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Consolidated Standalone

Bharat Rasayan

₹9727.7 3.6 | 0%

Market Cap ₹4042 Cr.

Stock P/E 68.9

P/B 4.4

Current Price ₹9727.7

Book Value ₹ 2221.7

Face Value 10

52W High ₹10525

Dividend Yield 0.02%

52W Low ₹ 8351.1

Edit Ratio

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How will Bharat Rasayan Limited achieve next leg of growth?

Overview Inc. Year: 1989Industry: Pesticides & Agrochemicals

Bharat Rasayan Ltd is an totally India-based company engaged in manufacturing of insecticides-technical, formulations and its intermediates. The Company in the main gives Metaphenoxy Benzaldehyde. The Company's products are Insecticides, which include Acetamiprid, Bifenthrin, Chlorpyrifos, Cypermethrin, Imidacloprid, Permethrin and Thiamethoxam; Herbicides, which consist of Clodinafop Propargyl, Cloquintocet Mexyl (Safener), Diuron and Metsulfuron Methyl; Fungicides, which consist of Tricyclazole and Myclobutanil; Acaricide, which consist of Fenpyroximate, and Intermediates, which consist of Meta Phenoxy Benzaldehyde and Para Chloro Benzyl Cyanide. The Company's plants are positioned at Rohtak, Haryana and Bharuch, Gujarat. The Company's plant at Haryana, has a ability of 5,000 metric tons (MT)/annum and additionally facilities for bulk packaging of formulations.

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Bharat Rasayan Share Price

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Peer Comparison

Bharat Rasayan 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 269 335 445 327 292 309 306 239 263 233
Other Income 3 3 7 8 4 6 1 2 4 4
Total Income 272 338 452 335 296 315 307 242 267 236
Total Expenditure 229 265 359 275 256 258 251 234 248 205
Operating Profit 43 73 93 60 40 58 56 8 19 31
Interest 1 2 3 2 1 2 1 0 1 1
Depreciation 6 7 7 6 7 7 7 6 6 7
Exceptional Income / Expenses -0 -3 -0 -0 -1 -0 -0 0 -0 -0
Profit Before Tax 36 61 83 52 31 49 48 1 12 24
Provision for Tax 9 16 19 13 8 13 15 1 4 6
Profit After Tax 27 46 65 39 23 37 33 1 8 17
Adjustments -0 0 0 -1 -0 -3 -2 6 -2 -2
Profit After Adjustments 26 46 65 38 23 34 30 7 6 15
Adjusted Earnings Per Share 63.7 110.4 155.4 90.6 55.2 81.3 72.8 17.1 14.4 36.8

Bharat Rasayan Profit & Loss

#(Fig in Cr.) Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 TTM
Net Sales 992 1215 1092 1301 1234 1041
Other Income 3 17 7 16 19 11
Total Income 995 1232 1099 1317 1254 1052
Total Expenditure 805 985 852 1049 1037 938
Operating Profit 190 247 247 267 217 114
Interest 16 16 4 7 6 3
Depreciation 17 22 26 25 26 26
Exceptional Income / Expenses -2 -3 -1 -0 -5 0
Profit Before Tax 155 205 216 234 174 85
Provision for Tax 44 48 51 58 49 26
Profit After Tax 112 158 164 176 125 59
Adjustments 0 0 -1 0 0 0
Profit After Adjustments 112 158 164 176 125 58
Adjusted Earnings Per Share 262.5 371 385.7 423.5 299.9 141.1

Growth Rates

# 1 Year 3 Year 5 Year 10 Year
Sales CAGR -5% 1% 0% 0%
Operating Profit CAGR -19% -4% 0% 0%
PAT CAGR -29% -8% 0% 0%
# 1 Year 3 Year 5 Year 10 Year
Share Price CAGR -2% -9% 18% 40%
ROE Average 15% 21% 25% 25%
ROCE Average 19% 26% 28% 28%

Bharat Rasayan Balance Sheet

#(Fig in Cr.) Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023
Shareholder's Funds 409 564 727 770 893
Minority's Interest 0 0 0 0 0
Borrowings 40 22 0 1 0
Other Non-Current Liabilities 14 12 10 10 10
Total Current Liabilities 293 153 170 309 173
Total Liabilities 756 752 908 1090 1076
Fixed Assets 150 203 191 228 225
Other Non-Current Assets 42 30 67 61 58
Total Current Assets 564 519 650 801 793
Total Assets 756 752 908 1090 1076

Bharat Rasayan Cash Flow

#(Fig in Cr.) Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023
Opening Cash & Cash Equivalents 1 6 46 27 0
Cash Flow from Operating Activities -52 263 170 -65 213
Cash Flow from Investing Activities -48 -68 -153 51 -61
Cash Flow from Financing Activities 102 -169 -40 -25 -152
Net Cash Inflow / Outflow 3 25 -22 -39 1
Closing Cash & Cash Equivalent 6 46 27 0 19

Bharat Rasayan Ratios

# Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023
Earnings Per Share (Rs) 262.49 371.04 385.7 423.53 299.89
CEPS(Rs) 302.25 422.68 447.73 483.55 362.52
DPS(Rs) 1.5 1.5 1.5 1.5 1.5
Book NAV/Share(Rs) 962.19 1327.74 1711.78 1853.14 2149.86
Core EBITDA Margin(%) 18.9 18.93 22 19.33 16.01
EBIT Margin(%) 17.28 18.24 20.18 18.52 14.59
Pre Tax Margin(%) 15.64 16.89 19.78 17.96 14.1
PAT Margin (%) 11.24 12.97 15.06 13.53 10.1
Cash Profit Margin (%) 12.94 14.78 17.42 15.44 12.2
ROA(%) 14.76 20.91 19.82 17.62 11.51
ROE(%) 27.28 32.41 25.47 23.51 14.98
ROCE(%) 26.14 33.74 30.53 27.87 19.31
Receivable days 102.67 79.56 91.28 106.5 116.62
Inventory Days 77.34 55.66 54.96 62.52 88.76
Payable days 23.79 18.23 26.8 28.02 31.1
PER(x) 15.93 14.04 24.39 28.76 30.32
Price/Book(x) 4.35 3.92 5.49 6.57 4.23
Dividend Yield(%) 0.04 0.03 0.02 0.01 0.02
EV/Net Sales(x) 2.03 1.86 3.68 4.02 3.06
EV/Core EBITDA(x) 10.6 9.14 16.26 19.57 17.39
Net Sales Growth(%) 0 22.46 -10.15 19.16 -5.12
EBIT Growth(%) 0 29.27 -0.58 9.38 -25.28
PAT Growth(%) 0 41.35 4.33 7 -29.19
EPS Growth(%) 0 41.35 3.95 9.81 -29.19
Debt/Equity(x) 0.6 0.17 0.08 0.23 0.03
Current Ratio(x) 1.92 3.38 3.82 2.59 4.6
Quick Ratio(x) 1.21 2.33 2.83 1.7 2.72
Interest Cover(x) 10.51 13.48 49.91 32.82 29.56
Total Debt/Mcap(x) 0.14 0.04 0.01 0.03 0.01

Bharat Rasayan Shareholding Pattern

# Dec 2021 Mar 2022 Jun 2022 Sep 2022 Dec 2022 Mar 2023 Jun 2023 Sep 2023 Dec 2023 Mar 2024
Promoter 75.05 74.99 74.99 74.99 74.99 74.99 74.99 74.99 74.99 74.99
FII 0.25 0.26 0.32 0.53 0.39 0.34 0.35 0.35 0.34 0.34
DII 2.03 2.58 2.57 2.57 2.6 2.57 2.57 2.57 2.57 2.57
Public 22.67 22.18 22.11 21.91 22.02 22.1 22.09 22.09 22.09 22.09
Others 0 0 0 0 0 0 0 0 0 0
Total 100 100 100 100 100 100 100 100 100 100

Pros

  • Company has a good return on equity (ROE) track record: 3 Years ROE 21%
  • Company has reduced debt.
  • Company is almost debt free.

Cons

  • Debtor days have increased from 28.02 to 31.1days.
  • Stock is trading at 4.4 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.

Bharat Rasayan News

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