Banco Products (I)

₹578 -4.6 | 0.8%

WEBSITE BSE:500039 NSE : BANCO PROD. 10 May, 16:01

Market Cap ₹4134 Cr.

Stock P/E 16.3

P/B 3.7

Current Price ₹578

Book Value ₹ 155.9

Face Value 2

52W High ₹733

Dividend Yield 3.81%

52W Low ₹ 251.1

Edit Ratio

Banco Products (I) Research see more...

Overview Inc. Year: 1961Industry: Auto Ancillary

Banco Products (India) Ltd is a manufacturer and supplier of engine cooling modules for automotive and commercial applications. The Company designs, develops and manufactures engine cooling systems and engine sealing structures. Its engine cooling structures include radiators, charged air coolers, fuel coolers, oil coolers, battery coolers, inverter coolers in aluminium and copper configurations and add-ons, fan motor assembly, fan shroud and guard, and miscellaneous mounting plumbing add-ons. Its engine sealing systems consists of engine cylinder head and peripheral gaskets, heat shields, business gasket and static sealing elastomers. The Company caters to both home and global marketplace. Its engine cooling modules have a number of packages, which includes passenger automobiles, light commercial motors, medium and heavy business motors and other comparable system. The Company's subsidiaries include Banco Gaskets (India) Ltd and Nederlands Radiateuren Fabriek B.V.

Banco Products (I) Share Price

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Peer Comparison

Banco Products (I) Quarterly Results

#(Fig in Cr.)	Sep 2021	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023
Net Sales	549	402	507	586	628	509	609	749	725	571
Other Income	0	-3	-1	1	10	1	3	16	3	12
Total Income	549	400	506	587	638	510	612	766	728	582
Total Expenditure	468	363	427	519	569	369	511	653	602	482
Operating Profit	81	37	79	68	69	141	101	113	126	101
Interest	1	1	3	2	1	3	7	5	6	4
Depreciation	8	8	24	12	12	13	20	15	16	17
Exceptional Income / Expenses	0	0	0	0	0	0	0	0	0	0
Profit Before Tax	72	28	53	55	56	126	74	93	104	81
Provision for Tax	23	11	12	20	5	28	23	24	38	12
Profit After Tax	49	17	40	35	52	98	51	69	66	68
Adjustments	0	0	0	0	0	0	0	0	0	0
Profit After Adjustments	49	17	40	35	52	98	51	69	66	68
Adjusted Earnings Per Share	6.9	2.4	5.6	4.8	7.2	13.7	7.1	9.6	9.2	9.6

Banco Products (I) Profit & Loss

#(Fig in Cr.)	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	TTM
Net Sales	1024	1162	1129	1204	1239	1336	1567	1422	1533	1958	2332	2654
Other Income	9	9	53	11	32	62	10	25	9	5	16	34
Total Income	1033	1170	1182	1215	1272	1398	1577	1447	1542	1963	2348	2688
Total Expenditure	908	997	1027	1058	1096	1200	1391	1300	1354	1686	1968	2248
Operating Profit	125	173	155	157	176	198	186	147	187	277	380	441
Interest	13	19	8	3	2	2	4	3	4	5	13	22
Depreciation	29	32	34	35	33	28	29	33	34	48	56	68
Exceptional Income / Expenses	0	0	0	0	0	0	0	0	0	0	0	0
Profit Before Tax	83	122	113	119	141	168	153	111	150	224	311	352
Provision for Tax	21	32	25	30	44	52	69	35	36	71	75	97
Profit After Tax	61	90	88	90	97	117	83	77	114	152	236	254
Adjustments	0	0	0	0	0	0	-14	0	0	0	0	0
Profit After Adjustments	61	90	88	90	97	117	69	77	114	152	236	254
Adjusted Earnings Per Share	8.6	12.6	12.3	12.6	13.6	16.3	9.7	10.7	15.9	21.3	32.9	35.5

Growth Rates

#	1 Year	3 Year	5 Year	10 Year
Sales CAGR	19%	18%	12%	9%
Operating Profit CAGR	37%	37%	14%	12%
PAT CAGR	55%	45%	15%	14%

#	1 Year	3 Year	5 Year	10 Year
Share Price CAGR	127%	56%	31%	22%
ROE Average	24%	18%	15%	15%
ROCE Average	28%	24%	21%	19%

Banco Products (I) Balance Sheet

#(Fig in Cr.)	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023
Shareholder's Funds	473	589	620	688	720	808	833	710	828	982	1002
Minority's Interest	0	0	0	0	0	0	0	0	0	0	0
Borrowings	52	28	8	0	0	1	6	6	6	5	38
Other Non-Current Liabilities	23	25	24	19	46	53	55	54	45	149	165
Total Current Liabilities	308	303	168	250	204	336	300	318	307	366	650
Total Liabilities	854	944	819	956	969	1198	1195	1089	1187	1502	1855
Fixed Assets	232	243	227	221	192	191	184	193	190	297	359
Other Non-Current Assets	130	154	43	41	54	67	55	37	13	44	40
Total Current Assets	492	547	549	694	722	939	955	858	984	1161	1456
Total Assets	854	944	819	956	969	1198	1195	1089	1187	1502	1855

Banco Products (I) Cash Flow

#(Fig in Cr.)	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023
Opening Cash & Cash Equivalents	36	20	27	62	62	32	41	2	51	71	13
Cash Flow from Operating Activities	97	131	85	68	90	99	62	52	157	57	-41
Cash Flow from Investing Activities	-104	-42	88	-17	-59	-22	-52	149	-59	-104	-23
Cash Flow from Financing Activities	-10	-82	-136	-6	-61	-68	-49	-153	-78	-11	59
Net Cash Inflow / Outflow	-16	7	36	46	-30	9	-39	49	20	-58	-6
Closing Cash & Cash Equivalent	20	27	63	108	32	41	2	51	71	13	7

Banco Products (I) Ratios

#	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023
Earnings Per Share (Rs)	8.57	12.56	12.26	12.57	13.59	16.33	9.66	10.71	15.9	21.31	32.94
CEPS(Rs)	12.61	17.08	16.99	17.42	18.25	20.2	15.74	15.29	20.61	28.01	40.82
DPS(Rs)	1.8	2	3	4.6	9	10	8	20	2	20	22
Book NAV/Share(Rs)	65.99	82.24	86.58	96.09	100.53	112.86	116.35	99.2	115.76	137.19	139.96
Core EBITDA Margin(%)	10.79	13.64	8.68	11.59	11.04	10.03	11.21	8.59	11.62	13.88	15.61
EBIT Margin(%)	8.93	11.67	10.3	9.72	10.97	12.59	10.01	8.06	10.01	11.7	13.87
Pre Tax Margin(%)	7.68	10.07	9.59	9.47	10.82	12.45	9.74	7.84	9.78	11.43	13.33
PAT Margin (%)	5.71	7.43	7.45	7.12	7.47	8.64	5.32	5.38	7.42	7.79	10.1
Cash Profit Margin (%)	8.39	10.11	10.33	9.87	10.03	10.69	7.18	7.69	9.62	10.23	12.52
ROA(%)	7.77	9.99	9.94	10.13	10.1	10.78	6.97	6.71	10	11.34	14.04
ROE(%)	13.7	16.94	14.52	13.76	13.83	15.3	10.17	9.93	14.79	16.85	23.77
ROCE(%)	15.27	19.5	17.13	17.8	19.28	21.29	18.31	13.69	18.68	24.85	28.2
Receivable days	63.04	61.42	60.36	57.21	59.58	62.29	61.52	72.53	67.15	55.42	57.74
Inventory Days	81.02	81.01	82.3	84.34	91.06	102.75	106.98	122.64	123.86	119.72	134.25
Payable days	49.34	52.85	48.16	56.28	57.82	68.91	87.28	106.41	105.25	91.76	88.98
PER(x)	4.72	5.7	8.53	8.86	16.44	12.97	15.87	6.08	8.84	6.4	6.83
Price/Book(x)	0.61	0.87	1.21	1.16	2.22	1.88	1.32	0.66	1.21	0.99	1.61
Dividend Yield(%)	4.44	2.8	2.87	4.13	4.03	4.72	5.22	30.72	1.42	14.67	9.78
EV/Net Sales(x)	0.47	0.57	0.64	0.6	1.25	1.01	0.64	0.34	0.59	0.47	0.81
EV/Core EBITDA(x)	3.87	3.79	4.65	4.6	8.81	6.82	5.42	3.3	4.79	3.3	4.96
Net Sales Growth(%)	0.52	13.44	-2.84	6.69	2.91	7.77	17.3	-11.92	7.77	27.75	19.1
EBIT Growth(%)	-13.29	47.03	-14.05	1.22	16.35	19.15	-7.83	-20.51	33.94	49.25	41.21
PAT Growth(%)	-19.9	46.51	-2.41	2.55	8.14	20.13	-28.65	10.85	48.51	34.03	54.56
EPS Growth(%)	-19.9	46.51	-2.41	2.55	8.14	20.13	-40.84	10.85	48.51	34.03	54.56
Debt/Equity(x)	0.45	0.29	0.06	0.05	0.05	0.04	0.05	0.13	0.02	0.02	0.29
Current Ratio(x)	1.6	1.81	3.28	2.78	3.55	2.8	3.18	2.7	3.21	3.17	2.24
Quick Ratio(x)	0.75	0.9	1.75	1.47	1.97	1.49	1.58	1.2	1.37	1.2	0.71
Interest Cover(x)	7.18	7.29	14.47	37.89	73.01	96.3	36.79	37	42.42	43.58	25.71
Total Debt/Mcap(x)	0.74	0.34	0.05	0.05	0.02	0.02	0.04	0.2	0.01	0.02	0.18

Banco Products (I) Shareholding Pattern

#	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024
Promoter	67.88	67.88	67.88	67.88	67.88	67.88	67.88	67.88	67.88	67.88
FII	0.34	0.31	0.37	0.74	1.15	1.88	1.87	2.07	2.35	3
DII	0.02	0.02	0.02	0.02	0.02	0.03	0.02	0.02	0.08	0.13
Public	31.76	31.79	31.73	31.36	30.95	30.2	30.23	30.03	29.69	28.98
Others	0	0	0	0	0	0	0	0	0	0
Total	100	100	100	100	100	100	100	100	100	100

#	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024
Promoter	4.85	4.85	4.85	4.85	4.85	4.85	4.85	4.85	4.85	4.85
FII	0.02	0.02	0.03	0.05	0.08	0.13	0.13	0.15	0.17	0.21
DII	0	0	0	0	0	0	0	0	0.01	0.01
Public	2.27	2.27	2.27	2.24	2.21	2.16	2.16	2.15	2.12	2.07
Others	0	0	0	0	0	0	0	0	0	0
Total	7.15	7.15	7.15	7.15	7.15	7.15	7.15	7.15	7.15	7.15

Pros

Debtor days have improved from 91.76 to 88.98days.
Company is almost debt free.

Cons

Stock is trading at 3.7 times its book value.

* 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.