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Bartronics India
bartronics
Posted by :
Be and MakeTracked by: 0 Boarder
Dear sid- Very very impressive views, actually right now I have not tracked the ind glycol but after reading your detailed report definitely I will go through it. Please post regularly.
Thanks for sharing your good views
With thanks
Be and make
...
In reply to:
bartronics
Posted by :
sidthrillz
Dear all, Bartronics has a super future with the business it is into. It also has the first mover advantage and the mgt is awesome. Since the past one month it has consolidated at 175 level, and smhow i am quite confused to predict which way shall it go now in the short term from its technical charts. But for the long term, its a gem to buy, and at this price for sure!.....
Regarding India Glygol... I would say, the Bhartia's are a good mgt team... but with the crude coming down, it will have a negative effect on india glycol as dey use ethanol, which is a substitute for crude... If the crude wud hv been goin up.. i would have bough india glycol eyes shut, as den the demand for ethanol based products go up. But again, its a stock one can have in its porfolio for a long time to park in some money.
Cheers,
Sid 
bartronics
Posted by : sidthrillzTracked by: 0 Boarder
Dear all, Bartronics has a super future with the business it is into. It also has the first mover advantage and the mgt is awesome. Since the past one month it has consolidated at 175 level, and smhow i am quite confused to predict which way shall it go now in the short term from its technical charts. But for the long term, its a gem to buy, and at this price for sure!.....
Regarding India Glygol... I would say, the Bhartia's are a good mgt team... but with the crude coming down, it will have a negative effect on india glycol as dey use ethanol, which is a substitute for crude... If the crude wud hv been goin up.. i would have bough india glycol eyes shut, as den the demand for ethanol based products go up. But again, its a stock one can have in its porfolio for a long time to park in some money.
Cheers,
Sid...
In reply to:
bartronics
Posted by : Be and Make
Dear varun – Thanks for your good words, very good and excellent post thanks for sharing your views. You seem to be very calculative and all your targets definitely should achieved surely.
With thanks
Be and make
bartronics
Posted by : Be and MakeTracked by: 0 Boarder
Dear varun – Thanks for your good words, very good and excellent post thanks for sharing your views. You seem to be very calculative and all your targets definitely should achieved surely.
With thanks
Be and make
...
In reply to:
bartronics
Posted by :
varun yennemadi
Hi Be & Make
excellent post !! To add to your fantastic post, i have once written to the management on the debtors issue as mentioned by Mr. R . Balakrishnan. They were prompt in replying to me. Although i do not sit with a microscope to disect any company results, it`s understandable, all corporates ( my guess) do some financial jugglery & Bars is no different. The bottomline is they replied to me promptly indicating very strong Investor friendly attitude.
Yes, ICSA is class & so are Sarda Energy ( Raipur alloys), India Glycols, Nectar Life & Compact Disc India Limited.
Asuming 1000 crores sale ( which is HUGE! & gettable),a Np of 17 crores ( OPM=17 pc, being very conservarive), the EPS works out to 46 & a very modest PE of 17 gives a stock price of about 780 bucks!!
I was just trying to accentuate your view & add the management quality to your post.Kunal too came out with a brilliant post on Bars some time back & appeared very conservative. His rationale was based on PEG multiple & came to a conclusion of a stock price of around 800.
holdings in ICSA are very interesting .Take a peep at the same on their website.
Ind Gly has been hammered due to a plant shut down resulting in reduced sales but it`s been done to prop up up capacity in the future & the future has almost arrived
Nevertheless, good work guys.
Sincerely, take a look at India Glycols too.
Hey Kunal, looking fwd to ure posts
regrds
varun
PS: Greed when others fear & fear when others greed
bartronics
Posted by : varun yennemadiTracked by: 0 Boarder
Hi Be & Make
excellent post !! To add to your fantastic post, i have once written to the management on the debtors issue as mentioned by Mr. R . Balakrishnan. They were prompt in replying to me. Although i do not sit with a microscope to disect any company results, it`s understandable, all corporates ( my guess) do some financial jugglery & Bars is no different. The bottomline is they replied to me promptly indicating very strong Investor friendly attitude.
Yes, ICSA is class & so are Sarda Energy ( Raipur alloys), India Glycols, Nectar Life & Compact Disc India Limited.
Asuming 1000 crores sale ( which is HUGE! & gettable),a Np of 17 crores ( OPM=17 pc, being very conservarive), the EPS works out to 46 & a very modest PE of 17 gives a stock price of about 780 bucks!!
I was just trying to accentuate your view & add the management quality to your post.Kunal too came out with a brilliant post on Bars some time back & appeared very conservative. His rationale was based on PEG multiple & came to a conclusion of a stock price of around 800.
holdings in ICSA are very interesting .Take a peep at the same on their website.
Ind Gly has been hammered due to a plant shut down resulting in reduced sales but it`s been done to prop up up capacity in the future & the future has almost arrived
Nevertheless, good work guys.
Sincerely, take a look at India Glycols too.
Hey Kunal, looking fwd to ure posts
regrds
varun
PS: Greed when others fear & fear when others greed...
In reply to:
bartronics
Posted by : Be and Make
Dear Phantom – My target for the same period is around 650/- due to that price / sales ratio should be around .75-1 its global peers are trading between 0.8-1.78 and when we valuated Price to earnings then the global peers are trading between 16-27. Bartronics is expected to post 1K revenue in FY10 and from past we can have a 25% OPM and 19%NPM which suggests that it will generate 60EPS for FY10. So there is huge potential from the current price.
All the best use every dip to add this stock in your bag.
Out of my all picks I am comparing it ICSA, which was outperformed. Now, it is the time of Bartronics and I love this stock.
With thanks
Be and make
bartronics
Posted by : Be and MakeTracked by: 0 Boarder
Dear Phantom – My target for the same period is around 650/- due to that price / sales ratio should be around .75-1 its global peers are trading between 0.8-1.78 and when we valuated Price to earnings then the global peers are trading between 16-27. Bartronics is expected to post 1K revenue in FY10 and from past we can have a 25% OPM and 19%NPM which suggests that it will generate 60EPS for FY10. So there is huge potential from the current price.
All the best use every dip to add this stock in your bag.
Out of my all picks I am comparing it ICSA, which was outperformed. Now, it is the time of Bartronics and I love this stock.
With thanks
Be and make
...
In reply to:
bartronics
Posted by : Phantom
The reason I was conservative was not because I donot believe in the business or management of Bartronics. Historically, it has been trading in the range of 0.25-0.65 Price to Sales ratio. Considering it is targetting 1000 Crores by FY2010, I put my guess at a Price/Sales ratio of 0.5. But you may be right, it just might get revalued at a higher ratio.
bartronics
Posted by : narasimhapvTracked by: 0 Boarder
management is good.But sometimes u get a feeling that the management is little overambitious in projecting future...
In reply to:
bartronics
Posted by : sgrdml
How is Bartronics Management?
NSE Announcements on Bartronics
Posted by : MMB MessengerTracked by: 0 Boarder
Bartronics India Limited has informed the Exchange that the Board of Directors of the company at their meeting held on September 02, 2008, has taken following decisions: 1.) Draft Annual Accounts for the Financial Year ended on March 31, 2008, were approved. 2.) Draft Directors Report for the Financial Year 2007-08 were approved. 3.) Draft Notice for calling the Annual General Meeting of the Company for the Financial Year 2007-08 on September 29, 2008 was approved. 4.) Shri S.Tirumala Prasad has been appointed as an Additional Director of the Company pursuant to Section 260 of the Companies Act. 5.) The Board has decided to get Borrowing powers of the Board enhanced from the Existing Rs.500 Crores to Rs. 1000 Crores at the forthcoming A.G.M by passing resolution under section293(1)(d) of the Companies Act....
bartronics
Posted by : sgrdmlTracked by: 0 Boarder
How is Bartronics Management?...
In reply to:
bartronics
Posted by : Phantom
The reason I was conservative was not because I donot believe in the business or management of Bartronics. Historically, it has been trading in the range of 0.25-0.65 Price to Sales ratio. Considering it is targetting 1000 Crores by FY2010, I put my guess at a Price/Sales ratio of 0.5. But you may be right, it just might get revalued at a higher ratio.
bartronics
Posted by : PhantomTracked by: 0 Boarder
The reason I was conservative was not because I donot believe in the business or management of Bartronics. Historically, it has been trading in the range of 0.25-0.65 Price to Sales ratio. Considering it is targetting 1000 Crores by FY2010, I put my guess at a Price/Sales ratio of 0.5. But you may be right, it just might get revalued at a higher ratio....
In reply to:
bartronics
Posted by : LOOKUP
I expect it to cross 1000 in the mentioned time frame.
bartronics
Posted by : LOOKUPTracked by: 0 Boarder
I expect it to cross 1000 in the mentioned time frame....
In reply to:
bartronics
Posted by : Phantom
This is a great stock. Tremendous growth possibility in the coming 3-5 years. Enormous is the word.
Current Valuation is attractive. 6 months or 2-3 years - impossible to predict the time frame for a big move on the price.
However, if the market is steady or gaining - Bartronics will be outperforming the Index by a margin.
Over a period of 2-3 years, I would expect the stock to touch 500 at some point.
All the best.
BSE Announcements on Bartronics
Posted by : MMB MessengerTracked by: 0 Boarder
Bartronics India Ltd has informed BSE that the Board of Directors of the Company at its meeting held on September 02, 2008, inter alia, has taken the following decisions:
1. Draft Notice for calling the Annual General Meeting of the Company for the Financial Year 2007-08 on September 29, 2008 was approved.
2. Shri. S Tirumala Prasad was appointed as an Additional Director of the Company.
3. The Board has decided to get Borrowing powers of the Board enhanced from the Existing Rs 500 Crones to Rs 1000 Crores at the forthcoming A.G.M. by passing resolution under section 293 of the Companies Act....
BSE Announcements on Bartronics
Posted by : MMB MessengerTracked by: 0 Boarder
Bartronics India Ltd has informed BSE that the Company has received the DESFire Certification for its MIFARE cards. Bartronics has now become one of the few global manufacturers to be certified by Arsenal Research for DESFire, making it eligible for bidding for large-scale Mass Transit applications world-wide....
NSE Announcements on Bartronics
Posted by : MMB MessengerTracked by: 0 Boarder
Bartronics India Limited has informed the Exchange that : "Bartronics India Limited has received the DESFire Certification for its MIFARE cards. Bartronics has now become one of the few global manufacturers to be certified by Arsenal Research for DESFire making it eligible for bidding for large-scale Mass Transit applications world-wide."...
BSE Announcements on Bartronics
Posted by : MMB MessengerTracked by: 0 Boarder
Bartronics India Ltd has informed BSE that a meeting of the Board of Directors of the Company will be held on September 02, 2008, inter alia, to transact the following businesses:
1. To Approve the Draft Annual Accounts for the Financial Year ended on March 31, 2008.
2. To Approve the Draft Directors Report for the Financial Year 2007-08.
3. To consider and approve the Draft Notice for calling the Annual General Meeting of the Company for the Financial Year 2007-08.
4. To consider the appointment of Auditors of the Company in place of retiring auditors M/s. Yaji Associates, Chartered Accountants, Hyderabad, whose term of appointment ends at the forthcoming A.G.M. and who have expressed their inability to continue as auditors of the Company due to their preoccupations.
5. To appoint Shri. S T Prasad as Additional Director of the Company.
6. To propose reappointment of Shri. A B Satyavas Reddy and Shri. Y R Rao as Directors of the Company whose tenure ends at the forthcoming A.G.M.
7. To Close the Register of Members and Share Transfer Books for the purpose of Annual General Meeting....
'Revenues to double by '10'
Posted by : latikavTracked by: 0 Boarder
With a mix of technology and efforts to scale up its businesses in terms of capacities, geographical presence and products offerings, Bartronics India has emerged as a fast growing company providing solutions and products such as inventory and logistics management to different sectors. It also offers different technologies such as smart cards, used for data capturing and identification.
Bartronic's turnover has grown at a CAGR of 71 per cent over the last five years to Rs 182.23 crore in FY08. The company is now aiming to grow even bigger. Its order book stands at Rs 510 crore (excluding Rs 400 crore order from ESIC) indicates good visibility.
Sudhir Rao, managing director, Bartronics India, in an interview with Jitendra Kumar Gupta, talks about how the company plans to achieve its goals.
What is your growth estimate for revenue over the next two years and how you will achieve the same?
In the current financial year ending March 2009, the company will achieve around Rs 500 crore as the topline. For 2009-10, we expect to cross a turnover figure of around Rs 1,000 crore.
We have bagged some prestigious government projects and many others are in the pipeline. Once some of them get converted into actual orders, we will have a fairly strong visibility even on the Rs 1,000 crore figure for 2010. This in turn envisages a growth rate of over 100 per cent
Where will the growth come from?
The growth is expected to come from three fronts. Firstly, the Smart cards business in India is at a nascent stage, this will strengthen over the next 2-3 years, with many more government projects being announced and the banking industry embracing smart cards as a replacement to the magnetic stripe cards.
The next area of growth for Bartronics will be its international operations where again, we are in the first year of operation. These markets will provide the 100 per cent growth opportunity because of their current low base. Finally, the India’s retail industry boom is another factor which will contribute significantly to our future growth plans.
What is your USP? And, how do you look at the increasing competition, going forward?
Bartronics continues to drive its leadership position by being early entrants into the latest technologies. With a strong customer base built up over the years, most of whom have an Annual Maintenance Contract.
Bartronics enjoys the advantage of access to any new requirements for implementing its solutions to the existing customers. Its USP is its ability to provide end-to-end solutions including post implementation support .Also, being a close-knit market, it is extremely difficult for a new entrant to develop relationship with the same set of customers and out-do
But, at the same time, whenever the market is attractive, I mean pure economic theory tells us that the competition will hot up, so we do expect some announcement from some of the corporate sectors of setting up smart card facilities over the next 12 to 18 months.
The company is taking steps to quickly scale up its operations through organic and inorganic growth options so that within the next 2-3 years, the company attains a formidable size.
During FY08, your smart card capacity utilisation was just 37.5 per cent. Can you elaborate on this?
For FY08, the production was only for the period beginning December 07. However, since January 08, the manufacturing has geared up significantly and currently the plant is operating at over 90 per cent capacity utilisation.
Will the integration programme undertaken make any difference to margins?
More or less, the margins are similar because we adopt a free pricing approach. The backward integration project for manufacturing of modules for the Smart Cards segment should give us a cost advantage ranging from 5-8 per cent.
In smart cards, the average realisations are just about Rs 30 per unit. Do you see realisations declining in light of higher competition in the future?
The average realisation so far has been low due to the dependence on a single consumer vertical i.e. the telecom sector.
As the consumer base increases to the government sector, and then on to the banking sector, the realisations will increase. Even with the introduction of the 3G cards, the realisation jumps up by almost 50 per cent.
Some of the government projects that we have recently won require cards to be supplied which are much more sophisticated. Here the realisation is up by more than 100 per cent.
Similarly, banking cards requirement, which we are expecting to start after 2010, will have realisations which would be higher at least by 200 per cent.
Many government projects are reportedly pending or delayed. How will it impact your growth rates?
Most of these government projects, though they are being announced continuously, we are expecting a large scale take-up on these projects to happen only during the next financial year, which means beginning April 2009 onwards. And that is the reason why none of these projects have been considered into our order book.
How do you plan to integrate the recently acquired companies? Also, what benefits will accrue in future in the terms of revenue and business?
We should see the synergies setting in by next month. The benefits would be in terms of cross fertilisation of expertise, rationalisation of manpower and overall significant advantages of economies of scale.
Are you looking for more acquisitions?
We intend looking at acquisitions as an integral part of our inorganic growth options moving forward. This would mean that we are likely to look at an acquisition for kickstarting our European operations. Similarly for the Middle East and possibly for China.
Are you looking to enter new segments, if so, what all are they and the opportunities therein?
Yes, the company has been looking at possible expansion in its product/service portfolio by introduction of Point of sale (PoS) products for the Indian Market.
Secondly, we have been working on solutions for the Indian Market using GIS/GPRS. These technologies are expected to become commercially viable over the next couple of years.
What is the progresse with regards the MNIC cards, which have multiple uses (Ration Cards, Voter ID Cards, etc). And what is your role and opportunity?
The opportunity is fairly large. Just look at the number of families who are below the poverty line, I think that itself gives us a fairly strong figure.
However, it is difficult to estimate the benefit to companies like Bartronics mainly because these are largely dependent on the government. Bartronics will continue to play a pivotal role in ensuring that it is at the forefront whenever these initiatives get translated into ground realities.
Any plans to dilute equity to raise funds?
Looking at the kind of opportunities that have been coming our way, we may need to take a re-look at the capacities, but we would like to take this call somewhere around the end of second quarter and the reason for this is because many of these opportunities will translate into actual business, probably in 2009-10. So, we would not like to take an investment decision right now based on these orders, without getting a confidence on the traction at the ground level.
(BS)...
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