Bharat Seats Ltd - Stock Valuation and Financial Performance

BSE: 523229 | NSE: | Auto Ancillary | Small Cap

Bharat Seats Share Price

145.90 5.30 3.77%
as on 28-Mar'24 16:01

DeciZen - make an informed investing decision on Bharat Seats

Overall Rating
M-Cap below 500cr. High Risk from low Liquidity Bole Toh

1. Quality

2. Valuation

Fair

3. Price Trend

Bharat Seats stock performance -

mw4me loader
P/E Ratio (SA):
18.51
Market Cap:
450.6 Cr.
52-wk low:
78.1
52-wk high:
204.2

Is Bharat Seats Ltd an attractive stock to invest in?

1. Is Bharat Seats Ltd a good quality company?

Past 10 year's financial track record analysis by Moneyworks4me indicates that Bharat Seats Ltd is a average quality company.

2. Is Bharat Seats Ltd undervalued or overvalued?

The key valuation ratios of Bharat Seats Ltd's currently when compared to its past seem to suggest it is in the Fair zone.

3. Is Bharat Seats Ltd a good buy now?

The Price Trend analysis by MoneyWorks4Me indicates it is Weak which suggest that the price of Bharat Seats Ltd is likely to Fall in the short term. However, please check the rating on Quality and Valuation before investing.

10 Year X-Ray of Bharat Seats:

Analysis of Financial Track Record

Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end
Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end

Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end.

Financial track record gives insight into the company's performance on key parameters over the past ten years. MoneyWorks4me’s proprietary colour codes make it easy for retail investors to gauge the company’s past performance.
Bharat Seats Ltd has performed well in some of the past ten years indicating its past ten year financial track record is somewhat good

Value Creation

Value Creation Index Colour Code Guide

Mar'14Mar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23TTM
ROCE % 7.8%8.8%8.4%12.2%26%19.6%10.6%5.1%9.3%13%-
Value Creation
Index
-0.4-0.4-0.4-0.10.90.4-0.2-0.6-0.3-0.1-

Growth Parameters

Growth Parameters Colour Code Guide

Sales 5606937008409709045895488181,0511,082
Sales YoY Gr.-23.8%0.9%20.1%15.5%-6.9%-34.9%-7%49.3%28.6%-
Adj EPS 2.22.52.43.99.1741.43.86.97.8
YoY Gr.-18.1%-6.7%66.2%130.5%-23.2%-42.5%-64.1%163.2%81%-
BVPS (₹) 13.314.71719.827.633.336.137.140.546.650.6
Adj Net
Profit
6.887.512.428.521.912.64.511.921.624
Cash Flow from Ops. 35.735.734.438.568.534.727.718.815.642.5-
Debt/CF from Ops. 2.92.62.21.60.40.81.21.82.41.4-

CAGR

CAGR Colour Code Guide

9 Years 5 Years 3 Years 1 Years
Sales 7.3%1.6%21.3%28.6%
Adj EPS 13.8%-5.5%19.6%81%
BVPS15%11%8.9%15.1%
Share Price 25.5% 9.9% 31.8% 85.7%

Key Financial Parameters

Performance Ratio Colour Code Guide

Mar'14Mar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23TTM
Return on
Equity %
1718.214.921.438.322.911.63.99.815.815.9
Op. Profit
Mgn %
5.14.64.34.46.75.66.14.93.94.45.4
Net Profit
Mgn %
1.21.21.11.52.92.42.10.81.52.12.3
Debt to
Equity
2.521.410.30.30.30.30.30.4-
Working Cap
Days
5250504345495567705722
Cash Conv.
Cycle
-6-8-9-11-13-13-15-1045-4

Recent Performance Summary

Return on Equity has increased versus last 3 years average to 15.90%

Sales growth is growing at healthy rate in last 3 years 21.32%

Net Profit is growing at healthy rate in last 3 years 19.60%

Sales growth is not so good in last 4 quarters at 6.73%

Latest Financials - Bharat Seats Ltd.

Standalone Consolidated
TTM EPS (₹) 7.8 -
TTM Sales (₹ Cr.) 1,082 -
BVPS (₹.) 50.6 -
Reserves (₹ Cr.) 153 -
P/BV 2.83 -
PE 18.51 -
From the Market
52 Week Low / High (₹) 78.05 / 204.20
All Time Low / High (₹) 0.90 / 273.90
Market Cap (₹ Cr.) 451
Equity (₹ Cr.) 6.3
Face Value (₹) 2
Industry PE 46.3

Management X-Ray of Bharat Seats:

Shareholding Pattern

Promoter's Holding & Share Pledging

Pledged *0.000.000.000.000.000.000.000.000.000.00
* Pledged shares as % of Promoter's holding (%)

Event Update

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Analyst's Notes

Key Ratios of Bharat Seats

Adj EPS (Rs.)

Sales (Cr.)

ROE (%)

ROCE (%)

Profit And Loss

(All Figures are in Crores.)
PARTICULARSMar'14Mar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23
Sales5606937008409709045895488181,051
Operating Expenses 5316616708039068545535217851,005
Manufacturing Costs25323334425643373544
Material Costs485603607735822746461446699901
Employee Cost 11141721253132243641
Other Costs 10121414172017131619
Operating Profit 29323037655036273246
Operating Profit Margin (%) 5.1%4.6%4.2%4.4%6.7%5.5%6.1%4.9%3.9%4.4%
Other Income 0221152254
Interest 6654333444
Depreciation 14161717192122181817
Exceptional Items 0000000000
Profit Before Tax 911101744311271630
Tax 233515100248
Profit After Tax 7871228211351222
PAT Margin (%) 1.2%1.2%1.0%1.4%2.9%2.4%2.1%0.9%1.5%2.1%
Adjusted EPS (₹)2.12.62.33.99.06.84.01.53.86.9
Dividend Payout Ratio (%)37%35%39%23%11%15%13%33%21%20%

Balance Sheet

(All Figures are in Crores.)
PARTICULARSMar'14Mar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23

Equity and Liabilities

Shareholders Fund 4246536287105113117127146
Share Capital 6666666666
Reserves 354047568098107110121140
Minority Interest0000000000
Debt82685450232632303760
Long Term Debt53382220222024253333
Short Term Debt303032311685527
Trade Payables789210012314912072121130118
Others Liabilities 54614529252224244333
Total Liabilities 257267252265285273242291337358

Fixed Assets

Gross Block218233244261263296317304340400
Accumulated Depreciation688399115127144166178193201
Net Fixed Assets150150144146136152150126147199
CWIP 43101302230812
Investments 0000000000
Inventories11121415272221305329
Trade Receivables667783949478368311197
Cash Equivalents 11113101111
Others Assets252598111111221720
Total Assets 257267252265285273242291337358

Cash Flow

(All Figures are in Crores.)
PARTICULARSMar'14Mar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23
Cash Flow From Operating Activity 36363438693528191643
PBT 911101744311271630
Adjustment 20232222232025211719
Changes in Working Capital 944316-7-4-7-1510
Tax Paid -2-2-2-3-14-10-6-3-3-16
Cash Flow From Investing Activity -17-13-6-17-23-24-34-12-15-59
Capex -17-13-6-17-23-25-34-12-15-59
Net Investments 00000000-10
Others 0000000010
Cash Flow From Financing Activity -18-23-28-22-44-4-3-7-217
Net Proceeds from Shares 0000000000
Net Proceeds from Borrowing -11-14-21-13-7-24240
Interest Paid -6-6-5-4-3-3-3-4-4-3
Dividend Paid -3-3-3-3-3-3-4-2-2-3
Others 101-1-3051-3-122
Net Cash Flow 000027-90-10
PARTICULARSMar'14Mar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23
Ratios
ROE (%)16.8618.4614.4721.0637.922.3911.494.189.7715.76
ROCE (%)10.6612.4911.4316.8139.4227.9211.027.3512.6117.95
Asset Turnover Ratio2.642.993.053.673.653.242.292.052.63.03
PAT to CFO Conversion(x)5.144.54.863.172.461.672.153.81.331.95
Working Capital Days
Receivable Days34333734343535404336
Inventory Days756681013171814
Payable Days52515855606676796650

Bharat Seats Ltd Stock News

Bharat Seats Ltd FAQs

Company share prices are keep on changing according to the market conditions. The closing price of Bharat Seats on 28-Mar-2024 16:01 is ₹145.9.
Market capitalization or market cap is determined by multiplying the current market price of a company's shares with the total number of shares outstanding. As of 28-Mar-2024 16:01 the market cap of Bharat Seats stood at ₹450.6.
The latest P/E ratio of Bharat Seats as of 28-Mar-2024 16:01 is 18.51.
The latest P/B ratio of Bharat Seats as of 28-Mar-2024 16:01 is 2.83.
The 52-week high of Bharat Seats is ₹204.2 and the 52-week low is ₹78.05.
The TTM revenue is Trailing Twelve Months sales. The TTM revenue/sales of Bharat Seats is ₹1,082 ( Cr.) .

About Bharat Seats Ltd

Bharat Seats (BSL) incorporated in 1986, is a joint venture of Suzuki Motor Corporation, Japan, Maruti Suzuki India and the Relans. The company is in the business of manufacturing complete seating systems and interior components for the automotive and surface transport.

Company has received technical guidance by Houwa Kogyo Co., a leading producer of hi-tech seating system for the automobile industry in Japan, and the main suppliers to Suzuki Motor Corporation.

The factory in Gurgaon houses Polyurethane moulding, seat frame manufacture, final seat assembly and head rest moulding and assembly.

Bharat Seats has set up a manufacturing unit for PU Headrests within its existing plant with a capacity to produce 4 lakh sets per annum. It started commercial production of headrest of international standards of quality commenced in May 1999.

BSL had phased out the use of CFC-11(Cholorofluorocarbons), used as a foam-blowing agent for polyol formation in the manufacturing of moulded Puf cushions.

The company also operates research & development centre which handles projects from the concept stage through modelling, designing prototyping to testing and validation for the final product. The centre has received approval from Ministry of Science and Technology Department of Scientific and Industrial Research.

Products

  • Four wheeler seating system
  • Two wheeler seating system
  • Moulded carpets
  • Two wheeler frames and sheet metal components
  • Railway seats and berth
  • Two wheeler main frame

Milestone

  • 1986- Bharat Seats was established as seating system supplier to Maruti
  • 1988- Company installed PU seat pad moulding line
  • 1999- BSL installed Headrestraint PU pad moulding line installed
  • 2000- Company started Suzuki production system techniques and TPM
  • 2002- BSL installed PU Seat Pad Robotic line
  • 2004- Bharat Seats accredited in-house its testing laboratory
  • 2005- It installed an automated carpet moulding line
  • 2006 - Company started production of two wheeler seating systems for Suzuki motorcycles
  • 2007 - BSL bagged TPM award from JIPM, Japan and two wheeler sheet metal components and frames was introduced
  • 2008- Bharat Seats started supplying seating systems to Indian Railways
  • 2009- Company executed capacity expansion by setting third PU moulding line.

Award/Recognition

BSL has already received the ISO 9002 and QS 9000 revised version quality systems certification.

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