Bharat Rasayan

₹9077.5 -26.9 | 0.3%

WEBSITE BSE:590021 NSE : BHARAT RA(PS 28 Nov, 16:01

Market Cap ₹3772 Cr.

Stock P/E 48.9

P/B 4.2

Current Price ₹9077.5

Book Value ₹ 2180.1

Face Value 10

52W High ₹11793

Dividend Yield 0.02%

52W Low ₹ 8299

Edit Ratio

Bharat Rasayan Research see more...

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.

Bharat Rasayan Share Price

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Peer Comparison

Bharat Rasayan Quarterly Results

#(Fig in Cr.)	Jun 2021	Sep 2021	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023
Net Sales	252	269	335	445	327	292	309	306	239	263
Other Income	3	3	3	7	8	4	6	1	2	4
Total Income	255	272	338	452	335	296	315	307	242	267
Total Expenditure	194	229	265	358	274	256	257	251	234	248
Operating Profit	61	43	73	94	61	40	59	56	8	19
Interest	1	1	2	3	2	1	2	1	0	1
Depreciation	6	6	7	7	6	7	7	7	6	6
Exceptional Income / Expenses	-0	-0	-3	-1	-1	-1	-1	-0	0	-0
Profit Before Tax	54	36	61	83	52	31	49	48	1	12
Provision for Tax	14	9	16	19	13	8	13	15	1	4
Profit After Tax	40	27	46	65	39	23	37	33	1	8
Adjustments	-0	-0	0	0	-1	-0	-3	-2	6	-2
Profit After Adjustments	39	26	46	65	38	23	34	30	7	6
Adjusted Earnings Per Share	95	63.7	110.4	155.4	90.6	55.2	81.3	72.8	17.1	14.4

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	1117
Other Income	3	17	7	16	19	13
Total Income	995	1232	1099	1317	1254	1131
Total Expenditure	805	985	852	1049	1037	990
Operating Profit	190	247	247	267	217	142
Interest	16	16	4	7	6	4
Depreciation	17	22	26	25	26	26
Exceptional Income / Expenses	-2	-3	-1	-0	-5	-1
Profit Before Tax	155	205	216	234	174	110
Provision for Tax	44	48	51	58	49	33
Profit After Tax	112	158	164	176	125	79
Adjustments	0	0	-1	0	0	-1
Profit After Adjustments	112	158	164	176	125	77
Adjusted Earnings Per Share	262.5	371	385.7	423.5	299.9	185.6

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	-10%	-1%	11%	49%
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

#	Jun 2021	Sep 2021	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023
Promoter	75.05	75.05	75.05	74.99	74.99	74.99	74.99	74.99	74.99	74.99
FII	0	0.27	0.25	0.26	0.32	0.53	0.39	0.34	0.35	0.35
DII	1.72	1.85	2.03	2.58	2.57	2.57	2.6	2.57	2.57	2.57
Public	23.23	22.84	22.67	22.18	22.11	21.91	22.02	22.1	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

#	Jun 2021	Sep 2021	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023
Promoter	0.31	0.31	0.31	0.31	0.31	0.31	0.31	0.31	0.31	0.31
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	0.1	0.09	0.09	0.09	0.09	0.09	0.09	0.09	0.09	0.09
Others	0	0	0	0	0	0	0	0	0	0
Total	0.42	0.42	0.42	0.42	0.42	0.42	0.42	0.42	0.42	0.42

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 4.2 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.