BSE: 523229 | NSE: | Auto Ancillary | Small Cap
Past 10 year's financial track record analysis by Moneyworks4me indicates that Bharat Seats Ltd is a average quality company.
The key valuation ratios of Bharat Seats 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 Weak which suggest that the price of Bharat Seats Ltd is likely to Fall 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 % ⓘ | 12.5% | 11.4% | 16.8% | 39.4% | 27.9% | 11% | 7.4% | 12.6% | 18% | 17.9% | - |
| Value Creation Index ⓘ | -0.1 | -0.2 | 0.2 | 1.8 | 1.0 | -0.2 | -0.5 | -0.1 | 0.3 | 0.3 | - |
Growth Parameters ⓘGrowth Parameters Colour Code Guide ⓘ | |||||||||||
| Sales ⓘ | 693 | 700 | 840 | 970 | 904 | 589 | 548 | 818 | 1,051 | 1,067 | 1,118 |
| Sales YoY Gr. | - | 0.9% | 20.1% | 15.5% | -6.9% | -34.9% | -7% | 49.3% | 28.6% | 1.5% | - |
| Adj EPS ⓘ | 1.3 | 1.2 | 2 | 4.5 | 3.5 | 2 | 0.7 | 1.9 | 3.4 | 4 | 4.4 |
| YoY Gr. | - | -6.3% | 65.6% | 130.5% | -23.1% | -42.7% | -64% | 162.5% | 81.5% | 16.3% | - |
| BVPS (₹) ⓘ | 7.4 | 8.5 | 9.9 | 13.8 | 16.7 | 18 | 18.6 | 20.2 | 23.3 | 26.6 | 28.9 |
| Adj Net Profit ⓘ | 8 | 7.5 | 12.4 | 28.5 | 21.9 | 12.6 | 4.5 | 11.9 | 21.6 | 25 | 27 |
| Cash Flow from Ops. ⓘ | 35.7 | 34.4 | 38.5 | 68.5 | 34.7 | 27.7 | 18.8 | 15.6 | 42.5 | 56.7 | - |
| Debt/CF from Ops. ⓘ | 2.6 | 2.2 | 1.6 | 0.4 | 0.8 | 1.2 | 1.8 | 2.4 | 1.4 | 1.6 | - |
CAGR Colour Code Guide ⓘ
| 9 Years | 5 Years | 3 Years | 1 Years | |||||
|---|---|---|---|---|---|---|---|---|
| Sales ⓘ | 4.9% | 3.4% | 24.9% | 1.5% | ||||
| Adj EPS ⓘ | 13.6% | 2.7% | 77% | 16.3% | ||||
| BVPSⓘ | 15.3% | 9.8% | 12.7% | 14% | ||||
| Share Price | 22.1% | 25.4% | 41.3% | 27.8% | ||||
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 % ⓘ | 18.2 | 14.9 | 21.4 | 38.3 | 22.9 | 11.6 | 3.9 | 9.8 | 15.8 | 16 | 15.7 |
| Op. Profit Mgn % ⓘ | 4.6 | 4.3 | 4.4 | 6.7 | 5.6 | 6.1 | 4.9 | 3.9 | 4.4 | 5.7 | 5.9 |
| Net Profit Mgn % ⓘ | 1.2 | 1.1 | 1.5 | 2.9 | 2.4 | 2.1 | 0.8 | 1.5 | 2.1 | 2.4 | 2.4 |
| Debt to Equity ⓘ | 2 | 1.4 | 1 | 0.3 | 0.3 | 0.3 | 0.3 | 0.3 | 0.4 | 0.5 | 0.4 |
| Working Cap Days ⓘ | 50 | 50 | 43 | 45 | 49 | 55 | 67 | 70 | 57 | 56 | 27 |
| Cash Conv. Cycle ⓘ | -8 | -9 | -11 | -13 | -13 | -15 | -10 | 4 | 5 | -2 | -8 |
Return on Equity has increased versus last 3 years average to 15.70%
Sales growth is growing at healthy rate in last 3 years 24.89%
Net Profit is growing at healthy rate in last 3 years 76.96%
Sales growth is not so good in last 4 quarters at 7.18%
| Standalone | Consolidated | |
|---|---|---|
| TTM EPS (₹) | 4.4 | - |
| TTM Sales (₹ Cr.) | 1,118 | - |
| BVPS (₹.) ⓘ | 28.9 | - |
| Reserves (₹ Cr.) ⓘ | 169 | - |
| P/BV ⓘ | 3.49 | - |
| PE ⓘ | 23.19 | - |
| From the Market | |
|---|---|
| 52 Week Low / High (₹) | 62.83 / 125.10 |
| All Time Low / High (₹) | 0.45 / 136.95 |
| Market Cap (₹ Cr.) | 633 |
| Equity (₹ Cr.) | 12.6 |
| Face Value (₹) | 2 |
| Industry PE ⓘ | 50.3 |
| Pledged * | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| PARTICULARS | Mar'15 | Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 |
|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 693 | 700 | 840 | 970 | 904 | 589 | 548 | 818 | 1,051 | 1,067 |
| Operating Expenses ⓘ | 661 | 670 | 803 | 906 | 854 | 553 | 521 | 785 | 1,005 | 1,006 |
| Manufacturing Costs | 32 | 33 | 34 | 42 | 56 | 43 | 37 | 35 | 44 | 48 |
| Material Costs | 603 | 607 | 735 | 822 | 746 | 461 | 446 | 699 | 901 | 888 |
| Employee Cost | 14 | 17 | 21 | 25 | 31 | 32 | 24 | 36 | 41 | 45 |
| Other Costs ⓘ | 12 | 14 | 14 | 17 | 20 | 17 | 13 | 16 | 19 | 25 |
| Operating Profit ⓘ | 32 | 30 | 37 | 65 | 50 | 36 | 27 | 32 | 46 | 61 |
| Operating Profit Margin (%) | 4.6% | 4.2% | 4.4% | 6.7% | 5.5% | 6.1% | 4.9% | 3.9% | 4.4% | 5.7% |
| Other Income ⓘ | 2 | 2 | 1 | 1 | 5 | 2 | 2 | 5 | 4 | 5 |
| Interest ⓘ | 6 | 5 | 4 | 3 | 3 | 3 | 4 | 4 | 4 | 8 |
| Depreciation ⓘ | 16 | 17 | 17 | 19 | 21 | 22 | 18 | 18 | 17 | 24 |
| Exceptional Items ⓘ | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit Before Tax ⓘ | 11 | 10 | 17 | 44 | 31 | 12 | 7 | 16 | 30 | 34 |
| Tax ⓘ | 3 | 3 | 5 | 15 | 10 | 0 | 2 | 4 | 8 | 9 |
| Profit After Tax | 8 | 7 | 12 | 28 | 21 | 13 | 5 | 12 | 22 | 25 |
| PAT Margin (%) | 1.2% | 1.0% | 1.4% | 2.9% | 2.4% | 2.1% | 0.9% | 1.5% | 2.1% | 2.3% |
| Adjusted EPS (₹) | 1.3 | 1.2 | 1.9 | 4.5 | 3.4 | 2.0 | 0.8 | 1.9 | 3.4 | 4.0 |
| Dividend Payout Ratio (%) | 35% | 39% | 23% | 11% | 15% | 13% | 33% | 21% | 20% | 20% |
| PARTICULARS | Mar'15 | Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 |
|---|---|---|---|---|---|---|---|---|---|---|
Equity and Liabilities | ||||||||||
| Shareholders Fund | 46 | 53 | 62 | 87 | 105 | 113 | 117 | 127 | 146 | 167 |
| Share Capital ⓘ | 6 | 6 | 6 | 6 | 6 | 6 | 6 | 6 | 6 | 6 |
| Reserves ⓘ | 40 | 47 | 56 | 80 | 98 | 107 | 110 | 121 | 140 | 161 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Debt | 68 | 54 | 50 | 23 | 26 | 32 | 30 | 37 | 60 | 83 |
| Long Term Debt | 38 | 22 | 20 | 22 | 20 | 24 | 25 | 33 | 33 | 53 |
| Short Term Debt | 30 | 32 | 31 | 1 | 6 | 8 | 5 | 5 | 27 | 30 |
| Trade Payables | 92 | 100 | 123 | 149 | 120 | 72 | 121 | 130 | 118 | 147 |
| Others Liabilities ⓘ | 61 | 45 | 29 | 25 | 22 | 24 | 24 | 43 | 33 | 108 |
| Total Liabilities ⓘ | 267 | 252 | 265 | 285 | 273 | 242 | 291 | 337 | 358 | 505 |
Fixed Assets | ||||||||||
| Gross Block | 233 | 244 | 261 | 263 | 296 | 317 | 304 | 340 | 400 | 501 |
| Accumulated Depreciation | 83 | 99 | 115 | 127 | 144 | 166 | 178 | 193 | 201 | 225 |
| Net Fixed Assetsⓘ | 150 | 144 | 146 | 136 | 152 | 150 | 126 | 147 | 199 | 276 |
| CWIP ⓘ | 3 | 1 | 0 | 13 | 0 | 22 | 30 | 8 | 12 | 49 |
| Investmentsⓘ | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Inventories | 12 | 14 | 15 | 27 | 22 | 21 | 30 | 53 | 29 | 40 |
| Trade Receivables | 77 | 83 | 94 | 94 | 78 | 36 | 83 | 111 | 97 | 103 |
| Cash Equivalents | 1 | 1 | 1 | 3 | 10 | 1 | 1 | 1 | 1 | 0 |
| Others Assetsⓘ | 25 | 9 | 8 | 11 | 11 | 11 | 22 | 17 | 20 | 37 |
| Total Assets ⓘ | 267 | 252 | 265 | 285 | 273 | 242 | 291 | 337 | 358 | 505 |
| PARTICULARS | Mar'15 | Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash Flow From Operating Activity ⓘ | 36 | 34 | 38 | 69 | 35 | 28 | 19 | 16 | 43 | 57 |
| PBT ⓘ | 11 | 10 | 17 | 44 | 31 | 12 | 7 | 16 | 30 | 34 |
| Adjustment ⓘ | 23 | 22 | 22 | 23 | 20 | 25 | 21 | 17 | 19 | 30 |
| Changes in Working Capital ⓘ | 4 | 4 | 3 | 16 | -7 | -4 | -7 | -15 | 10 | 5 |
| Tax Paid ⓘ | -2 | -2 | -3 | -14 | -10 | -6 | -3 | -3 | -16 | -12 |
| Cash Flow From Investing Activity ⓘ | -13 | -6 | -17 | -23 | -24 | -34 | -12 | -15 | -59 | -73 |
| Capex | -13 | -6 | -17 | -23 | -25 | -34 | -12 | -15 | -59 | -73 |
| Net Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -1 | 0 | 0 |
| Others ⓘ | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1 | 0 | 0 |
| Cash Flow From Financing Activityⓘ | -23 | -28 | -22 | -44 | -4 | -3 | -7 | -2 | 17 | 16 |
| Net Proceeds from Shares ⓘ | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Net Proceeds from Borrowing ⓘ | -14 | -21 | -13 | -7 | -2 | 4 | 2 | 4 | 0 | 26 |
| Interest Paid ⓘ | -6 | -5 | -4 | -3 | -3 | -3 | -4 | -4 | -3 | -7 |
| Dividend Paid ⓘ | -3 | -3 | -3 | -3 | -3 | -4 | -2 | -2 | -3 | -4 |
| Others ⓘ | 0 | 1 | -1 | -30 | 5 | 1 | -3 | -1 | 23 | 1 |
| Net Cash Flow ⓘ | 0 | 0 | 0 | 2 | 7 | -9 | 0 | -1 | 0 | 0 |
| PARTICULARS | Mar'15 | Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 |
|---|---|---|---|---|---|---|---|---|---|---|
| Ratios | ||||||||||
| ROE (%) | 18.46 | 14.47 | 21.06 | 37.9 | 22.39 | 11.49 | 4.18 | 9.77 | 15.76 | 16 |
| ROCE (%) | 12.49 | 11.43 | 16.81 | 39.42 | 27.92 | 11.02 | 7.35 | 12.61 | 17.95 | 17.91 |
| Asset Turnover Ratio | 2.99 | 3.05 | 3.67 | 3.65 | 3.24 | 2.29 | 2.05 | 2.6 | 3.03 | 2.47 |
| PAT to CFO Conversion(x) | 4.5 | 4.86 | 3.17 | 2.46 | 1.67 | 2.15 | 3.8 | 1.33 | 1.95 | 2.28 | Working Capital Days |
| Receivable Days | 33 | 37 | 34 | 34 | 35 | 35 | 40 | 43 | 36 | 34 |
| Inventory Days | 5 | 6 | 6 | 8 | 10 | 13 | 17 | 18 | 14 | 12 |
| Payable Days | 51 | 58 | 55 | 60 | 66 | 76 | 79 | 66 | 50 | 55 |
Bharat Seats (BSL) incorporated in 1986, is a joint venture of Suzuki Motor Corporation, Japan, Maruti Suzuki India and the Relans. The company is in the business of manufacturing complete seating systems and interior components for the automotive and surface transport.
Company has received technical guidance by Houwa Kogyo Co., a leading producer of hi-tech seating system for the automobile industry in Japan, and the main suppliers to Suzuki Motor Corporation.
The factory in Gurgaon houses Polyurethane moulding, seat frame manufacture, final seat assembly and head rest moulding and assembly.
Bharat Seats has set up a manufacturing unit for PU Headrests within its existing plant with a capacity to produce 4 lakh sets per annum. It started commercial production of headrest of international standards of quality commenced in May 1999.
BSL had phased out the use of CFC-11(Cholorofluorocarbons), used as a foam-blowing agent for polyol formation in the manufacturing of moulded Puf cushions.
The company also operates research & development centre which handles projects from the concept stage through modelling, designing prototyping to testing and validation for the final product. The centre has received approval from Ministry of Science and Technology Department of Scientific and Industrial Research.
Products
Milestone
Award/Recognition
BSL has already received the ISO 9002 and QS 9000 revised version quality systems certification.
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