Bharat Dynamics Limited IPO

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Bharat Dynamics Limited IPO Stock Quote & Charts

306.50

-4.10%

  • Open: 320.00
  • High - Low: 323.95 - 304.15
  • Previous Close: 319.60
  • Total Traded Volume: 35147
  • Updated On: 24-Sep-2018

Objects of the Bharat Dynamics Limited IPO:

Objectives of

Bharat Dynamics Limited IPO

OFS are: (i) Offer for Sale (ii) Benefits of listing the Equity Shares on the Stock Exchanges

Bharat Dynamics Limited IPO Details:

Open Date: Mar 13 2018
Close Date: Mar 15 2018
Total Shares: 22,451,953
Face Value: ₹ 10 Per Equity Share
Issue Type: Book Build Issue
Issue Size: 960.94 Cr.
Lot Size: 35 Shares
Issue Price: ₹ 413-428 Per Equity Share
Listing At: NSE,BSE
Listing Date: Mar 26 2018

Promoters And Management:

(i) President of India. (ii) V. Udaya Bhaskar is the Chairman and Managing Director of our Company. He has been associated with our Company in the capacity of a Chairman and Managing Director since January 30, 2015. He holds a bachelors degree in Technology in Plastics Technology and Chemical Engineering from H.B technological Institute, Kanpur University and holds masters degree in Technology ‘Polymer Science & Technology’ from Indian Institute of Technology Delhi. He joined the Company in the year 1990 prior to which he was associated with Bakelite Hylam Limited, Dytron (India) Limited and SIP Resins Limited. (ii) S. Piramanayagam, is the Director (Finance) and Chief Financial Officer of our Company. He has been on the board of the Company since January 01, 2015. He holds a bachelors degree in Science from Madurai Kamraj University and is an associate member of the Institute of Chartered Accountants of India. Prior to joining our Company, he has worked as a general manager (finance) of M/s. BEML Limited. He has also worked at Neyveli Lignite Corporation Limited (now known as NLC India Limited) for ten years in the middle management cadre. (iii) V. Gurudatta Prasad, is the Director (Production) of our Company. He has been on the board of the Company since September 10, 2015. He completed his Bachelors in Mechanical Engineering from Bangalore University and holds a Tech (Industrial Engineering & Management) from the Jawaharlal Nehru Technological University, Hyderabad. He has been associated with the Company since 1986 and prior to his appointment as Director (Production), he served as the General Manager at the Company’s office in Bhanur in the capacity of Unit Head. Prior to joining our Company, he was working with M/s. Hyderabad Allwyn Limited. He is a recipient of the Raksha Mantri’s Innovation Award for the year 2012-13. (iv) K. Divakar, is the Director (Technical) of our Company. He has been on the board of the Company since July 01, 2016. He holds a degree of Bachelors of Technology in the field of Mechanical Engineering from Jawaharlal Nehru technology University, Andhra Pradesh and has completed the post graduate course in tool, die and mould design from Central Institute of Tool Design, Hyderabad. He has been associated with the Company since 1988. Prior to his a ppointment as Director (Technical), he served as the General Manager (Design & Engineering), headed the Milan, Refurbishment and Explosive Divisions and played an instrumental role in establishing the naval division of the Company at Vishakhapatnam. Prior to joining our Company, he worked with the Indian Telephone Industries Limited.He is experienced in various areas of missile production.

Company Business:

Background of the Company (i) We are one of the leading defence PSUs in India engaged in the manufacture of Surface to Air missiles (SAMs), Anti-Tank Guided Missiles (ATGMs), u nderwater weapons, launchers, countermeasures and test equipment. We are the sole manufacturer in India for SAMs, torpedoes, ATGMs (Source: F&S Report). We are also the sole supplier of SAMs and ATGMs to the Indian armed forces (Source: F&S Report). Additionally, we are also engaged in the business of refurbishment and life extension of missiles manufactured. We are also the co-development partner with the DRDO for the next generation of ATGMs and SAMs. (ii) We operate in an environment characterised by both increasing complexity in factors influencing national security and continuing economic challenges in India and globally.We also continue to invest in technologies to fulfil the requirements of the Indian armed forces and also invest in our people so that we have the necessary technical skills to succeed without limiting our ability. (iii) We currently have three manufacturing facilities located in Hyderabad, Bhanur and Vishakhapatnam. Our Hyderabad manufacturing unit is engaged in the manufacture of SAMs, Milan 2T ATGMs, countermeasures,launchers and test equipment. Our Bhanur unit is engaged in the manufacture of the Konkurs – M ATGMs, the INVAR (3 UBK 20) ATGMs, launchers and spares. Our Vishakapatnam unit is engaged in the manufacture of light weight torpedoes, the C-303 anti torpedo system, countermeasures and spares. (iv) We have been awarded various prestigious awards such as Raksha Mantri’s institutional award for “Excellence” in performance for the year 2014 – 15 and the group / individual award in the “Innovation Category” for the year 2014 -15, in recognition of its consistent growth and adaptation and the PSE Excellence Award – 2015 by the Indian Chamber of Commerce in the Miniratna category for operational performance excellence.

Financials of Bharat Dynamics Limited IPO:

 1. Balance Sheet Snippet[ All Calculations are for FY 16-17]
       (i) Shareholders’ Fund[Equity] Value 22124.61 Millions
      (ii) Asset  86007.92 Millions
      (iii) Liability 63883.31 Millions
      (iv) Debt/Equity 2.88(high)
      (v)  Net Worth(Asset- Liability) 22124.61 Millions
     (vi)  RONW(PAT/Net Worth) 16%
2. Profit n Loss Snippet[ last 3 years data  ]
     (i) Revenue of last 3 years is growing at approx. CAGR of 8.89%.
    (ii) PAT has been inconsistence in the last 3 years. The company's Profit has gone down to whopping 30% in the current year as compared to last year.
    (iii)Margins(PBT/Revenue):  The company's margin is around  18-20% in last 3 years.
    (iv) EPS=  28( post Issue)
    (v)  P/E(post issue)=15(reasonably priced)at the cutoff price of 428
3. Cash Flow Statement
The company has inconsistence cash flows in the last 3 years which is negative for the business to grow in future.

Comparison With Peers:

Company is engaged in the business of manufacturing missiles. There are no listed peers in India which are engaged in a similar line of business as the Company, hence comparison with industry peers is not applicable.

Recommendation on Bharat Dynamics Limited IPO:

Review and Recommendation of

Bharat Dynamics Limited IPO

from our side is: Avoid

Registrar of Bharat Dynamics Limited IPO:

  1. Alankit Assignments Limited

Company Address:

Plot no.38-39, TSFC Building, Near ICICI Towers, Financial District, Gachibowli, Hyderabad-500032 Telephone: +91 40 2434 4979 Fax: +91 40 2434 0660 E-mail: investors@bdl-india.com Website: www.bdl-india.com

25th Sep 2018 - 27th Sep 2018 => Aavas Financiers IPO

Bid Details of Bharat Dynamics Limited IPO as on
15-Mar-2018 20:00:01 IST

No.of shares offered No. of shares bid No. of total times
10,996,874 16,500,120 1.50
3,299,063 1,664,985 0.50
7,697,813 10,889,305 1.41
458,203 191,485 0.42
- - -
22,451,953 29,245,895 1.30
No.of shares offered No. of shares bid No. of total times
10,996,874 2,485,035 0.23
3,299,063 1,006,355 0.31
7,697,813 7,235,340 0.94
458,203 114,415 0.25
- - -
22,451,953 10,841,145 0.48
No.of shares offered No. of shares bid No. of total times
10,996,874 14,015,085 1.27
3,299,063 658,630 0.20
7,697,813 3,653,965 0.47
458,203 77,070 0.17
- - -
22,451,953 18,404,750 0.82

Discussion on Bharat Dynamics Limited IPO: