Bharat Gears

In reverse gear

Aug 17, 2019 06:08 IST capital market

The company reported a 21% decrease in net sales in June 2019 quarter to Rs 114.88 crore. OPM was lower by 130 bps to 7.4% resulting in a 33% fall in OP to Rs 8.55 crore. Other income stood at Rs 40 lakh against Rs 2.03 crore. Interest cost was higher by 19% to Rs 5.56 crore and depreciation was up by 36% at Rs 6.65 crore. Thus the PBT stood at loss of Rs 3.26 crore against a profit of Rs 5.22 crore. After providing total tax of Rs 3.77 crore loss stood at Rs 7.03 crore against a profit of Rs 3.41 crore.

Performance for 12 months ended Mar 19

For 12 months ended Mar 19, net sales were up by 17% to Rs 594.4 crore. OPM was higher by 110 bps to 9.8% resulting in a 33% rise in OP to Rs 58.43 crore on YoY basis. Other income was higher by 201% to Rs 4.75 crore. Interest costs and depreciation was higher by 30% and 19% to Rs 21.97 crore and Rs 21.76 crore respectively. Thus profit at PBT level stood at Rs 19.45 crore as compared to profit of Rs 10.4 crore for FY 18. After paying total tax of Rs 7.02 crore, profit at PAT level for 12 months ended Mar 19 stood at Rs 12.43 crore up by 97% YoY.

Other details

In terms of approval of Board of directors in their meeting held on 9 October, 2018, the company on 10 May 2019 allotted 1163262 equity shares at a Price of Rs 105 per share including a premium of Rs Rs 95 per share to existing share holders on rights basis.

The proceeds from the rights issue has been utilised for the intended purpose.

Valuation

The stock trades at Rs 69.

Bharat Gears: Results

 

1906 (3) 1806 (3) Var. (%) 1903 (12) 1803 (12) Var. (%)
Sales 114.88 146.03 -21 594.4 507.39 17
OPM (%) 7.4 8.7 9.8 8.7
OP 8.55 12.77 -33 58.43 43.94 33
Other inc. 0.40 2.03 -80 4.75 1.58 201
PBIDT 8.95 14.80 -40 63.18 45.52 39
Interest 5.56 4.69 19 21.97 16.84 30
PBDT 3.39 10.11 -66 41.21 28.68 44
Dep. 6.65 4.89 36 21.76 18.28 19
PBT -3.26 5.22 PL 19.45 10.4 87
EO 0.00 0.00 -- 0.00 1.16 100
PBT after EO -3.26 5.22 PL 19.45 9.24 110
Total Tax 3.77 1.81 108 7.02 2.94 139
PAT -7.03 3.41 PL 12.43 6.3 97
EPS (Rs) * # # 13.4 7.6
*Annualised on ex-right equity of Rs 9.31 crore:
#EPS can not be annualized due to seasonality in business
PL: Profit to Loss LP: Loss to profit, Var (%) exceeding 999 is restricted to 999
Face value of Rs 10 each
Figures in crore

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