Nava Bharat Ventures Ltd

Nava Bharat Ventures Limited (NBV) is a diversified organization with interests in power generation, ferro alloys,mining and agri-business.

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Pros:

Stock is trading at 0.40 times its book value

Cons:

Company has a low return on equity of 6.65% for last 3 years.

Dividend payout has been low at 13.10% of profits over last 3 years

Peer Comparison Sector: Diversified // Industry: Diversified - Medium / Small

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Detailed Comparison with:

	Sep 2016	Dec 2016	Mar 2017	Jun 2017	Sep 2017	Dec 2017	Mar 2018	Jun 2018	Sep 2018	Dec 2018	Mar 2019	Jun 2019
	318	342	379	359	520	580	885	743	768	819	774	800
	295	311	341	315	359	409	472	465	425	445	470	484
Operating Profit	23	30	37	45	160	171	413	278	343	374	303	316
OPM %	7%	9%	10%	12%	31%	29%	47%	37%	45%	46%	39%	40%
Other Income	29	40	58	17	12	16	29	22	35	29	36	5
Interest	20	17	6	12	64	80	90	86	94	91	79	80
Depreciation	22	18	27	22	57	73	76	70	72	74	76	75
Profit before tax	10	35	61	28	51	33	275	144	212	237	184	166
Tax %	72%	46%	33%	32%	48%	40%	23%	20%	34%	45%	57%	26%
Net Profit	3	19	37	15	26	20	212	85	141	130	79	96
	Notes	Notes	Notes	Notes	Notes	Notes	Notes	Notes	Notes	Notes	Notes	Notes

	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
	919	1,336	1,162	1,090	996	1,142	1,728	1,814	1,612	1,350	2,348	3,103	3,161
	533	735	613	788	815	910	1,274	1,504	1,248	1,177	1,555	1,723	1,824
Operating Profit	386	601	549	302	181	232	453	310	365	174	793	1,381	1,337
OPM %	42%	45%	47%	28%	18%	20%	26%	17%	23%	13%	34%	44%	42%
Other Income	37	32	41	138	216	80	97	114	87	148	69	39	104
Interest	22	32	38	41	25	19	126	112	88	72	246	351	345
Depreciation	25	38	45	47	51	59	112	79	84	90	228	292	297
Profit before tax	376	564	508	352	320	235	312	233	280	159	388	777	799
Tax %	15%	8%	2%	6%	21%	27%	11%	10%	-6%	42%	28%	40%
Net Profit	320	521	496	343	284	190	280	206	284	87	238	358	445
EPS in Rs	20.03	33.52	31.77	21.91	15.60	10.25	15.27	11.05	15.39	4.87	13.32	20.02
Dividend Payout %	15%	12%	14%	13%	13%	23%	16%	22%	9%	21%	11%	7%

* Sales is net of excise duty and discounts

	Mar 2008	Mar 2009	Mar 2010	Mar 2011	Mar 2012	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019
	16	15	15	15	18	18	18	18	18	36	36	36
Reserves	793	1,168	1,585	1,875	2,295	2,443	2,715	2,892	3,205	3,127	3,376	3,802
Borrowings	399	430	394	726	804	1,273	1,178	1,538	3,708	4,389	4,008	3,673
	264	275	308	234	338	544	1,045	1,477	792	890	976	1,297
Total Liabilities	1,472	1,889	2,302	2,850	3,455	4,278	4,956	5,925	7,722	8,441	8,396	8,808
	421	705	735	939	1,006	1,155	2,048	2,065	2,156	2,148	6,143	6,233
CWIP	225	16	129	302	918	1,068	1,321	2,247	3,574	3,969	10	6
Investments	24	3	97	199	116	149	177	106	57	411	175	155
	802	1,165	1,341	1,410	1,415	1,905	1,410	1,508	1,935	1,913	2,068	2,414
Total Assets	1,472	1,889	2,302	2,850	3,455	4,278	4,956	5,925	7,722	8,441	8,396	8,808

	Mar 2008	Mar 2009	Mar 2010	Mar 2011	Mar 2012	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019
	234	344	621	181	233	-142	716	891	-126	39	201	819
	-191	-216	-301	-223	-313	-335	-1,168	-866	-1,380	-690	267	6
	1	-57	-114	198	132	423	48	-57	2,016	648	-813	-878
Net Cash Flow	44	70	206	156	51	-54	-403	-32	510	-3	-345	-52

	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 %	38%	42%	30%	14%	7%	7%	11%	8%	6%	2%	8%	16%
Debtor Days	27	26	29	27	27	30	23	27	47	45	113	162
Inventory Turnover	3.44	3.40	3.20	3.78	3.18	2.89	3.46	3.10	3.11	3.35	5.84	7.53