WEBSITE BSE:500058 NSE : BIHAR SPONGE 18 May, 12:50
Market Cap ₹145 Cr.
Stock P/E 20.0
P/B -1.1
Current Price ₹16.1
Book Value ₹ -14.3
Face Value 10
52W High ₹22.4
Dividend Yield 0%
52W Low ₹ 8
Bihar Sponge Iron Limited is an India-based company that produces sponge iron from indigenous iron ore and non-coking coal. The company was incorporated in 1982 as the first merchant sponge iron plant in India. The company is a joint venture between Bihar State Industrial Development Corporation Limited (BSIDC), Modi Group, German Investment and Development Company (DEG), and International Finance Corporation (Washington). The company has a plant located at Umesh Nagar, Chandil, in district Saraikela Kharsawan, Jharkhand, with an installed capacity of 150,000 tonnes per annum. The company’s products are used as raw material for making steel in electric arc furnaces and induction furnaces. Company’s promoters are Mr. Ravi Tulsyan and Mr. Pramod Kumar Tulsyan, who hold 52.05% of the shareholding. The company’s achievements include being the most efficient coal-based plant in India and being awarded the ISO and IS 1786/1985 certification for quality standards.
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| #(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 | 7 | 6 | 61 | 112 | 130 | 108 | 113 | 48 | 74 | 70 |
| Other Income | 1 | 1 | 4 | 0 | 0 | 0 | 2 | 6 | 6 | 6 |
| Total Income | 8 | 6 | 65 | 113 | 130 | 108 | 114 | 55 | 80 | 77 |
| Total Expenditure | 6 | 5 | 62 | 111 | 126 | 103 | 109 | 53 | 78 | 75 |
| Operating Profit | 2 | 1 | 3 | 2 | 4 | 5 | 5 | 2 | 2 | 2 |
| Interest | -0 | 0 | -0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Depreciation | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 |
| Exceptional Income / Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit Before Tax | 1 | 1 | 3 | 1 | 3 | 4 | 4 | 1 | 1 | 1 |
| Provision for Tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit After Tax | 1 | 1 | 3 | 1 | 3 | 4 | 4 | 1 | 1 | 1 |
| Adjustments | 0 | 0 | 0 | -0 | 0 | 0 | 0 | -0 | -0 | 0 |
| Profit After Adjustments | 1 | 1 | 3 | 1 | 3 | 4 | 4 | 1 | 1 | 1 |
| Adjusted Earnings Per Share | 0.1 | 0.1 | 0.3 | 0.1 | 0.4 | 0.5 | 0.5 | 0.1 | 0.1 | 0.1 |
| #(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 | 121 | 19 | 0 | 0 | 0 | 0 | 0 | 0 | 22 | 86 | 463 | 305 |
| Other Income | 1 | 3 | 2 | 2 | 2 | 7 | 9 | 6 | 2 | 8 | 2 | 20 |
| Total Income | 122 | 22 | 2 | 2 | 2 | 7 | 9 | 6 | 24 | 95 | 466 | 326 |
| Total Expenditure | 140 | 31 | 3 | 4 | 3 | 3 | 3 | 3 | 17 | 83 | 449 | 315 |
| Operating Profit | -18 | -9 | -1 | -1 | -1 | 4 | 6 | 2 | 8 | 11 | 16 | 11 |
| Interest | 10 | 4 | 1 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Depreciation | 3 | 3 | 4 | 4 | 4 | 4 | 4 | 3 | 3 | 3 | 4 | 4 |
| Exceptional Income / Expenses | 5 | -1 | -1 | 0 | 1 | 1 | -1 | 0 | -0 | 0 | 0 | 0 |
| Profit Before Tax | -26 | -18 | -7 | -6 | -4 | -0 | -0 | -1 | 4 | 8 | 12 | 7 |
| Provision for Tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit After Tax | -26 | -18 | -7 | -6 | -4 | -0 | -0 | -1 | 4 | 8 | 12 | 7 |
| Adjustments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit After Adjustments | -26 | -18 | -7 | -6 | -4 | -0 | -0 | -1 | 4 | 8 | 12 | 7 |
| Adjusted Earnings Per Share | -2.9 | -2 | -0.8 | -0.7 | -0.4 | -0 | -0 | -0.1 | 0.4 | 0.9 | 1.3 | 0.8 |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Sales CAGR | 438% | 0% | 0% | 14% |
| Operating Profit CAGR | 45% | 100% | 32% | 0% |
| PAT CAGR | 50% | 0% | 0% | 0% |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Share Price CAGR | 83% | 46% | 81% | 12% |
| ROE Average | 0% | 0% | 0% | 0% |
| ROCE Average | 0% | 0% | 0% | -28% |
| #(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 | -37 | -57 | -77 | -83 | -87 | -87 | -87 | -88 | -84 | -75 | -63 |
| Minority's Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Borrowings | 42 | 69 | 69 | 66 | 62 | 62 | 62 | 61 | 55 | 56 | 87 |
| Other Non-Current Liabilities | 6 | 5 | 6 | 6 | 5 | 4 | 4 | 3 | 9 | 9 | 10 |
| Total Current Liabilities | 124 | 99 | 97 | 97 | 93 | 89 | 84 | 82 | 84 | 154 | 130 |
| Total Liabilities | 134 | 116 | 94 | 86 | 73 | 68 | 63 | 58 | 65 | 143 | 164 |
| Fixed Assets | 88 | 82 | 65 | 61 | 57 | 52 | 48 | 45 | 42 | 61 | 57 |
| Other Non-Current Assets | 8 | 7 | 7 | 7 | 7 | 7 | 6 | 6 | 6 | 4 | 7 |
| Total Current Assets | 38 | 26 | 22 | 18 | 9 | 9 | 8 | 7 | 10 | 55 | 72 |
| Total Assets | 134 | 116 | 94 | 86 | 73 | 68 | 63 | 58 | 65 | 143 | 164 |
| #(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 | 12 | 12 | 11 | 10 | 7 | 1 | 1 | 1 | 1 | 1 | 3 |
| Cash Flow from Operating Activities | -0 | -2 | -0 | -1 | -3 | 0 | -0 | 1 | 10 | 23 | -16 |
| Cash Flow from Investing Activities | -1 | 1 | 0 | 1 | 1 | 0 | 0 | 0 | -0 | -18 | -2 |
| Cash Flow from Financing Activities | 1 | 0 | -1 | -3 | -4 | -0 | 0 | -1 | -9 | -2 | 17 |
| Net Cash Inflow / Outflow | -1 | -1 | -1 | -3 | -6 | 0 | 0 | -0 | 0 | 2 | -1 |
| Closing Cash & Cash Equivalent | 12 | 11 | 10 | 7 | 1 | 1 | 1 | 1 | 1 | 3 | 3 |
| # | 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) | -2.89 | -1.97 | -0.82 | -0.65 | -0.42 | -0.01 | -0.01 | -0.09 | 0.44 | 0.92 | 1.35 |
| CEPS(Rs) | -2.51 | -1.59 | -0.32 | -0.17 | 0.06 | 0.46 | 0.46 | 0.27 | 0.76 | 1.25 | 1.82 |
| DPS(Rs) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Book NAV/Share(Rs) | -8.9 | -10.86 | -13.09 | -13.74 | -14.15 | -14.17 | -14.18 | -14.27 | -14.56 | -15.48 | -14.66 |
| Core EBITDA Margin(%) | -14.49 | -58.42 | 0 | -9363.78 | 0 | 0 | 0 | 0 | 20.31 | 2.95 | 2.58 |
| EBIT Margin(%) | -12.39 | -66.63 | 0 | 0 | 0 | 0 | 0 | 0 | 16.15 | 8.14 | 2.25 |
| Pre Tax Margin(%) | -19.82 | -85.37 | 0 | 0 | 0 | 0 | 0 | 0 | 15.2 | 8.11 | 2.22 |
| PAT Margin (%) | -19.82 | -85.37 | 0 | 0 | 0 | 0 | 0 | 0 | 15.2 | 8.11 | 2.22 |
| Cash Profit Margin (%) | -17.19 | -68.87 | 0 | -3808.42 | 0 | 0 | 0 | 0 | 26.42 | 11.04 | 3 |
| ROA(%) | -17.69 | -14.18 | -7.01 | -6.54 | -4.75 | -0.17 | -0.17 | -1.37 | 6.45 | 7.96 | 7.89 |
| ROE(%) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| ROCE(%) | -305.67 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Receivable days | 4.98 | 24.52 | 0 | 0 | 0 | 0 | 0 | 0 | 21.01 | 4.38 | 0 |
| Inventory Days | 70.79 | 228.14 | 0 | 0 | 0 | 0 | 0 | 0 | 46.37 | 81.33 | 35.59 |
| Payable days | 83.23 | 465.23 | 0 | 0 | 0 | 0 | 0 | 0 | 313.93 | 266.31 | 69.69 |
| PER(x) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 4.85 | 11.71 | 6.31 |
| Price/Book(x) | -0.37 | -0.21 | -0.19 | -0.19 | -0.16 | -0.13 | -0.06 | -0.03 | -0.15 | -0.69 | -0.58 |
| Dividend Yield(%) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EV/Net Sales(x) | 0.77 | 5.77 | 0 | 3282.95 | 0 | 0 | 0 | 0 | 4.81 | 2.1 | 0.39 |
| EV/Core EBITDA(x) | -5.26 | -11.75 | -93.74 | -84.1 | -224.98 | 27.25 | 18.19 | 38.91 | 14.14 | 16.25 | 11.12 |
| Net Sales Growth(%) | -29.7 | -84.16 | -100 | 0 | -100 | 0 | 0 | 0 | 0 | 291.18 | 436.31 |
| EBIT Growth(%) | -53.93 | 15.04 | 50.59 | 16.16 | 36.96 | 107.47 | -108.37 | -3512.39 | 615.56 | 97.19 | 47.97 |
| PAT Growth(%) | -25.93 | 31.96 | 58.51 | 20.25 | 35.85 | 96.74 | 11.41 | -659.89 | 579.59 | 108.69 | 46.8 |
| EPS Growth(%) | -25.93 | 31.95 | 58.51 | 20.25 | 35.85 | 96.74 | 11.4 | -660.15 | 579.48 | 108.67 | 46.79 |
| Debt/Equity(x) | -0.92 | -1.03 | -0.86 | -0.79 | -1.03 | -0.74 | -0.74 | -0.72 | -0.67 | -0.63 | -0.82 |
| Current Ratio(x) | 0.31 | 0.27 | 0.22 | 0.18 | 0.1 | 0.1 | 0.1 | 0.09 | 0.12 | 0.36 | 0.55 |
| Quick Ratio(x) | 0.16 | 0.19 | 0.15 | 0.11 | 0.03 | 0.04 | 0.05 | 0.04 | 0.08 | 0.08 | 0.06 |
| Interest Cover(x) | -1.67 | -3.56 | -13.18 | -42.65 | -24.16 | 0.69 | -0.26 | -85.04 | 17 | 252.27 | 84.29 |
| Total Debt/Mcap(x) | 2.48 | 5.03 | 4.45 | 4.26 | 6.5 | 5.77 | 12.05 | 28.69 | 4.58 | 0.91 | 1.41 |
| # | Dec 2021 | Mar 2022 | Jun 2022 | Sep 2022 | Dec 2022 | Mar 2023 | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 69.61 | 69.34 | 69.23 | 69.23 | 69.23 | 69.23 | 69.23 | 69.23 | 69.23 | 69.23 |
| FII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| DII | 0.08 | 0.08 | 0.08 | 0.08 | 0.08 | 0.08 | 0.08 | 0.08 | 0.08 | 0.08 |
| Public | 30.32 | 30.59 | 30.7 | 30.7 | 30.7 | 30.7 | 30.7 | 30.7 | 30.7 | 30.7 |
| 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 | 6.28 | 6.25 | 6.24 | 6.24 | 6.24 | 6.24 | 6.24 | 6.24 | 6.24 | 6.24 |
| FII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| DII | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 |
| Public | 2.73 | 2.76 | 2.77 | 2.77 | 2.77 | 2.77 | 2.77 | 2.77 | 2.77 | 2.77 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 9.02 | 9.02 | 9.02 | 9.02 | 9.02 | 9.02 | 9.02 | 9.02 | 9.02 | 9.02 |
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