BSE: 590021 | NSE: BHARATRAS | Pesticides & Agrochemicals | Small Cap
Past 10 year's financial track record analysis by Moneyworks4me indicates that Bharat Rasayan Ltd is a good quality company.
The key valuation ratios of Bharat Rasayan Ltd's currently when compared to its past seem to suggest it is in the Somewhat overvalued zone.
The Price Trend analysis by MoneyWorks4Me indicates it is Semi Strong which suggest that the price of Bharat Rasayan Ltd is likely to Rise-somewhat in the short term. However, please check the rating on Quality and Valuation before investing.
Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end.
| Mar'15 | Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROCE % ⓘ | 0% | 0% | 0% | 0% | 26.1% | 33.7% | 30.5% | 27.9% | 19.3% | 12.7% | - |
| Value Creation Index ⓘ | NA | NA | NA | NA | 0.9 | 1.4 | 1.2 | 1.1 | 0.4 | -0.1 | - |
Growth Parameters ⓘGrowth Parameters Colour Code Guide ⓘ | |||||||||||
| Sales ⓘ | 0 | 0 | 0 | 0 | 992 | 1,215 | 1,092 | 1,301 | 1,234 | 1,045 | 1,153 |
| Sales YoY Gr. | - | NA | NA | NA | NA | 22.5% | -10.2% | 19.2% | -5.1% | -15.4% | - |
| Adj EPS ⓘ | 0 | 0 | 0 | 0 | 262.6 | 351.9 | 382.6 | 402.1 | 277.6 | 207.1 | 379.5 |
| YoY Gr. | - | NA | NA | NA | NA | 34% | 8.7% | 5.1% | -31% | -25.4% | - |
| BVPS (₹) ⓘ | 0 | 0 | 0 | 0 | 962.2 | 1,327.7 | 1,711.8 | 1,853.1 | 2,149.9 | 2,377.5 | 2,560.8 |
| Adj Net Profit ⓘ | 0 | 0 | 0 | 0 | 112 | 150 | 163 | 167 | 115 | 86 | 158 |
| Cash Flow from Ops. ⓘ | 0 | 0 | 0 | 0 | -52.3 | 263 | 170 | -65.5 | 213 | 41.1 | - |
| Debt/CF from Ops. ⓘ | 0 | 0 | 0 | 0 | -4.7 | 0.4 | 0.3 | -2.7 | 0.1 | 2 | - |
CAGR Colour Code Guide ⓘ
| 9 Years | 5 Years | 3 Years | 1 Years | |||||
|---|---|---|---|---|---|---|---|---|
| Sales ⓘ | NA | 1% | -1.5% | -15.4% | ||||
| Adj EPS ⓘ | NA | -4.6% | -18.5% | -25.4% | ||||
| BVPSⓘ | NA | 19.8% | 11.6% | 10.6% | ||||
| Share Price | 28.8% | 13.1% | 2.3% | 21.1% | ||||
Performance Ratio Colour Code Guide ⓘ
| Mar'15 | Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Return on Equity % ⓘ | 0 | 0 | 0 | 0 | 27.3 | 30.7 | 25.2 | 22.3 | 13.9 | 9.2 | 15.4 |
| Op. Profit Mgn % ⓘ | 0 | 0 | 0 | 0 | 18.9 | 18.9 | 22 | 19.3 | 16 | 11.3 | 16.5 |
| Net Profit Mgn % ⓘ | 0 | 0 | 0 | 0 | 11.3 | 12.3 | 14.9 | 12.8 | 9.4 | 8.2 | 13.7 |
| Debt to Equity ⓘ | 0 | 0 | 0 | 0 | 0.6 | 0.2 | 0.1 | 0.2 | 0 | 0.1 | 0 |
| Working Cap Days ⓘ | 0 | 0 | 0 | 0 | 0 | 155 | 165 | 185 | 228 | 264 | 133 |
| Cash Conv. Cycle ⓘ | 0 | 0 | 0 | 0 | 0 | 119 | 125 | 148 | 181 | 198 | 104 |
Return on Equity has increased versus last 3 years average to 15.40%
Sales growth has been subdued in last 3 years -1.46%
Net Profit has been subdued in last 3 years -18.51%
Sales growth is not so good in last 4 quarters at 4.81%
| Standalone | Consolidated | |
|---|---|---|
| TTM EPS (₹) | 337.3 | 379.5 |
| TTM Sales (₹ Cr.) | 1,153 | 1,153 |
| BVPS (₹.) ⓘ | 2,522.6 | 2,560.8 |
| Reserves (₹ Cr.) ⓘ | 1,045 | 1,060 |
| P/BV ⓘ | 4.45 | 4.39 |
| PE ⓘ | 33.30 | 29.59 |
| From the Market | |
|---|---|
| 52 Week Low / High (₹) | 8351.05 / 14281.35 |
| All Time Low / High (₹) | 21.50 / 15100.00 |
| Market Cap (₹ Cr.) | 4,666 |
| Equity (₹ Cr.) | 4.2 |
| Face Value (₹) | 10 |
| Industry PE ⓘ | 45.1 |
| Pledged * | 0.00 | 0.00 | 0.64 | 0.64 | 0.64 | 0.64 | 0.64 | 0.64 | 0.00 | 0.00 |
| PARTICULARS | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 |
|---|---|---|---|---|---|---|
| Sales | 992 | 1,215 | 1,092 | 1,301 | 1,234 | 1,045 |
| Operating Expenses ⓘ | 805 | 985 | 852 | 1,049 | 1,037 | 927 |
| Manufacturing Costs | 40 | 49 | 56 | 72 | 71 | 64 |
| Material Costs | 684 | 839 | 684 | 843 | 839 | 721 |
| Employee Cost | 40 | 46 | 56 | 65 | 67 | 73 |
| Other Costs ⓘ | 41 | 50 | 55 | 70 | 60 | 69 |
| Operating Profit ⓘ | 187 | 230 | 240 | 252 | 197 | 118 |
| Operating Profit Margin (%) | 18.9% | 18.9% | 22.0% | 19.3% | 16.0% | 11.3% |
| Other Income ⓘ | 3 | 17 | 7 | 16 | 19 | 21 |
| Interest ⓘ | 16 | 16 | 4 | 7 | 6 | 3 |
| Depreciation ⓘ | 17 | 22 | 26 | 25 | 26 | 26 |
| Exceptional Items ⓘ | -2 | -3 | -1 | 0 | -4 | 0 |
| Profit Before Tax ⓘ | 155 | 205 | 216 | 234 | 174 | 123 |
| Tax ⓘ | 44 | 48 | 51 | 58 | 49 | 28 |
| Profit After Tax | 112 | 158 | 164 | 176 | 125 | 96 |
| PAT Margin (%) | 11.2% | 13.0% | 15.1% | 13.5% | 10.1% | 9.1% |
| Adjusted EPS (₹) | 262.5 | 371.0 | 385.7 | 423.5 | 299.9 | 229.9 |
| Dividend Payout Ratio (%) | 1% | 0% | 0% | 0% | 1% | 1% |
| PARTICULARS | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | ||||
|---|---|---|---|---|---|---|---|---|---|---|
Equity and Liabilities | ||||||||||
| Shareholders Fund | 409 | 564 | 727 | 770 | 893 | 988 | ||||
| Share Capital ⓘ | 4 | 4 | 4 | 4 | 4 | 4 | ||||
| Reserves ⓘ | 405 | 560 | 723 | 766 | 889 | 984 | ||||
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | ||||
| Debt | 247 | 94 | 58 | 174 | 28 | 80 | ||||
| Long Term Debt | 40 | 22 | 0 | 1 | 0 | 0 | ||||
| Short Term Debt | 207 | 72 | 58 | 173 | 28 | 80 | ||||
| Trade Payables | 45 | 39 | 61 | 68 | 75 | 73 | ||||
| Others Liabilities ⓘ | 55 | 55 | 61 | 78 | 80 | 57 | ||||
| Total Liabilities ⓘ | 756 | 752 | 908 | 1,090 | 1,076 | 1,198 | ||||
Fixed Assets | ||||||||||
| Gross Block | 276 | 352 | 365 | 427 | 449 | 480 | ||||
| Accumulated Depreciation | 126 | 148 | 174 | 199 | 224 | 250 | ||||
| Net Fixed Assetsⓘ | 150 | 203 | 191 | 228 | 225 | 230 | ||||
| CWIP ⓘ | 35 | 18 | 18 | 11 | 11 | 6 | ||||
| Investmentsⓘ | 0 | 9 | 150 | 43 | 67 | 143 | ||||
| Inventories | 210 | 160 | 169 | 277 | 323 | 267 | ||||
| Trade Receivables | 279 | 251 | 296 | 464 | 325 | 394 | ||||
| Cash Equivalents | 9 | 51 | 33 | 6 | 34 | 49 | ||||
| Others Assetsⓘ | 71 | 60 | 52 | 60 | 92 | 109 | ||||
| Total Assets ⓘ | 756 | 752 | 908 | 1,090 | 1,076 | 1,198 | ||||
| PARTICULARS | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 |
|---|---|---|---|---|---|---|
| Cash Flow From Operating Activity ⓘ | -52 | 263 | 170 | -65 | 213 | 41 |
| PBT ⓘ | 155 | 205 | 215 | 234 | 174 | 123 |
| Adjustment ⓘ | 31 | 21 | 24 | 20 | 19 | 1 |
| Changes in Working Capital ⓘ | -195 | 89 | -18 | -261 | 70 | -54 |
| Tax Paid ⓘ | -44 | -52 | -51 | -58 | -51 | -29 |
| Cash Flow From Investing Activity ⓘ | -48 | -68 | -153 | 51 | -61 | -90 |
| Capex | -48 | -58 | -11 | -55 | -22 | -27 |
| Net Investments | 0 | -9 | -142 | 106 | -30 | -62 |
| Others ⓘ | 0 | -1 | 0 | 1 | -9 | -1 |
| Cash Flow From Financing Activityⓘ | 102 | -169 | -40 | -25 | -152 | 49 |
| Net Proceeds from Shares ⓘ | 0 | 0 | 0 | 0 | 0 | 0 |
| Net Proceeds from Borrowing ⓘ | 0 | 0 | 0 | 0 | -1 | 0 |
| Interest Paid ⓘ | -15 | -15 | -4 | -7 | -6 | -3 |
| Dividend Paid ⓘ | -1 | -1 | -1 | -1 | -1 | -1 |
| Others ⓘ | 119 | -153 | -35 | -17 | -145 | 53 |
| Net Cash Flow ⓘ | 3 | 25 | -22 | -39 | 1 | 0 |
| PARTICULARS | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | ||||
|---|---|---|---|---|---|---|---|---|---|---|
| Ratios | ||||||||||
| ROE (%) | 27.28 | 32.41 | 25.47 | 23.51 | 14.98 | 10.15 | ||||
| ROCE (%) | 26.14 | 33.74 | 30.53 | 27.87 | 19.31 | 12.74 | ||||
| Asset Turnover Ratio | 1.31 | 1.61 | 1.32 | 1.3 | 1.14 | 0.92 | ||||
| PAT to CFO Conversion(x) | -0.46 | 1.66 | 1.04 | -0.37 | 1.7 | 0.43 | Working Capital Days | |||
| Receivable Days | 103 | 80 | 91 | 107 | 117 | 126 | ||||
| Inventory Days | 77 | 56 | 55 | 63 | 89 | 103 | ||||
| Payable Days | 24 | 18 | 27 | 28 | 31 | 37 | ||||
Bharat Rasayan, part of the Bharat Group of companies, is engaged in manufacturing technical grade pesticides, pesticides formulations and intermediates. It was incorporated on May 15, 1989.
The ISO 9001:2000 certified company manufactures technical grade pesticides like fenevalrate technical, 2,4-D ethyl ester technical and isoproturon technical at its plant in Rohtak, Haryana, with a capacity of more than 2,000 MTPA. It has its own R&D and pilot plant facilities for developing new products. The company has been granted export house status by the Government of India. Its products are exported to 50 countries in Asia, South America, Africa and the European continent including Russia with sales agents in the Middle East, South-East Asia and European countries.
The company has well equipped laboratories with modern and sophisticated instruments such as HPLC, GC, IRUV, Spectrophotometer, Polarimeter and Karl Fischer Titrators, etc. All equipments used in manufacturing, testing and packaging of the materials are regularly maintained and calibrated both at its in-house and by third party laboratories. High quality performance standards are achieved through qualified and experienced staff, modern equipment, documented procedures and an established quality assurance system.
Technical staff who are highly qualified and experienced in chemical research analytical development, safety-health environment, regulatory requirements, engineering and information technology, quality assurance, IPF, etc. They provide a comprehensive and complete technical support. Complementing them qualified and well trained chemists, quality assurance and control personnel.
Milestones:
• Established in the year 1989 as a backward integration project • An ISO 9001:2000 & ISO 14001:2000 Certified Company • Manufacturer of Technical Grade Pesticides / Intermediates confirming to international standards • Plant capacity more than 2000 MT per annum • Formulation facilities available for bulk packing • Government approved well established R&D centre led by a team of highly qualified people • Pilot plant facility to undertake process research on new products • In-house facility for treatment of solid, liquid and gaseous effluent treatment system • Permanent Registration Number with Dun & Bradstreet is 91-846-1229 • Export House status granted by Government of India • A public limited company with more than 30% stake of Indian public • Listed on the National Stock Exchange
Group companies:
• Bharat Insecticides • B R Agrotech • SIRIS Crop Science.
MoneyWorks4Me rating and ranking of funds for SIP is available to subscribers only. Moneyworks4Me is not a rating and ranking agency, however it is required that users have a way of selecting funds and building a Portfolio. The method used by it are described below to enable users to understand the logic behind the rating and ranking Subscriber will find more details on this in the various content made available from time to time. In case you need more please write to besafe@moneyworks4Me.com
MoneyWorks4Me rates and ranks mutual funds based on the following data-driven system:
Funds ranking in screeners: Performance Consistency and Quality are two parameters used for ranking funds for SIP. The ranking as follows GG, GO, GR, OG, OO, OR, RG, RO and RR.
With the same color-coded funds, the one with the higher Average 3-year rolling returns (over 5 to 10 years), the number that appears in the Performance tag, ranks higher.
Here is the summary:
The third tag Upside Potential is not relevant for SIP. It is relevant for lumpsum investments in Mutual Funds.
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