Andhra Sugars Ltd // Commodity Chemicals

Pros:
Company has reduced debt.
Stock is trading at 1.07 times its book value
Company has been maintaining a healthy dividend payout of 25.46%
Cons:
The company has delivered a poor growth of 3.04% over past five years.
Company has a low return on equity of 11.48% for last 3 years.

Peer Comparison

S.No. Name CMP Rs. P/E Mar Cap Rs.Cr. Div Yld % NP Qtr Rs.Cr. Qtr Profit Var % Sales Qtr Rs.Cr. Qtr Sales Var % ROCE %
1. Tata Chemicals 707.95 6.67 18035.73 3.11 261.63 8.21 2769.12 12.95 2.08
2. Guj Alkalies 573.70 6.76 4213.25 1.13 183.17 92.08 752.85 38.35 24.27
3. Godrej Inds. 535.90 31.25 18026.65 0.33 128.94 -15.30 3031.26 13.57 0.45
4. Polyplex Corpn 570.75 4.78 1825.26 7.01 115.38 310.75 1065.04 30.57 8.57
5. Aarti Inds. 1233.30 29.26 10026.73 0.08 89.28 41.60 1078.48 36.20 19.97
6. GHCL 234.90 8.58 2302.21 2.12 61.59 -60.98 754.59 1.25 18.23
7. Jindal Poly Film 305.20 5.54 1336.36 0.33 -57.43 9283.19 791.07 -57.77 6.83
8. Andhra Sugars 364.10 8.20 987.08 2.75 42.93 96.66 246.84 4.85 17.61

Quarterly Results Standalone Figures in Rs. Crores / View Consolidated

Sep 2015 Dec 2015 Mar 2016 Jun 2016 Sep 2016 Dec 2016 Mar 2017 Jun 2017 Sep 2017 Dec 2017 Mar 2018 Jun 2018
236 244 205 200 266 249 192 235 248 236 248 247
190 215 155 161 219 184 137 186 188 178 215 169
Operating Profit 46 28 49 39 48 64 55 49 60 58 33 78
OPM % 19.49% 11.61% 24.16% 19.68% 17.86% 25.9% 28.78% 20.95% 24.09% 24.68% 13.31% 31.43%
Other Income 5 4 9 4 4 5 10 5 6 9 6 6
Depreciation 8 14 6 9 15 12 8 12 12 13 12 12
Interest 6 6 7 7 6 6 5 8 8 7 7 5
Profit before tax 36 12 46 27 30 51 52 34 46 46 21 66
Tax 18 2 17 7 3 12 17 13 17 7 12 23
Net Profit 18 10 29 20 28 39 34 22 30 40 8 43

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

Mar 2007 Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 TTM
578 461 572 552 505 758 832 726 779 869 907 967 978
458 392 470 425 411 573 665 599 723 742 700 766 750
Operating Profit 119 69 102 127 94 185 167 127 56 128 206 200 228
OPM % 20.68% 14.94% 17.84% 23.02% 18.7% 24.41% 20.06% 17.49% 7.16% 14.68% 22.77% 20.71% 23.35%
Other Income 27 47 32 29 15 13 14 13 11 22 23 27 27
Interest 23 29 32 22 20 21 20 21 23 28 25 31 27
Depreciation 30 32 33 35 38 39 41 43 36 48 44 49 49
Profit before tax 94 55 68 100 52 138 119 76 8 74 160 148 179
Tax 29 13 23 33 15 44 45 22 4 27 39 48 59
Net Profit 64 43 45 67 36 93 75 55 3 46 121 99 120
EPS 22.64 14.96 15.81 23.94 12.58 33.44 26.74 19.45 0.82 17.11 44.45 36.63
Dividend Payout % 25.36% 31.82% 35.93% 20.3% 41.18% 20.32% 21.74% 24.84% 240.53% 29.2% 22.5% 27.3%
* Sales is net of excise duty and discounts
Compounded Sales Growth
10 Years:6.01%
5 Years:3.04%
3 Years:7.48%
TTM:3.80%
Compounded Profit Growth
10 Years:8.47%
5 Years:1.81%
3 Years:204.42%
TTM:-1.85%
Return on Equity
10 Years:12.25%
5 Years:9.52%
3 Years:11.48%
TTM:10.88%

Balance Sheet Standalone Figures in Rs. Crores / View Consolidated

Mar 2007 Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018
27 27 27 27 27 27 27 27 27 27 27 27
Reserves 248 272 299 350 369 441 497 537 528 666 814 854
Borrowings 308 348 314 210 308 308 243 282 326 266 341 250
243 285 281 271 285 334 350 373 318 254 309 299
Total Liabilities 826 932 920 858 990 1,110 1,118 1,219 1,200 1,214 1,491 1,431
417 415 446 446 484 487 495 467 460 447 599 597
CWIP 23 50 32 37 5 7 7 26 19 60 27 97
Investments 50 73 74 74 75 75 78 103 103 207 357 235
337 394 368 302 426 541 539 623 617 499 507 502
Total Assets 826 932 920 858 990 1,110 1,118 1,219 1,200 1,214 1,491 1,431

Cash Flows Standalone Figures in Rs. Crores / View Consolidated

Mar 2007 Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018
112 66 122 181 -9 53 151 57 18 166 255 163
-53 -56 -46 -36 -46 -38 -39 -53 -36 -64 -260 -8
-62 -6 -80 -141 64 -15 -108 -7 21 -106 6 -148
Net Cash Flow -3 5 -3 4 9 -1 4 -3 2 -4 1 7