Bengal & Assam

₹8400 166.6 | 2%

WEBSITE BSE:533095 NSE : BENGLA& ASM 10 May, 16:01

Market Cap ₹9489 Cr.

Stock P/E 2.5

P/B 1.1

Current Price ₹8400

Book Value ₹ 7948.9

Face Value 10

52W High ₹10389

Dividend Yield 0.3%

52W Low ₹ 3565.1

Edit Ratio

Bengal & Assam Research see more...

Overview Inc. Year: 1947Industry: Finance - NBFC

Bengal & Assam Company Ltd is a holding corporation. The Company is a core funding business enterprise-non deposit taking-systemically important (CIC-ND-SI) registered with RBI. The Company is a NBFC, that's engaged within the enterprise of investments and rent on properties. The Company's segments include Investment (shares/securities/investment), Polymer, Cotton Yarn and Fabric, Dairy Products and others. The Company operates inside the geographical segments, inclusive of Domestic and Overseas. The investments made via the Company in various shares/securities/stocks are normally intended to be held over long time period. The Company's subsidiaries include J.K. Fenner (India) Ltd, Southern Spinners and Processors Ltd, Modern Cotton Yarn Spinners Ltd, Acorn Engineering Ltd, Divyashree Company Pvt Ltd, Panchmahal Properties Ltd and LVP Foods Pvt Ltd, amongst others.

Bengal & Assam Share Price

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Peer Comparison

Bengal & Assam 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
Operating Revenue	3380	3473	3702	4167	4228	3993	4103	4241	4377	3777
Other Income	14	12	16	9	12	20	42	13	17	18
Total Income	3393	3484	3718	4177	4240	4013	4145	4254	4393	3795
Total Expenditure	3002	3165	3445	3814	3847	3619	3622	3710	3697	3224
Operating Profit	391	319	273	362	393	394	523	544	696	571
Interest Expense	115	108	109	107	117	129	135	129	119	106
Depreciation	107	106	108	112	110	114	120	120	122	114
Profit Before Tax	170	112	62	109	143	137	278	299	452	3246
Provision for Tax	59	41	17	39	43	50	82	100	146	369
Profit After Tax	111	71	45	70	100	86	196	199	307	2878
Adjustments	14	74	150	151	90	154	91	99	14	84
Profit After Adjustments	126	145	195	221	190	240	287	298	320	2962
Adjusted Earnings Per Share	111.3	128.6	172.3	195.6	168.2	212.4	253.9	263.7	283.7	2622.1

Bengal & Assam 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
Operating Revenue	1081	1187	1309	1372	1485	1508	12508	11111	10400	13576	16492	16498
Other Income	36	108	31	33	39	37	86	35	57	56	84	90
Total Income	1117	1295	1340	1405	1524	1545	12594	11146	10458	13632	16575	16587
Total Expenditure	975	1110	1181	1224	1261	1354	11154	9843	8930	12278	14903	14253
Operating Profit	142	185	160	181	263	191	1440	1303	1528	1353	1672	2334
Interest Expense	61	53	51	53	52	42	574	609	505	450	488	489
Depreciation	32	33	34	37	40	42	367	423	428	428	456	476
Profit Before Tax	49	99	74	90	171	108	409	161	629	479	667	4275
Provision for Tax	11	22	14	22	41	31	139	-137	237	165	214	697
Profit After Tax	38	77	60	68	130	77	269	298	392	314	453	3580
Adjustments	-3	-5	114	174	198	124	91	157	116	314	485	288
Profit After Adjustments	35	73	173	242	328	201	361	455	508	628	938	3867
Adjusted Earnings Per Share	40.2	83.7	199.7	279	377.2	231.3	448.7	402.9	450.1	555.7	830.1	3423.4

Growth Rates

#	1 Year	3 Year	5 Year	10 Year
Sales CAGR	21%	14%	61%	31%
Operating Profit CAGR	24%	9%	54%	28%
PAT CAGR	44%	15%	43%	28%

#	1 Year	3 Year	5 Year	10 Year
Share Price CAGR	130%	84%	40%	38%
ROE Average	9%	9%	9%	9%
ROCE Average	11%	11%	12%	11%

Bengal & Assam 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	464	531	1283	1522	1822	2013	3002	3374	3915	4545	5513
Minority's Interest	48	52	56	63	73	147	1274	1311	1501	1589	1976
Borrowings	322	212	224	273	273	173	4441	3985	3902	3358	3058
Current Liability	293	301	348	357	357	347	4513	4760	3922	5465	5284
Other Liabilities & Provisions	146	136	123	117	113	98	980	870	1203	1269	1394
Total Liabilities	1273	1230	2033	2332	2637	2777	14211	14300	14443	16226	17226
Loans	2	1	0	0	0	0	0	0	0	0	0
Investments	576	564	1289	1508	1703	1982	1819	2085	2423	2749	3602
Fixed Assets	395	376	355	377	366	391	6701	6810	6647	6812	6903
Other Loans	35	22	87	95	81	45	3	0	0	0	0
Other Non Current Assets	15	15	21	14	31	11	370	380	357	161	269
Current Assets	250	252	281	337	456	347	5318	5025	5015	6475	6424
Total Assets	1273	1230	2033	2332	2637	2777	14211	14300	14443	16226	17226

Bengal & Assam 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	20	6	6	7	11	6	102	160	116	154	172
Cash Flow from Operating Activities	128	139	109	144	113	102	993	1500	1775	351	1437
Cash Flow from Investing Activities	-64	44	-105	-102	54	-163	-367	-336	-201	-188	-650
Cash Flow from Financing Activities	-77	-183	-3	-37	-172	64	-567	-1195	-1542	-144	-778
Net Cash Inflow / Outflow	-14	-0	1	4	-5	3	59	-30	31	18	9
Closing Cash & Cash Equivalent	6	6	7	11	6	10	160	117	151	172	184

Bengal & Assam 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)	40.19	83.65	199.69	279.03	377.2	231.31	448.7	402.92	450.07	555.74	830.11
CEPS(Rs)	80.81	127.17	108.27	121.35	195.69	136.93	792.29	638.5	725.62	656.9	804.25
DPS(Rs)	4	5	7	10	10	10	10	15	7.5	15	25
Book NAV/Share(Rs)	533.97	611.04	1476.95	1753.05	2097.98	2318.53	3731.55	2986.91	3465.69	4023.21	4880.69
Net Profit Margin	3.53	6.51	4.56	4.98	8.75	5.1	2.15	2.69	3.77	2.31	2.75
Operating Margin	10.18	12.83	9.57	10.48	15	9.89	7.86	6.93	10.9	6.84	7
PBT Margin	4.54	8.34	5.64	6.59	11.5	7.14	3.27	1.45	6.05	3.53	4.04
ROA(%)	3.06	6.18	3.66	3.13	5.23	2.84	3.17	2.09	2.73	2.05	2.71
ROE(%)	8.58	15.55	6.59	4.87	7.77	4.01	10.75	9.36	10.76	7.41	9
ROCE(%)	11.83	16.48	9.66	7.86	10.58	6.48	16.6	8.13	12.26	9.72	11.12
Price/Earnings(x)	6.62	4.03	2.44	1.7	4.53	9.07	3.81	2.98	3.05	4.24	4.4
Price/Book(x)	0.5	0.55	0.33	0.27	0.82	0.91	0.46	0.4	0.4	0.59	0.75
Dividend Yield(%)	1.5	1.48	1.44	2.1	0.58	0.48	0.58	1.25	0.55	0.64	0.68
EV/Net Sales(x)	0.66	0.55	0.63	0.62	1.28	1.43	0.61	0.65	0.61	0.58	0.55
EV/Core EBITDA(x)	4.98	3.55	5.17	4.68	7.23	11.3	5.28	5.54	4.16	5.8	5.38
Interest Earned Growth(%)	9.78	9.85	10.26	4.79	8.25	1.57	729.29	-11.16	-6.4	30.53	21.48
Net Profit Growth	13.91	102.84	-22.72	14.33	90.23	-40.78	250.15	10.73	31.44	-20.03	44.38
EPS Growth(%)	14.69	108.14	138.72	39.73	35.18	-38.68	93.98	-10.2	11.7	23.48	49.37
Interest Coverage(x) %	1.81	2.85	2.43	2.7	4.28	3.6	1.71	1.26	2.25	2.07	2.37

Bengal & Assam Shareholding Pattern

#	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024
Promoter	72.66	72.66	72.66	72.66	72.66	72.66	72.66	72.66	73.01	73.01
FII	0	3.53	3.89	3.89	3.89	3.9	3.92	4.28	4.31	4.31
DII	0.5	0.5	0.5	0.37	0.07	0.06	0.01	0.01	0.01	0.01
Public	26.84	23.31	22.95	23.08	23.38	23.39	23.42	23.05	22.67	22.66
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	0.82	0.82	0.82	0.82	0.82	0.82	0.82	0.82	0.82	0.82
FII	0	0.04	0.04	0.04	0.04	0.04	0.04	0.05	0.05	0.05
DII	0.01	0.01	0.01	0	0	0	0	0	0	0
Public	0.3	0.26	0.26	0.26	0.26	0.26	0.26	0.26	0.26	0.26
Others	0	0	0	0	0	0	0	0	0	0
Total	1.13	1.13	1.13	1.13	1.13	1.13	1.13	1.13	1.13	1.13

Pros

Company has delivered good profit growth of 42% CAGR over last 5 years
Debtor days have improved from 86.58 to 73.91days.
Company has reduced debt.

Cons

Company has a low return on equity of 9% over the last 3 years.

* 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.