Sukhjit Starch & Chemicals Ltd

Sukhjit Starch & Chemicals is an Agro-Processing Industry manufacturing starch & its derivatives i.e Liquid Glucose, Dextrose Monohydrate, Dextrose Anhydrous, Sorbitol, Modified Starches and by-products.

Pros:
Stock is trading at 0.87 times its book value
Stock is providing a good dividend yield of 4.09%.
Company has good consistent profit growth of 21.14% over 5 years
Company has been maintaining a healthy dividend payout of 22.27%
Cons:
The company has delivered a poor growth of 7.92% over past five years.
Company has a low return on equity of 10.70% for last 3 years.

Peer Comparison Sector: Miscellaneous // Industry: Miscellaneous

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Quarterly Results Standalone Figures in Rs. Crores / View Consolidated

Dec 2016 Mar 2017 Jun 2017 Sep 2017 Dec 2017 Mar 2018 Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019
171 174 163 162 191 184 174 175 198 194 189 186
160 162 152 150 172 164 157 159 169 163 170 176
Operating Profit 11 13 12 12 20 20 17 16 29 31 19 10
OPM % 6% 7% 7% 7% 10% 11% 10% 9% 14% 16% 10% 5%
Other Income 1 0 1 2 0 2 1 1 0 0 2 3
Interest 3 3 3 5 5 4 4 5 4 4 4 5
Depreciation 3 3 3 3 3 6 3 3 4 2 4 3
Profit before tax 6 8 6 6 12 13 10 9 21 25 14 4
Tax % 28% 39% 30% 30% 28% 50% 34% 32% 31% 45% 33% -216%
Net Profit 4 5 4 4 8 6 7 6 15 14 9 13
EPS in Rs 2.75 3.90 3.00 2.77 5.77 4.41 4.70 4.29 9.81 9.54 6.31 8.77
Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes

Profit & Loss Standalone Figures in Rs. Crores / View Consolidated

Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 TTM
179 202 258 338 352 418 506 531 565 652 701 741 767
149 178 227 275 308 368 456 467 504 601 637 648 678
Operating Profit 30 24 31 62 44 50 50 64 61 50 64 93 89
OPM % 17% 12% 12% 18% 13% 12% 10% 12% 11% 8% 9% 13% 12%
Other Income 2 1 1 1 2 1 2 2 3 2 5 2 5
Interest 5 5 7 7 11 14 17 18 15 13 18 16 17
Depreciation 4 5 6 7 7 9 12 13 12 12 15 13 13
Profit before tax 23 14 19 49 28 28 23 34 36 28 36 66 64
Tax % 11% 19% 24% 22% 20% 24% 29% 33% 35% 33% 36% 37%
Net Profit 20 12 14 39 22 22 16 23 23 19 23 42 51
EPS in Rs 13.19 7.52 9.26 25.56 14.57 14.16 10.54 15.18 15.07 12.83 15.56 28.24 34.43
Dividend Payout % 18% 25% 31% 15% 15% 17% 16% 16% 16% 19% 21% 27%
* Sales is net of excise duty and discounts
Compounded Sales Growth
10 Years:13.88%
5 Years:7.92%
3 Years:9.48%
TTM:5.81%
Compounded Profit Growth
10 Years:13.62%
5 Years:21.14%
3 Years:21.23%
TTM:83.11%
Stock Price CAGR
10 Years:13.38%
5 Years:5.42%
3 Years:10.21%
1 Year:-14.10%
Return on Equity
10 Years:12.95%
5 Years:11.01%
3 Years:10.70%
Last Year:14.99%

Balance Sheet Standalone Figures in Rs. Crores / View Consolidated

Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Sep 2019
7 7 7 7 7 7 7 7 7 7 7 15 15
Reserves 76 84 93 125 144 161 174 193 212 235 252 274 297
Borrowings 57 56 72 90 110 160 177 165 129 106 151 151 275
32 29 34 30 39 43 43 52 61 77 97 92 97
Total Liabilities 171 175 206 254 300 371 400 418 410 425 507 533 684
76 83 93 106 113 180 198 218 221 234 232 234 231
CWIP 4 7 2 9 51 15 10 5 9 10 14 68 128
Investments 14 15 13 22 21 21 21 14 25 39 64 93 61
77 71 98 116 116 156 171 181 154 142 197 138 264
Total Assets 171 175 206 254 300 371 400 418 410 425 507 533 684

Cash Flows Standalone Figures in Rs. Crores / View Consolidated

Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019
14 21 1 45 36 15 34 63 87 40 13 127
-11 -15 -9 -39 -53 -38 -25 -20 -31 -29 -38 -94
-3 -10 6 -2 13 24 -4 -32 -60 -21 25 -29
Net Cash Flow -1 -4 -2 3 -4 2 6 12 -3 -10 0 3

Ratios Standalone Figures in Rs. Crores / View Consolidated

Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019
ROCE % 21% 14% 16% 28% 16% 14% 11% 15% 14% 12% 13% 19%
Debtor Days 41 36 38 36 36 42 38 38 37 34 37 30
Inventory Turnover 5.68 5.63 5.62 5.80 5.99 5.88 5.75 6.19 8.31 11.75 9.57 10.19