Bharat Seats

₹160.5 0.7 | 0.4%

WEBSITE BSE:523229 NSE : BHARAT SEATS 18 May, 12:50

Market Cap ₹504 Cr.

Stock P/E 20.1

P/B 3

Current Price ₹160.5

Book Value ₹ 53.1

Face Value 2

52W High ₹204.2

Dividend Yield 1%

52W Low ₹ 92

Edit Ratio

Bharat Seats Research see more...

Overview Inc. Year: 1986Industry: Auto Ancillary

Bharat Seats Ltd engages inside the manufacture and sale of seating systems and interior components for the automotive and surface shipping industries in India. It offers seating systems for four-wheeler, two-wheeler, and railway chair vehicle; carpets; roof and windshield modelling products; welded frames assemblies for two-wheeler; and extrusion additives for vehicle roof and windshield installation. The business enterprise was integrated in 1986 and is primarily based in New Delhi, India.

Bharat Seats Share Price

New

Volume

Price

Price: NSE50 DMA200 DMAVolume

Quarterly Price

Quarterly Monthly

Show Value Show %

Peer Comparison

Bharat Seats Quarterly Results

#(Fig in Cr.)	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024
Net Sales	198	261	248	291	219	293	253	286	250	278
Other Income	1	1	0	1	1	1	1	1	1	1
Total Income	198	262	248	292	221	295	254	287	251	279
Total Expenditure	190	247	238	279	209	279	241	269	235	261
Operating Profit	9	15	10	13	12	16	13	18	16	18
Interest	1	1	1	1	1	1	1	2	2	2
Depreciation	4	4	4	4	4	4	5	6	6	6
Exceptional Income / Expenses	0	0	0	0	0	0	0	0	0	0
Profit Before Tax	3	10	5	8	6	11	6	9	8	11
Provision for Tax	1	2	1	2	2	3	2	2	2	2
Profit After Tax	2	7	4	6	5	7	5	7	6	8
Adjustments	-0	0	0	-0	0	0	0	0	0	0
Profit After Adjustments	2	7	4	6	5	7	5	7	6	8
Adjusted Earnings Per Share	0.8	2.4	1.1	1.9	1.5	2.3	1.5	2.2	1.8	2.6

Bharat Seats 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	602	560	693	700	840	970	904	589	548	818	1051	1067
Other Income	1	0	2	2	1	1	5	2	2	5	4	4
Total Income	603	560	695	702	842	971	909	591	550	823	1055	1071
Total Expenditure	579	531	661	670	803	906	854	553	521	785	1005	1006
Operating Profit	25	29	34	32	38	66	55	38	29	37	50	65
Interest	6	6	6	5	4	3	3	3	4	4	4	7
Depreciation	11	14	16	17	17	19	21	22	18	18	17	23
Exceptional Income / Expenses	0	0	0	0	0	0	0	0	0	0	0	0
Profit Before Tax	7	9	11	10	17	44	31	12	7	16	30	34
Provision for Tax	2	2	3	3	5	15	10	-0	2	4	8	8
Profit After Tax	5	7	8	7	12	28	21	13	5	12	22	26
Adjustments	0	0	0	0	0	0	0	0	0	0	0	0
Profit After Adjustments	5	7	8	7	12	28	21	13	5	12	22	26
Adjusted Earnings Per Share	1.7	2.1	2.6	2.3	3.9	9	6.8	4	1.5	3.8	6.9	8.1

Growth Rates

#	1 Year	3 Year	5 Year	10 Year
Sales CAGR	28%	21%	2%	6%
Operating Profit CAGR	35%	10%	-5%	7%
PAT CAGR	83%	19%	-5%	16%

#	1 Year	3 Year	5 Year	10 Year
Share Price CAGR	58%	31%	17%	26%
ROE Average	16%	10%	13%	17%
ROCE Average	18%	13%	15%	16%

Bharat Seats 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	38	42	46	53	62	87	105	113	117	127	146
Minority's Interest	0	0	0	0	0	0	0	0	0	0	0
Borrowings	59	53	38	22	20	22	20	24	25	33	33
Other Non-Current Liabilities	11	23	22	10	8	14	15	16	9	9	12
Total Current Liabilities	114	139	161	167	175	162	133	89	141	169	167
Total Liabilities	223	257	267	252	265	285	273	242	291	337	358
Fixed Assets	112	150	150	144	146	136	152	150	126	147	199
Other Non-Current Assets	40	24	22	5	2	19	7	30	43	16	27
Total Current Assets	71	82	95	103	117	130	114	62	122	174	132
Total Assets	223	257	267	252	265	285	273	242	291	337	358

Bharat Seats 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	4	1	1	1	0	0	2	10	1	1	0
Cash Flow from Operating Activities	5	36	36	34	38	69	35	28	19	16	43
Cash Flow from Investing Activities	-37	-17	-13	-6	-17	-23	-24	-34	-12	-15	-59
Cash Flow from Financing Activities	29	-18	-23	-28	-22	-44	-4	-3	-7	-2	17
Net Cash Inflow / Outflow	-3	0	0	0	0	2	7	-9	-0	-1	0
Closing Cash & Cash Equivalent	1	1	1	1	0	2	10	1	1	0	0

Bharat Seats 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)	1.7	2.14	2.59	2.3	3.88	8.99	6.82	3.99	1.53	3.79	6.86
CEPS(Rs)	5.31	6.44	7.82	7.56	9.32	15.07	13.39	11.14	7.26	9.4	12.3
DPS(Rs)	0.8	0.8	0.9	0.9	0.9	1	1	0.5	0.5	0.8	1.4
Book NAV/Share(Rs)	12.07	13.27	14.74	17.02	19.79	27.63	33.3	36.08	37.14	40.49	46.6
Core EBITDA Margin(%)	3.45	4.52	4.09	3.73	3.89	6.45	5.49	6.08	4.9	3.93	4.4
EBIT Margin(%)	1.98	2.42	2.25	1.92	2.25	4.66	3.79	2.62	1.99	2.42	3.16
Pre Tax Margin(%)	1.03	1.43	1.46	1.24	1.77	4.34	3.45	2.08	1.21	1.95	2.82
PAT Margin (%)	0.78	1.06	1.04	0.91	1.28	2.82	2.37	2.13	0.88	1.46	2.05
Cash Profit Margin (%)	2.45	3.2	3.14	2.99	3.09	4.72	4.65	5.94	4.16	3.61	3.67
ROA(%)	2.72	2.8	3.1	2.78	4.71	10.27	7.69	4.87	1.8	3.79	6.2
ROE(%)	14.58	16.86	18.46	14.47	21.06	37.9	22.39	11.49	4.18	9.77	15.76
ROCE(%)	11.21	10.66	12.49	11.43	16.81	39.42	27.92	11.02	7.35	12.61	17.95
Receivable days	20.23	33.7	33.31	36.72	34.08	34.24	34.64	35.31	39.55	43.14	35.98
Inventory Days	7.4	7.33	5.28	5.98	5.74	7.79	9.95	13.16	16.75	18.45	14.21
Payable days	38.93	52.2	51.43	57.58	55.33	60.45	65.96	76.33	79.15	65.64	50.31
PER(x)	7.27	7.48	11.35	15.71	18.43	19.1	13.37	8.88	40.41	17.59	11.83
Price/Book(x)	1.03	1.2	1.99	2.12	3.61	6.21	2.74	0.98	1.67	1.65	1.74
Dividend Yield(%)	6.46	5.01	3.07	2.49	1.26	0.58	1.1	1.41	0.81	1.2	1.72
EV/Net Sales(x)	0.24	0.27	0.26	0.27	0.34	0.58	0.34	0.24	0.41	0.3	0.3
EV/Core EBITDA(x)	5.74	5.27	5.37	5.9	7.44	8.53	5.56	3.79	7.84	6.56	6.23
Net Sales Growth(%)	39.37	-7	23.82	0.92	20.09	15.45	-6.88	-34.86	-6.95	49.3	28.55
EBIT Growth(%)	27.4	13.13	15.25	-13.47	39.89	119.36	-26.68	-54.9	-29.31	81.53	67.84
PAT Growth(%)	-5.88	25.37	21.06	-11.13	68.7	131.78	-24.08	-41.56	-61.61	147.9	80.86
EPS Growth(%)	-5.88	25.37	21.05	-11.13	68.7	131.78	-24.08	-41.56	-61.61	147.9	80.86
Debt/Equity(x)	2.76	2.45	1.98	1.4	1.01	0.29	0.27	0.3	0.29	0.29	0.41
Current Ratio(x)	0.62	0.59	0.59	0.62	0.67	0.8	0.86	0.7	0.87	1.03	0.79
Quick Ratio(x)	0.49	0.51	0.52	0.53	0.58	0.63	0.69	0.46	0.66	0.72	0.62
Interest Cover(x)	2.08	2.44	2.83	2.83	4.76	14.58	11.34	4.79	2.56	5.08	9.15
Total Debt/Mcap(x)	2.69	2.04	0.99	0.66	0.28	0.05	0.1	0.3	0.17	0.18	0.23

Bharat Seats Shareholding Pattern

#	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024
Promoter	74.59	74.59	74.59	74.59	74.59	74.59	74.59	74.59	74.59	74.59
FII	0	0	0	0	0	0	0	0	0	0
DII	0.11	0.11	0.11	0.11	0.11	0.11	0.11	0.11	0.11	0.11
Public	25.3	25.3	25.3	25.3	25.3	25.3	25.3	25.3	25.3	25.3
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	2.34	2.34	2.34	2.34	2.34	2.34	2.34	2.34	2.34	2.34
FII	0	0	0	0	0	0	0	0	0	0
DII	0	0	0	0	0	0	0	0	0	0
Public	0.79	0.79	0.79	0.79	0.79	0.79	0.79	0.79	0.79	0.79
Others	0	0	0	0	0	0	0	0	0	0
Total	3.14	3.14	3.14	3.14	3.14	3.14	3.14	3.14	3.14	3.14

Pros

Debtor days have improved from 65.64 to 50.31days.
Company is almost debt free.

Cons

Company has a low return on equity of 10% over the last 3 years.
The company has delivered a poor profit growth of -4% over past five 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.