Bhansali Engineering Polymers Ltd.
Bhansali Engineering
Polymers Limited (BEPL) was incorporated in the year 1986. BEPL was the first
company in India to start manufacturing Quality ABS resins using foreign
technology. BEPL enhanced capacity from 7500 TPA in 1990 to 15000 in the year
1996.
The company made General
ABS, Super Heat Resistance, Flame Retardant ABS, PC/ABS Alloys, ABS-GF/SAN-GF,
PMMA-ABS, Transparent ABS, Extrusion ABS, SAN Resin.
Company has joint venture with Nippon A&L, Inc. Japan a Sumitomo Group Company.
The first phase of expansion
has been completed in the month of Mar-16 augmenting the installed capacity of
company from 51KTPA to 80 KTPA. The demand of ABS in India is growing at CAGR
10%.
Balance Sheets Analysis
| Mar-05 | Mar-13 | Mar-14 | Mar-15 | Mar-16 | TTM |
| Share Capital | 16.59 | 16.59 | 16.59 | 16.59 | 16.59 |
| Reserves | 94.15 | 93.4 | 92.94 | 96.35 | 111.05 |
| Borrowings | 56 | 30.14 | 58.58 | 41.57 | 31.82 |
| Other Liabilities | 225.43 | 237.21 | 210.94 | 242.45 | 192.48 |
| Total Liabilities | 392.17 | 377.34 | 379.05 | 396.96 | 351.94 |
| Fixed Assets | 155.56 | 142.68 | 132.78 | 122.17 | 81.85 |
| CWIP | 0 | 0 | 0 | 0 | 0 |
| Investments | 0 | 0 | 0 | 1 | 1.5 |
| Other Assets | 236.61 | 234.66 | 246.27 | 273.79 | 268.59 |
| Total Assets | 392.17 | 377.34 | 379.05 | 396.96 | 351.94 |
1. Company Share Capital is stable and reserve is growing.
Standalone Result Analysis
| Mar-05 | Mar-13 | Mar-14 | Mar-15 | Mar-16 | TTM |
| Sales | 418.92 | 506.92 | 601.06 | 530.86 | 626.16 |
| Expenses | 404 | 491.13 | 575.68 | 493.4 | 563.44 |
| Operating Profit | 14.92 | 15.79 | 25.38 | 37.46 | 62.72 |
| OPM | 3.56% | 3.11% | 4.22% | 7.06% | 9.82% |
| Other Income | 0.92 | 1.18 | 1.88 | 2.54 | 8.44 |
| Interest | 11.26 | 9.82 | 13.58 | 11.08 | 9.79 |
| Depreciation | 4.36 | 4.39 | 5.01 | 5.54 | 5.47 |
| Profit before tax | 0.22 | 2.79 | 8.68 | 23.39 | 55.88 |
| Tax | -0.97 | 1.3 | 3.28 | 6.7 | 21.11 |
| Net Profit | 1.19 | 1.48 | 5.4 | 16.69 | 34.77 |
| EPS (unadj) | 0.06 | 0.07 | 0.31 | 0.99 | |
| Dividend Payout | 139.50% | 112.16% | 30.74% | 9.95% | % |
1. Company Operating Profits grow from 14.92 crore in 2013 to 62.72 crore current.
2. Profit before text grow from 0.22 crore in 2013 to 55.88 crore current.
3. Growing operating profits means company convert more sales to cash.
Quarterly Number Analysis
| Column1 | Jun-14 | Mar-16 | Jun-16 | Sep-16 | Dec-16 | Mar-17 |
| Sales | 115.93 | 155.98 | 147.05 | 163.31 | 122.95 | 192.85 |
| Expenses | 110.48 | 144.42 | 130.88 | 147.8 | 113.84 | 170.92 |
| Operating Profit | 5.45 | 11.56 | 16.17 | 15.51 | 9.11 | 21.93 |
| OPM | 4.70% | 7.41% | 11% | 9.50% | 7.41% | 11.37% |
| Other Income | 0.58 | 0.44 | 0.28 | 1.33 | 0.44 | 6.39 |
| Depreciation | 1.13 | 2.2 | 1.38 | 1.35 | 1.37 | 1.37 |
| Interest | 2.66 | 2.7 | 2.28 | 2.61 | 2.29 | 2.61 |
| Profit before tax | 2.24 | 7.09 | 12.77 | 12.88 | 5.9 | 24.33 |
| Tax | 0.01 | 6.34 | 4.77 | 4.24 | 2.84 | 9.26 |
| Net Profit | 2.23 | 0.75 | 8.01 | 8.64 | 3.06 | 15.06 |
1. Quarterly Sales grow from 122.95 crore in Dec-16 to 192.85 in Mar-17 rose 23.56%.
2. Net profits grow 1908% during this period.
Return on Equity
| Return on Equity | |
| 10 Years: | 5.19% |
| 5 Years: | 4.73% |
| 3 Years: | 7.05% |
| TTM | 13.87% |
1. Company Return on Equity is consistent growing.
Cashflow Analysis
| Column1 | Mar-13 | Mar-14 | Mar-15 | Mar-16 |
| Cash from Operating Activity | 42.43 | -10.81 | 35.65 | 56.49 |
1. Company Cashflow is constent grow.
The next phase of expansion, has been planned by company at port based location and is
proposed to be completed by the end of March, 2019.
DISCLAIMER
