Davangere Sugar Company Ltd

Davangere Sugar Company Ltd

₹ 105 -1.78%
23 Feb - close price
About

Incorporated in 1970, Davangere Sugar is in the business of Sugar Manufacturing (By-product Molasses) from Sugarcane and Co-generation of Electricity Power[1]

Key Points

Ethnol Plant:[1]
Company commenced commercial operations of molasses based ethanol plant in Q1FY23. This new distillery unit was setup with a total cost of 99.31 cr. which will reduce dependence over sugar segment

  • Market Cap 992 Cr.
  • Current Price 105
  • High / Low 120 / 49.2
  • Stock P/E 61.0
  • Book Value 33.4
  • Dividend Yield 0.00 %
  • ROCE 8.41 %
  • ROE 4.72 %
  • Face Value 10.0

Pros

  • Company has delivered good profit growth of 28.8% CAGR over last 5 years
  • Debtor days have improved from 70.9 to 27.8 days.

Cons

  • Stock is trading at 3.14 times its book value
  • Though the company is reporting repeated profits, it is not paying out dividend
  • Company has low interest coverage ratio.
  • Company has a low return on equity of 2.77% over last 3 years.

* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.

Peer comparison

Sector: Sugar Industry: Sugar

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Quarterly Results

Figures in Rs. Crores

Dec 2020 Mar 2021 Jun 2021 Sep 2021 Dec 2021 Mar 2022 Jun 2022 Sep 2022 Dec 2022 Mar 2023 Jun 2023 Sep 2023 Dec 2023
48.40 57.95 19.33 14.51 48.99 47.40 46.19 50.93 94.71 88.13 47.73 26.92 78.31
32.36 56.42 17.20 9.47 34.87 34.28 37.09 39.68 77.79 69.67 40.47 15.44 62.39
Operating Profit 16.04 1.53 2.13 5.04 14.12 13.12 9.10 11.25 16.92 18.46 7.26 11.48 15.92
OPM % 33.14% 2.64% 11.02% 34.73% 28.82% 27.68% 19.70% 22.09% 17.87% 20.95% 15.21% 42.64% 20.33%
0.19 3.08 0.00 0.01 0.08 0.14 1.20 0.51 0.25 -1.32 3.72 0.32 0.53
Interest 8.14 1.29 3.23 3.63 5.14 7.10 6.92 7.48 9.33 3.40 6.68 7.37 6.64
Depreciation 2.25 2.13 2.22 2.22 2.22 2.22 2.22 2.22 4.86 2.27 2.89 2.89 2.89
Profit before tax 5.84 1.19 -3.32 -0.80 6.84 3.94 1.16 2.06 2.98 11.47 1.41 1.54 6.92
Tax % 0.00% 28.57% 0.00% 3.75% 7.16% 24.87% 29.31% 26.70% 22.82% 25.28% 21.28% 37.01% 18.79%
5.84 0.85 -3.32 -0.76 6.35 2.95 0.82 1.52 2.30 8.57 1.10 0.97 5.61
EPS in Rs 0.62 0.09 -0.35 -0.08 0.67 0.31 0.09 0.16 0.24 0.91 0.12 0.10 0.60
Raw PDF

Profit & Loss

Figures in Rs. Crores

Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 TTM
173 64 114 203 145 124 280 241
150 66 82 170 135 90 224 188
Operating Profit 23 -2 31 33 10 34 56 53
OPM % 13% -4% 27% 16% 7% 28% 20% 22%
0 18 0 0 3 0 1 3
Interest 14 14 18 22 1 19 27 24
Depreciation 9 9 9 9 9 9 12 11
Profit before tax 1 -7 5 3 3 7 18 21
Tax % 309% -25% 31% 21% 22% 15% 25%
-2 -9 3 2 2 6 13 16
EPS in Rs -0.22 -1.14 0.34 0.22 0.27 0.60 1.41 1.73
Dividend Payout % 0% 0% 0% 0% 0% 0% 0%
Compounded Sales Growth
10 Years: %
5 Years: 34%
3 Years: 11%
TTM: 1%
Compounded Profit Growth
10 Years: %
5 Years: 29%
3 Years: 80%
TTM: 114%
Stock Price CAGR
10 Years: %
5 Years: %
3 Years: %
1 Year: 50%
Return on Equity
10 Years: %
5 Years: 3%
3 Years: 3%
Last Year: 5%

Balance Sheet

Figures in Rs. Crores

Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Sep 2023
Equity Capital 45 45 56 56 56 56 94 94
Reserves 53 44 36 187 190 196 218 220
105 122 149 116 132 259 245 246
63 80 87 95 61 63 40 40
Total Liabilities 265 291 328 454 439 574 597 600
145 136 128 280 271 346 350 345
CWIP 12 5 5 0 0 0 0 0
Investments 0 0 1 2 2 4 4 4
109 149 194 173 165 224 243 250
Total Assets 265 291 328 454 439 574 597 600

Cash Flows

Figures in Rs. Crores

Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023
68 6 -30 59 6 -68 81
-9 6 -2 -2 -1 -85 -20
-61 -9 27 -52 6 144 -65
Net Cash Flow -2 2 -5 6 10 -9 -5

Ratios

Figures in Rs. Crores

Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023
Debtor Days 43 60 63 43 80 105 28
Inventory Days 456 359 632 116 157 656 197
Days Payable 25 11 34 7 0 23 33
Cash Conversion Cycle 474 407 662 151 236 738 192
Working Capital Days 99 715 545 225 351 595 276
ROCE % 3% 10% 8% 1% 6% 8%

Shareholding Pattern

Numbers in percentages

2 Recently
Mar 2021Jun 2021Sep 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023
74.07% 74.07% 74.07% 74.07% 74.07% 74.07% 74.46% 74.46% 74.46% 74.46% 74.46% 74.36%
25.93% 25.93% 25.93% 25.93% 25.93% 25.93% 25.55% 25.56% 25.55% 25.54% 25.54% 25.65%
No. of Shareholders 10,22110,22110,22210,22110,2219,1699,4349,6139,7329,90110,32610,407

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