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You are here : IndiaNotes >> Research & Analysis >> Companies >> Bhartiya International Ltd. >> Research

Bhartiya International Q2FY17: Firstcall are overweight for medium to long term investment

Firstcall India Equity | 01 Dec, 2016  | Follow Author | Add to my Favourites 
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SYNOPSIS:

  • Bhartiya International Ltd has been India's largest exporter of leather apparel for more than fifteen years.

  • The company achieved a turnover of Rs. 1364.15 mn for the 2nd quarter of the FY 2016-17 as against Rs. 1402.78 mn in the corresponding quarter of the previous year.

  • During the 2nd quarter, net profit increased by 5.03% to Rs. 62.07 mn from Rs. 59.10 mn in the corresponding quarter ending of previous year.

  • During the quarter, EBIDTA stood at Rs. 139.40 mn as against Rs. 125.80 mn in the corresponding period of the previous year, up by 10.81%.

  • Profit before tax (PBT) increased by 3.75% to Rs.90.57 mn in Q2 FY17 from Rs. 87.30 mn in the corresponding quarter of the previous year.

  • EPS of the company stood at Rs. 5.30 in Q2 FY17 against Rs. 5.27 in the corresponding quarter of the previous year.

  • In H1 FY17, Net sales stood at Rs. 2347.79 mn as compared to Rs. 2284.89 mn in H1 FY16.

  • For six month period of FY17, net profit stood at Rs. 93.77 mn as against Rs. 89.05 mn for the Six month ended of previous financial year.

  • Net Sales and PAT of the company are expected to grow at a CAGR of 13% and 21% over 2015 to 2018E, respectively.

 

OUTLOOK AND CONCLUSION:

  • At the current market price of Rs. 487.00, the stock P/E ratio is at 32.32 x FY17E and 28.71 x FY18E respectively.

  • Earning per share (EPS) of the company for the earnings for FY17E and FY18E is seen at Rs. 15.07 and Rs. 16.96 respectively.

  • Net Sales and PAT of the company are expected to grow at a CAGR of 13% and 21% over 2015 to 2018E respectively.

  • On the basis of EV/EBITDA, the stock trades at 18.18 X for FY17E and 16.98 X for FY18E.

  • Price to Book Value of the stock is expected to be at 2.78 x and 2.53 x for FY17E and FY18E respectively.

  • Hence, we say that, we are Overweight in this particular scrip for Medium to Long term investment.

 


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About Firstcall India Equity

Firstcall India Equity of Firstcall India Equity Advisors Pvt. Limited (FIEA), is a leading financial services provider in India and a SEBI Registered Category-I Merchant Banker. FIEA is a culmination of a credible Equity Research Capabilities, Long Standing Relationship with leading FIIs, DFIs, MFs, Overseas Pension Funds etc. The company’s research caters to the needs of the largest news wire and media houses of the world namely Reuters, Thomson, Capital IQ, Themarkets.com, Emerging Markets Euro money Publications-UK. The Company is among the major players in the Debt and Equity markets.


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Disclaimer: The author has taken due care and caution to compile and analyse the data. The opinions expressed above are only the views of the author, and not a recommendation to buy or sell. Neither the author nor IndiaNotes.com accept any liability whatsoever arising from the use of any of the above contents.




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