BHAGERIA INDUSTRIES
Q1 FY 19 RESULTS
BHAGERIA INDUSTRIES
LIMITED was established in 1989 for manufacturing serve dyes &
intermediates at Vapi (Gujarat) . It is now a Manufacturer &
Exporter of Dye
Intermediates (Vinyl Sulphone, H-Acid
& Gamma Acid),
Bhageria has made
significant strides in the field of Dye Intermediates and other related
products since it's inception. Nearly 70% of its production is being exported
to Korea, Japan, Taiwan, China, Germany, U.S.A & other European and African
countries.
Today Bhageria Industries Limited is one of the largest Manufacturer
& Exporter of Intermediates and Dyes.
The business activities of
the group can be classified as follows:
Manufacturing and
exporting of Dyes and intermediates.
Sourcing and exporting
various pharmaceutical products (APIs and FFs).
It is now in the process
of amalgamating Nupur Industries with itself which is
expected to strengthen its position. NCLT has recently approved the amalgamation.
Bhageria has done very
well in the Q1 FY 19.
Net sales at 113 Cr is 40%
higher YoY and 9% higher QoQ.
Total Revenue at 115 cr is
higher by 7% QoQ and 26% YoY- owing to better realisation in the chemical
business and fully commissioning the solar power plant.
Revenue from
chemical business in
Q1FY19 is Rs 105 cr
compared to Rs 87 in Q1FY18, up 21% YoY
Revenue from
Solar business in
Q1FY19 is Rs. 9 cr
(fully commissioned) compared
to Rs 2 cr (partly commissioned) in Q1FY18, up by 316%
EBITDA at Rs.32 cr is
higher by 44% QoQ and 120% YoY.
EBITDA Margin has
increased to 27.6% in Q1 from 20.5% in previous Q4 qtr and 15.8% in last Q1 FY
18.
Net profits at 17.85 cr
is 262 % higher YoY and
68% higher QoQ.
PAT Margin stands at 15.6%
in Q1 against 9.9% in previous quarter and 5.4% in Q1 of last year.
Cash Profit of Rs. 23.15
cr in Q1FY19 (up 86.4% YoY)
Diluted EPS at Rs.8.17 is
higher by 263.4% YoY and 68% QoQ on a FV of Rs.5. But, the EPS growth is not
consistent over the 5 quarters (8.17; 4.87; 9.18;
5.77; 2.59)
Equity share capital
stands at Rs.10.91 cr (7.94 cr in previous quarter)
The price earnings ratio
is 9.7 on this EPS which leaves scope for price appreciation.
But volume of transactions
is sometimes a bit low on NSE.
The price trend indicates
that the present price of Rs.317 is approximately same that one year before.
Total number of
shareholders have increased to 10,426 as compared to 4,289 in 2014-15.
During the quarter,
Company has allotted 59,42,530 Equity Shares of Rs.5 each to Shareholders
of Nipur
Chemicals Limited on
May 19,2018 in
pursuance to the
Scheme of Amalgamation.
Hence, the
paid-up capital of
the company has
been increased to Rs.1091.10
Lakhs and subsequently, promoter
shareholding has been
increased to 68.1%
and as on
date promoter shareholding is
70.5%
Now, future Chinese
competition is a factor for growth of this Industry in India. The company says,
and generally Industry feels, that Chinese costs have also significantly
increased and therefore on cost basis, Chinese Companies cannot compete with
India now.
ANNUAL RESULTS
When we examine the annual
results, we find that the total operating revenue in 2014 was 367 cr and the
revenue in 2017-18 also is 367 cr and there has not been any significant growth
in it. The company needs to tell us why there is no growth at all in revenue in
a 5 year period. The amalgamation of Nupur Industries, a group company, may
enhance the production, sales etc but is there any Greenfield expansion also is
not clear. But the total expenses are down from 347 cr to 316 cr during this
period. This has increased the profit from 15 Cr to 40 cr. Equity dividend has
grown from 35% to 110%
BHAGERIA INDUSTRIES
|
Jun '18
|
Mar '18
|
Dec '17
|
Sep '17
|
Jun '17
|
YOY
|
QOQ
|
Net
Sales/Income from operations
|
113.29
|
104.31
|
89.6
|
88.77
|
81.09
|
39.71
|
8.61
|
Net
Profit/(Loss) For the Period
|
17.85
|
10.64
|
14.62
|
9.21
|
4.13
|
332.2
|
67.76
|
Equity Share Capital
|
10.91
|
7.94
|
7.96
|
7.96
|
7.96
|
37.06
|
37.41
|
Basic EPS
|
8.17
|
4.87
|
9.18
|
5.77
|
2.59
|
215.44
|
67.76
|
Diluted EPS
|
8.17
|
4.87
|
9.18
|
5.77
|
2.59
|
215.44
|
67.76
|
MP
|
317
|
||||||
PE
|
9.7
|
||||||
VOLUME
|
11883
|
||||||
PRICE TREND
|
|||||||
1 week
|
2 week
|
1 month
|
3 month
|
6 month
|
9 month
|
1 year
|
|
Price
|
305.1
|
299.9
|
288.75
|
349.6
|
283.9
|
303.7
|
318.9
|
Gain / Loss
|
3.57%
|
5.37%
|
9.44%
|
-9.61%
|
11.31%
|
4.05%
|
-0.89%
|
FV
|
5
|
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