Report as on 19 June 2021 at 06:42 PM

The Company is Bright

Analysis only as the Brothers
size of its operations
is too low to qualify CMP: 128.10
for our evaluation
parameters
STOCK INFO:
BSE – 526731/ NSE – BRIGHTBROS
Market Cap - Micro Cap (Rs. 66 cr)
Sector – Plastic Products
52 w H/L (Rs.) – 133/47.1
Dividend Yield: 0%
Debt Equity: 0.02%
Return on Equity: 3.03%
Price to Book: 1.51

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Bright Brothers Report as on 19 June 2021 at 06:42 PM

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MOJO PROFESSIONAL 1
Bright Brothers Report as on 19 June 2021 at 06:42 PM

FINANCIAL TREND
Positive

WITH A GROWTH IN NET PROFIT OF

results for

61.14%, THE COMPANY DECLARED 2

VERY POSITIVE RESULTS IN MAR 21 consecutive
quarters

Near term sales trend is positive

77.71
Rs 77.7 cr Net Sales (Rs Cr)
Highest at Rs 77.71 cr 58.32
49.6
Net Sales - in the last five quarters 45.78
Quarterly
16.64

Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021

Near term PBT trend is positive 3.44

4.52

Rs 4.5 cr PBT less Other Income (Rs Cr)

Highest at Rs 4.52 cr.
2.24

0.3
PBT - Quarterly in the last five quarters

-2.53

Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021

Near term PAT trend is positive

3.4
Rs 3.4 cr PAT (Rs Cr)
Highest at Rs 3.40 cr. 1.97 2.11

PAT - Quarterly in the last five quarters

-0.97
-1.78
Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021

MOJO PROFESSIONAL 2
Bright Brothers Report as on 19 June 2021 at 06:42 PM

FINANCIAL TREND

Near term Operating Profit trend 7.42

Rs 7.4 cr is positive 6.11

4.6
Operating Profit (Rs Cr) 2.96
Operating Profit - Highest at Rs 7.42 cr.
Quarterly in the last five quarters
-0.36

Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021

Increasing profitability; company

Rs 6.0 cr has created higher earnings for 5.99

shareholders 3.47 3.71

Earnings per
EPS (Rs)
Share (EPS) -
Highest at Rs 5.99
Quarterly
in the last five quarters -1.71
-3.13
Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021

Mar'21 Dec'20 Change%

Net Sales 77.7 58.3 33.3%
Key Operating Profit (PBDIT) excl Other Income 7.4 6.1 21.4%
Result Interest 1.5 1.2 26.7%
Highlights Exceptional Items 0.0 0.0
Standaloned Net Profit 3.4 2.1 61.1%
Operating Profit Margin (Excl OI) 9.6 10.5 -0.9%
Standalone- figures in Rs
Cr

MOJO PROFESSIONAL 3
Bright Brothers Report as on 19 June 2021 at 06:42 PM

TECHNICALS

STOCK IS TECHNICALLY IN A BULLISH

RANGE
Bullish Daily Moving Averages indicating near term price strength
Current Price 50 Day Moving Average 200 Day Moving Average

128.10 92.76 77.31

Factors with upward momentum

Indicator Technical Trend
MACD Bullish (weekly)
MACD Bullish (monthly)
Bollinger Band Bullish (weekly)
Bollinger Band Bullish (monthly)
KST Bullish (weekly)
KST Bullish (monthly)

Consistent Returns over the last 3 years

3 Months 1 Year 3 Years
47.16%
43.93% 44.27%

120.29%

62.25%
9.99%

Stock BSE 500 Stock BSE 500 Stock BSE 500

MOJO PROFESSIONAL 4
Bright Brothers Report as on 19 June 2021 at 06:42 PM

RETURNS

MARKET BEATING PERFORMANCE IN LONG

TERM AS WELL AS NEAR TERM
Along with generating 100%
120.29% returns in the last
1 year, the stock has 50%

120.29% outperformed BSE 500 in

the last 3 years, 1 year 0%

UP and 3 months -50%

O 18

Ja 1 9

O 20
Ja 1 8

Fe 2 0
Se -1 9
A u -1 8

Au 20
Ap 20

M 21
D -1 8

Ju 2 0

D -2 0
M 19

Fe 2 0
M -1 9

Ju 9

M -2 1
N 19

1
-1

-2
g-

g-
-

-
n-
b-

b-
r-
n-

n-
p-
ov
ec

ec
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ct

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ar

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Ju
Bright Brothers Ltd. BSE500

Company 1 Month 3 Month 1 Year 3 Years

Bright Brothers 54.43% 43.93% 120.29% 47.16%
Return Astral 10.12% 15.27% 193.39% 225.69%
Comparison
Supreme Inds. -3.3% 7.11% 95.89% 74.11%
with Peers
Closest peers by Finolex Inds. 11.62% 37.32% 85.86% 42.51%
market cap Epl Ltd. 15.46% 28.59% 55.3% 128.52%

MOJO PROFESSIONAL 5
Bright Brothers Report as on 19 June 2021 at 06:42 PM

QUARTERLY VARIANCE

QUARTER RESULTS VARIANCE ANALYSIS

Mar'21 Dec'20 QoQ Mar'20 YoY Comments
Total Operating income 78 58 33.3% 46 69.8% High Growth in previous quarter
and same quarter last year
Total Expenditure (Excl Depreciation) 70 52 34.6% 43 64.2% High Growth in previous quarter
and same quarter last year
Operating Profit (PBDIT) excl Other Income 7 6 21.4% 3 150.7% High Growth in previous quarter
and same quarter last year
Other Income -0 0 -246.2% -0 35.7%
Operating Profit (PBDIT) 7 6 15.9% 3 156.4% High Growth in previous quarter
and same quarter last year
Interest 1 1 26.7% 1 26.7% High Growth in previous quarter
and same quarter last year
Exceptional Items 0 0 0% 0 0%
Depreciation 1 2 -5.9% 2 -4.7% QoQ and YoY decrease
Profit Before Tax 4 4 21.3% 0 2% QoQ and YoY increase
Tax 1 1 -36.3% 1 -18.4% Fall in previous quarter and same
quarter last year
Provisions and contingencies 0 0 0% 0 0%
Net Profit 3 2 61.1% -1 -450.5%

Standalone results triggered in Rs Cr

Margins
Mar'21 Dec'20 Sep'20 Jun'20 Mar'20 Avg. (4 Comments
Qtrs)
OPM 9.6% 10.5% 9.3% -2.2% 6.5% 6.0% Higher than average (4 Qtrs) – Promising
GPM 7.4% 8.7% 7.9% -3.6% 3.6% 4.2% Higher than average (4 Qtrs) – Promising
NPM 4.4% 3.6% 4.0% -10.7% -2.1% -1.3% Higher than average (4 Qtrs) – Promising

MOJO PROFESSIONAL 6
Bright Brothers Report as on 19 June 2021 at 06:42 PM

ANNUAL RESULT

NET SALES - YOY GROWTH IN YEAR ENDED

MAR 2021 IS -7.16% VS -5.60% IN MAR 2020
Standaloned Net Profit: YoY Growth in year ended Mar 2021 is 65.03% vs 73.00% in Mar
2020
Operating Profit (PBDIT) excl Other Income: YoY Growth in year ended Mar 2021 is
12.23% vs 15.35% in Mar 2020
Interest: YoY Growth in year ended Mar 2021 is -20.11% vs -12.86% in Mar 2020 -7.16%
Operating Profit Margin (Excl OI): YoY Growth in year ended Mar 2021 has improved from NET SALES
Mar 2020

Mar'21 Mar'20 Change(%)

Net Sales 202.27 217.87 -7.16%
Key Operating Profit (PBDIT) excl Other Income 17.71 15.78 12.23%
Annual Interest 4.33 5.42 -20.11%
Results Exceptional Items 0.00 0.00
Standaloned Net Profit 5.71 3.46 65.03%
Operating Profit Margin (Excl OI) 8.76 7.24 1.52%
Figures in Rs Cr | Seasonal companies are compared with the same quarter last year

Net Sales-YoY Growth in year ended Mar 2021 is -7.16% vs - Standaloned Net Profit-YoY Growth in year ended Mar 2021
5.60% in Mar 2020 is 65.03% vs 73.00% in Mar 2020
400 10
5.71
220.76 230.79 217.87 5 3.46
202.90 202.27 2.00
200 1.20
0
-0.26
0 -5
Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021

Operating Profit (PBDIT) excl Other Income-YoY Growth in Operating Profit Margin (Excl OI)-YoY Growth in year ended
year ended Mar 2021 is 12.23% vs 15.35% in Mar 2020 Mar 2021 has improved from Mar 2020
20 17.71 10 8.76
15.78
13.68 7.24
11.37 5.93
5.15
10 7.72 5 3.80

0 0
Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021

Figures in Rs Crore

MOJO PROFESSIONAL 7
Bright Brothers Report as on 19 June 2021 at 06:42 PM

PEER COMPARISION

PEER COMPARISON
Bright Brothers Tainwala Chem. Shish Industries Kisan Innovative Tech
Mouldings
Size
Market Cap (Cr.) 73 69 67 62 45
Annual Sales (TTM) (Cr.) 202 6 28 170 139
Annual Net Profit (TTM) (Cr.) 6 3 1 -48 -0
Growth Factors (TTM)
Net Sales Growth 1 year -7.2% -38.9% 0.8% -47.6% -9.3%
Operating Profit Growth 1 year 21.1% -16.9% 17% -204.1% -32.5%
Net Profit Growth 1 year 64.7% -33.3% 37% -64% -126.2%
Net Sales Growth 5 year 5.6% -7.3% 50.3% -32% -7.4%
Operating Profit Growth 5 year 64.9% 0.8% 13.2% -216.4% -16.4%
Net Profit Growth 5 year 38.1% -5.6% 20% -386.1% -140.6%
Capital Structure Factors
EBIT to Interest - - - 0.5 1.7
Debt to EBITDA 0.7 -0 0.4 -6.9 1.4
Net Debt to Equity 0 -0 0 1.6 0.5
Sales to Capital Employed - - - 1.6 1.8
Management Quality Factors
ROCE (latest) 22.2% -3% 11.7% -12.9% 11.5%
ROE(latest) - - - -45% -
Tax Ratio - - - 38.3% -
Operating CF to Net Profit - - - 162.1% -
Dividend Payout Ratio 56.8% - - - 12.6%
Valuation Factors
PE Ratio 12.7 23.9 50.2 -1.3 -44.8
Price to Book 1.7 0.7 5.7 0.6 0.9
PEG Ratio 0.2 - 0.3 - -
Dividend Yield - - - - -
EV to EBITDA 4.1 -28.1 30.3 -11.4 3.5
EV to Capital Employed 1.6 0.7 5.6 0.8 0.9
Shareholding
Promoter Holdings 53.6% 67.1% 70.6% 43.7% 74.4%
Promoter Pledged Holdings - - - 94.4% -
Total Institutional Holding 0% 0.3% - 0.4% 0.1%
FII Holdings - 0% - 0.4% -
Returns
1 Month 54.4% -0.5% -23.9% 16.8% 1%
3 Months 43.9% 23.7% 164.9% 11.4% -4.1%
YTD 58.6% -0.7% 60.6% 105.9% 37.1%
1 Year 120.3% 59.9% 621.8% 74.1% 75.3%
3 Years 47.2% -25.6% 942.5% -89.2% -63%

MOJO PROFESSIONAL 8
Bright Brothers Report as on 19 June 2021 at 06:42 PM

COMPANY BACKGROUND

COMPANY BACKGROUND

About the Company

Bright Brothers Ltd. is engaged in the manufacture of Umbrella, Ladies Cigarette
INDUSTRY : Plastic Cases, Table lamps, Wash Basins fabricated out of `Perspex' (acrylic) Sheets. The
Products company has acquired several rights for products/processes from abroad
including the `Engle processes, `Kaberit process' and a proprietary range of plastic
spheres known as the 'Allplas' systems.They have also diversified into the
66 cr (Micro Cap) manufacture of hi-tech precision industrial products and household items like
Combs, Bangles, Mugs etc. which were sold under the trade name 'BRITE'.

Board of Directors
Suresh Bhojwani Chairman & Managing Director

Hira T Bhojwani Whole-time Director

Byram Jeejeebhoy Independent Director

K P Rao Independent Director

T S Sethurathnam Independent Director

2 more board of directors

Company Coordinates

Company Details: Registrat Details:

610/611, Nirman Kendra, Famous Studio Lane, Dr E Moses Link Intime India Pvt Ltd, C-13 Pannalal Silk Compound, L B S
Road, Mahalaxmi, Mumbai Maharashtra : 400011 Marg, Bhandup , Mumbai
Tel: 91-022- 24905323 / 24905324 Fax: 91-022-25946979/91-022-25960329
Fax: 91-022- 24905325 Email: [email protected]
Email: [email protected]
Website: www.brightbrothers.co.in

MOJO PROFESSIONAL 9
Bright Brothers Report as on 19 June 2021 at 06:42 PM

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The Company is also a SEBI registered Investment Advisor (“IA”). The Company and its associates do not own any
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The Research team engaged in the preparation of this Report and/or their relatives collectively did not own more than
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None of the members of the research team engaged in preparation of this Report (unless otherwise mentioned in such
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MOJO PROFESSIONAL 10