Equity

Corporate Results

Bharat Seats
(21-Apr-2017, 22:42 Hours IST)  
Bharat Seats reported a 41% rise in net profit to Rs4.02 crore on 28% rise in net sales to Rs223.53 crore for the fourth quarter ended March 2017. Drop in other income and moderate rise in tax provision weremore than compensated by big drop in interest charges and moderate rise in depreciation leading to rise in bottomline. Margins were almost stagnant during the quarter over the year.

Bharat Seats is a joint Venture of Suzuki Motor Corporation, Japan, Maruti Suzuki India and the Relans for the manufacture of complete seating systems and interior components for the automotive and surface transport.

Quarter Performance

Net sales for the fourth quarter ended March 2017 grew 28% at Rs223.53 crore.

The OPM during the quarter stood dropped a marginal 10 bps to 4.4%. Rise in raw material cost was the main reason for the drop in margin. Raw material cost (as a % to sales, net of stock) rose 80 bps at 87.2%. Other expenses (% of sales net of stock) fell 30 bps to 5.9%. Employee expenses fell 37 bps to 2.37%.

Thus the operating profit rose 25% to Rs9.85crore. Other income stood at Rs 72 lakh vis a vis Rs1.31 crore, drop of 45%. After 10% rise in depreciation cost to Rs4.52 crore and 28% drop in interest expense to Rs 1.03 crore, PBT rose 38% at Rs5.02 crore. After 27% rise in tax provision at Rs1 crore, net profit stood at Rs4.02 crore against profit of Rs2.86 crore in previous corresponding quarter, a rise of 41%.

Yearly Performance

Net sales for the year ended March 2017grew 18% at Rs825.23 crore.

The OPM during the year rose 20 bps to 4.4%. Once again rise in raw material cost restricted further growth in margin. Raw material cost (as a % to sales, net of stock) rose 50 bps at 87.2%. Other expenses (% of sales net of stock) fell 60 bps to 5.8%. Employee expenses fell 8 bps to 2.5%.

Thus the operating profit rose 23% to Rs36.3crore. Other income stood at Rs 2.08 crore vis a vis Rs2.2 crore, drop of 5%. After 3% rise in depreciation cost to Rs17.1 crore and 17% drop in interest expense to Rs4.47 crore, PBT grew 71% at Rs16.82 crore. After 77% rise in tax provision at Rs4.65 crore, net profit stood at Rs12.17 crore against profit of Rs7.23 crore in previous year, a rise of 68%.

Shares of Bharat Seats closed 4.6% higher at Rs 82.15 at BSE on 21 April 2017, a day after earnings were announced.

Bharat Seats: Results

 

Particulars1703 (3)1603 (3)Var.(%)1703 (12)1603 (12)Var.(%)
Total Operating Income223.53175.328825.23699.8418
OPM(%)4.44.54.44.2
OP9.857.892536.329.623
Other Income0.721.31-452.082.20-5
PBIDT10.579.21538.431.821
Interest1.031.43-284.475.38-17
PBDT9.547.772333.9226.3929
Depreciation4.524.121017.116.543
PBT Before EO5.023.653816.829.8571
EO
PBT after EO5.023.653816.829.8571
Tax provision^10.79274.652.6277
PAT4.022.864112.177.2368
EPS*5.13.63.92.3
* Annualized On Current Equity Of Rs 6.28 Crore. 
Face Value: Rs 2
^ Tax Includes Provision For Income Tax And Fringe Benefit Tax
Var. (%) Exceeding 999 Has Been Truncated To 999
LP: Loss To Profit PL: Profit To Loss
EO: Extraordinary Items
EPS Is Calculated After Excluding EO And Relevant Tax
Figures In Rs Crore
Source: Capitaline Corporate Database

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