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BF Utilities Ltd. Stock Analysis

Small Cap
Evaluated by 944 users | BSE: 532430 | NSE: BFUTILITIE |
Power Generation/Distribution
BF Utilities (BFUL), incorporated in 2000, is engaged in power generation through wind mill technology. The company was set up to satiate the power requirements of the Kalyani Group companies, which have business interests in areas of steel making, forging, machining, etc.BFUL has set up...

Analysis of Financial Track Record

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.
BF Utilities Ltd. has not performed well majority of the past ten years indicating its past ten year financial track record is not good
Value Creation
 Sep'10Sep'11Sep'12Sep'13Sep'14Sep'15Mar'16Mar'17Mar'18Mar'19
Return on Capital Employed -1.28%2.06%9.43%4.53%3.08%3.83%-0.46%7.44%12.44%18.49%
Growth Parameters
Growth Parameters Colour Code Guide
Net Sales (Rs. Cr.) 15.522.535.527.222.719.110.421.314.917.8
Y-o-Y Gr. Rt.-45.4%58.2%-23.6%-16.3%-16.1%-45.4%104.1%-30.1%19.9%
Adjusted EPS (Rs.) -0.930.273.461.290.340.65-0.541.944.27.21
Y-o-Y Gr. Rt.-NA1181.5%-62.7%-73.6%91.2%-183.1%NA116.5%71.7%
Book Value per Share (Rs.) 14.914.317.7719.0619.4120.8241.122.5626.7934.01
Adjusted Net Profit -3.51134.91.32.5-27.315.827.2
Net Op. Cash Flow (Rs. Cr.) -30.2-3.928.313.86.87.27.322.210.80.8
Debt to Cash Flow from Ops -3.47-29.683.677.0215.6710.5122.532.814.3145.22
Standalone financials take only the parent company into account while consolidated financials take into account financials of the parent company as well as of all its subsidiaries. In most companies consolidated financials should be used for analysis.
BF Utilities Ltd. should be analysed on a Standalone basis
CAGR
CAGR Colour Code Guide
  9 yrs 5 yrs 3 yrs 1 yr
Net Sales 1.6%-4.8%19.6%19.9%
Adjusted EPS NA84.2%NA71.7%
Book Value per Share 9.611.9-6.127
Share Price -7.8% -16.1% -19.1% -11.2%
Key Financial Parameter
Performance Ratio Colour Code Guide
 Sep'10Sep'11Sep'12Sep'13Sep'14Sep'15Mar'16Mar'17Mar'18Mar'19
Return on Equity (%) -6.071.8321.67.021.763.24-1.38.9917.0223.73
Operating Profit Margin (%) 30.8561.7871.9854.4451.0954.8230.2365.1724.135.36
Net Profit Margin (%) -22.714.4836.7217.935.6312.87-19.4334.36106.52152.59
Debt to Equity 1.872.131.561.351.460.961.060.730.460.29
Working Capital Days 1,2991,1045748801,1611,3224,5661,0261,3931,093
Cash Conversion Cycle -1-104-70-28-66-149-376-172-70-139
Entity Percentage Holding
Promoters 55.99%
Institutions 0.39%
Non-Institutions 43.62%
Pledged *0.000.000.000.000.000.000.000.000.000.00
* Pledged shares as % of Promoter's holding (%)

MoneyWorks4Me analysed the past 10-year performance of BF Utilities Ltd. and arrived at the following conclusion:

Past 10 year's financial track record indicates that BF Utilities Ltd. is a below average quality company. However, for specific investment actions please connect with your investment advisor.

The 5-year analysis of BF Utilities Ltd.'s performance infers:

BF Utilities Ltd. earnings have grown by 84.2%, whereas share price has depreciated -16.1% CAGR over the past five years, indicating the company's share price is likely undervalued. However, for specific investment actions please connect with your investment advisor.

We analysed the performance of BF Utilities Ltd. share prices over the last 10 years. Here is what we found out:

BF Utilities Ltd. share price has depreciated -12.6% annually over the past ten years.

BF Utilities (BFUL), incorporated in 2000, is engaged in power generation through wind mill technology. The company was set up to satiate the power requirements of the Kalyani Group companies, which have business interests in areas of steel making, forging, machining, etc.

BFUL has set up wind-assisted power plants at Thoseghar in Satara District of Maharashtra. The company owns 51 machines of 230 KW capacity each and 11 machines of 600 KW capacities each, generating around 40 million

BF Utilities (BFUL), incorporated in 2000, is engaged in power generation through wind mill technology. The company was set up to satiate the power requirements of the Kalyani Group companies, which have business interests in areas of steel making, forging, machining, etc.

BFUL has set up wind-assisted power plants at Thoseghar in Satara District of Maharashtra. The company owns 51 machines of 230 KW capacity each and 11 machines of 600 KW capacities each, generating around 40 million units annually. The total capacity of the power plants is 18.33 MW

BFUL uses the state-of-art technology in their machines manufactured by Enercon India. The Kalyani Group has entered into joint venture with Singapore Technologies Kinetics (ST Kinetics), one of Asia’s largest defense companies. The JV is formed for Research and Development and manufacturing arm of Indian Defense.

History

In 1990 Bharat Forge set up its financial services division to deploy and leverage the financial resources of the company. Later company set up a windmill division to generate wind energy for consumption of Bharat Forge and other group companies.

Back then the concept of energy generation through windmill was new in India. Due to establishment of the wind mill, Kalyani Group was able to reduce its rising power costs. The incentives offered by the government to wind power plants also have encouraged the company to foray into this sector.

Later, Bharat Forge underwent a through restructuring, due to which financial services and wind mill divisions were demerged. This led to emergence of BF Utilities in the year 2001.

Outlook

Looking at huge potential in windmill energy, the company has plans to expand its current capacity in coming future.

Puchho Befikar
SEBI Registered: Investment Adviser - INA000013323
Research Analyst - INH000000719

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