividend Yield 2.17 %
  • ROCE 13.0 %
  • ROE 9.77 %
  • Face Value 2.00

Pros

  • Stock is trading at 0.38 times its book value
  • Debtor days have improved from 197.31 to 130.94 days.
  • Promoter holding has increased by 1.20% over last quarter.

Cons

  • The company has delivered a poor sales growth of 9.59% over past five years.
  • Company has a low return on equity of 9.98% for last 3 years.

Peer comparison

Sector: Diversified Industry: Diversified - Large

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Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021
768 819 726 800 672 510 809 599 600 660 689 558
425 445 449 484 395 296 571 318 359 387 433 380
Operating Profit 343 374 277 316 276 213 238 282 241 273 256 178
OPM % 45% 46% 38% 40% 41% 42% 29% 47% 40% 41% 37% 32%
Other Income 35 29 42 5 34 10 106 32 75 50 107 54
Interest 94 91 81 80 83 82 74 106 86 78 78 83
Depreciation 72 74 71 75 73 73 71 76 75 75 73 72
Profit before tax 212 237 166 166 155 69 199 131 156 170 211 76
Tax % 34% 45% 65% 26% 9% 13% 7% 27% 14% 5% 24% 50%
Net Profit 97 104 57 96 95 48 143 69 102 118 134 45
EPS in Rs 5.44 5.84 3.18 5.39 5.38 2.70 8.11 3.90 5.77 6.72 8.59 3.05

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 TTM
1,162 1,090 996 1,142 1,728 1,814 1,612 1,350 2,348 2,946 2,759 2,548 2,507
613 866 968 894 1,270 1,504 1,246 1,163 1,555 1,585 1,573 1,483 1,560
Operating Profit 549 224 28 248 458 310 366 187 793 1,361 1,186 1,066 948
OPM % 47% 21% 3% 22% 26% 17% 23% 14% 34% 46% 43% 42% 38%
Other Income 41 216 368 64 92 113 85 135 69 35 12 250 286
Interest 38 41 25 19 126 112 88 72 246 362 319 348 325
Depreciation 45 47 51 59 112 79 84 90 228 276 289 300 295
Profit before tax 508 352 320 235 312 233 280 159 388 757 590 668 614
Tax % 2% 6% 21% 27% 11% 10% -6% 42% 28% 55% 10% 18%
Net Profit 496 343 284 190 280 206 284 87 238 276 395 423 400
EPS in Rs 32.49 22.49 15.91 10.66 15.67 11.54 15.88 4.87 13.33 15.47 22.44 27.06 24.13
Dividend Payout % 14% 13% 13% 23% 16% 22% 9% 21% 11% 10% 7% 12%
Compounded Sales Growth
10 Years:9%
5 Years:10%
3 Years:3%
TTM:-3%
Compounded Profit Growth
10 Years:2%
5 Years:8%
3 Years:21%
TTM:13%
Stock Price CAGR
10 Years:2%
5 Years:-2%
3 Years:-1%
1 Year:101%
Return on Equity
10 Years:9%
5 Years:8%
3 Years:10%
Last Year:10%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
15 15 18 18 18 18 18 36 36 36 35 30
Reserves 1,585 1,875 2,295 2,443 2,715 2,892 3,205 3,127 3,376 3,681 4,150 4,382
Borrowings 394 726 804 1,273 1,178 1,538 3,708 4,389 4,008 3,438 3,492 3,392
308 226 330 534 1,034 1,464 792 890 811 1,185 1,605 1,832
Total Liabilities 2,302 2,843 3,447 4,268 4,945 5,912 7,722 8,441 8,230 8,340 9,283 9,636
735 939 1,006 1,155 2,048 2,065 2,156 2,148 6,143 5,965 6,019 5,639
CWIP 129 302 918 1,068 1,321 2,247 3,574 3,969 10 6 17 17
Investments 97 199 116 149 177 106 57 411 175 155 124 314
1,341 1,402 1,407 1,895 1,399 1,495 1,935 1,913 1,903 2,214 3,122 3,665
Total Assets 2,302 2,843 3,447 4,268 4,945 5,912 7,722 8,441 8,230 8,340 9,283 9,636

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
621 181 233 -142 716 891 -126 39 201 824 527 758
-301 -223 -313 -335 -1,168 -866 -1,380 -690 267 1 7 -216
-114 198 132 423 48 -57 2,016 648 -813 -878 -482 -473
Net Cash Flow 206 156 51 -54 -403 -32 510 -3 -345 -52 52 69

Ratios

Consolidated Figures in Rs. Crores / View Standalone

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
Debtor Days 29 27 27 30 23 27 47 45 113 171 290 131
Inventory Days 346 321 225 291 212 215 181 218 144 160 185 199
Days Payable 160 121 115 72 224 278 67 49 46 54 49 49
Cash Conversion Cycle 215 227 137 249 12 -36 161 215 211 277 426 281
Working Capital Days 121 129 125 90 25 -48 115 164 140 173 274 104
ROCE % 30% 14% 7% 7% 11% 8% 6% 2% 8% 16% 14% 13%

Shareholding Pattern

Numbers in percentages

Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021
44.53 44.67 44.96 45.16 45.83 46.11 46.30 46.30 46.45 46.45 45.53 49.07
11.83 11.80 11.82 11.88 11.81 11.98 11.87 11.55 9.99 6.83 2.25 3.40
8.69 8.99 9.14 9.20 9.27 9.32 9.59 9.02 8.18 3.70 0.29 0.25
33.38 32.97 32.51 32.18 31.50 31.00 30.65 31.54 33.79 41.44 51.93 47.28
1.57 1.57 1.57 1.57 1.59 1.59 1.59 1.59 1.59 1.59 0.00 0.00

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