Wednesday, April 7, 2010
Bharat Rasayan is a member of Bharat Group and one of the leading Manufacturer and Exporter of large range of Pesticides, Formulations and Intermediates for Crop Protection and Pharma Industry. Currently company exporting its products to more than 55 countries across the world.Bharat has a large domestic presence too with 18 branch offices, 18 depots and 1200 dealers.Company’s products includes Insecticides,Herbicides,Fungicides and Intermedites.It is one of the few companies manufacturing its own technical grade pesticides from basic raw materials with storng R &D.Due to governments thrust on agriculture sector company’s like Bharat Rasayan is expected to perform well in future.Last year company has posted a turnover of 106 crore and a net profit of 5 crore which translates into an EPS of Rs.11.5 .For the nine month ended Dec 2009 ,company already posted an EPS of Rs.11.5 and expected to post Rs.15/- for the full year. Company has an equity base of just 4.25 crore and out of this 75 % is held by the promoters itself. A decent BUY at CMP of Rs.80/- which is at a P/E multiple of 5 on expected full year EPS.