Andhra Sugars Ltd // Commodity Chemicals

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314.55

Pros:

Stock is trading at 0.91 times its book value

Stock is providing a good dividend yield of 3.18%.

Company has been maintaining a healthy dividend payout of 28.66%

Cons:

The company has delivered a poor growth of 3.65% over past five years.

Company has a low return on equity of 8.84% 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	660.15	6.27	16817.98	3.33	1210.19	251.61	2555.08	1.71	2.08
2.	Godrej Inds.	591.85	31.97	19908.70	0.30	277.09	191.98	2316.91	17.43	0.45
3.	Guj Alkalies	443.30	6.08	3255.60	1.13	221.06	153.80	697.32	31.26	14.89
4.	Polyplex Corpn	434.15	4.20	1388.41	1.67	104.89	40.83	979.69	18.94	4.67
5.	Aarti Inds.	1215.45	31.23	9881.61	0.08	84.70	13.95	1029.39	23.38	23.25
6.	GHCL	238.25	8.71	2335.05	2.09	61.59	-60.98	754.59	1.25	18.23
7.	Jindal Poly Film	209.15	3.87	915.79	0.48	-57.43	9283.19	791.07	-57.77	9.52
8.	Andhra Sugars	314.55	8.59	852.75	3.18	8.42	-75.58	247.71	29.20	21.71

Detailed Comparison with

	Jun 2015	Sep 2015	Dec 2015	Mar 2016	Jun 2016	Sep 2016	Dec 2016	Mar 2017	Jun 2017	Sep 2017	Dec 2017	Mar 2018
	185.30	235.83	243.66	204.54	199.89	266.36	248.72	191.73	241.14	247.53	235.97	247.71
	182.12	189.86	215.37	155.13	160.56	218.80	184.30	136.55	191.81	187.89	177.74	214.75
Operating Profit	3.18	45.97	28.29	49.41	39.33	47.56	64.42	55.18	49.33	59.64	58.23	32.96
OPM %	1.72%	19.49%	11.61%	24.16%	19.68%	17.86%	25.9%	28.78%	20.46%	24.09%	24.68%	13.31%
Other Income	3.32	4.58	4.09	9.02	3.52	3.72	4.85	9.59	5.13	6.08	8.50	6.41
Depreciation	14.08	8.28	14.08	5.65	8.91	14.70	12.35	8.25	11.83	11.84	12.83	12.14
Interest	7.60	6.09	6.20	6.66	6.80	6.34	6.20	4.97	8.14	7.71	7.47	6.68
Profit before tax	-15.18	36.18	12.10	46.11	27.14	30.24	50.71	51.56	34.49	46.17	46.42	20.55
Tax	-10.40	17.97	2.43	17.21	7.45	2.55	12.05	17.09	12.66	16.65	6.91	12.15
Net Profit	-4.78	18.21	9.67	28.91	19.68	27.68	38.67	34.48	21.83	29.52	39.52	8.42

	Mar 2006	Mar 2007	Mar 2008	Mar 2009	Mar 2010	Mar 2011	Mar 2012	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	TTM
	489	576	463	571	551	505	758	832	726	778	869	906	972
	386	456	395	469	424	410	573	665	599	722	741	699	772
Operating Profit	103	119	68	102	126	94	185	166	127	55	127	207	200
OPM %	21.12%	20.74%	14.84%	17.84%	23.02%	18.7%	24.41%	20.06%	17.49%	7.16%	14.68%	22.87%	20.59%
Other Income	29	27	47	31	29	14	13	13	13	10	22	21	26
Interest	23	23	28	32	21	19	21	20	20	23	28	25	30
Depreciation	24	29	32	33	34	38	39	41	43	35	47	44	48
Profit before tax	84	93	55	68	99	51	137	119	76	7	73	159	147
Tax	24	29	12	22	33	15	44	44	21	4	27	39	48
Net Profit	60	64	42	45	66	36	93	74	54	3	46	120	99
EPS (unadj)	21.20	22.64	14.96	15.81	23.94	12.58	33.44	26.74	19.45	0.82	17.11	44.45
Dividend Payout %	33.72%	25.36%	31.84%	35.93%	20.31%	41.18%	20.32%	21.73%	24.86%	240.65%	29.22%	22.5%

	Mar 2006	Mar 2007	Mar 2008	Mar 2009	Mar 2010	Mar 2011	Mar 2012	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017
	27	27	27	27	27	27	27	27	27	27	27	27
Reserves	203	248	272	298	350	369	441	497	536	528	666	814
	326	308	347	313	210	308	308	243	281	326	266	340
Other Liabilities	246	242	284	280	270	285	333	350	373	318	253	309
Total Liabilities	802	826	931	920	858	990	1,109	1,118	1,218	1,199	1,213	1,491
	382	416	415	446	445	483	487	494	466	459	447	598
CWIP	34	22	49	32	36	5	6	6	25	19	60	27
Investments	47	50	72	74	74	75	74	78	103	103	206	357
	338	336	393	367	301	425	541	538	622	617	499	507
Total Assets	802	826	931	920	858	990	1,109	1,118	1,218	1,199	1,213	1,491

	Mar 2006	Mar 2007	Mar 2008	Mar 2009	Mar 2010	Mar 2011	Mar 2012	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017
	117	111	66	122	181	-8	52	150	56	17	166	254
	-84	-52	-55	-45	-35	-46	-38	-39	-53	-36	-64	-253
	-32	-61	-5	-79	-141	63	-15	-107	-6	20	-106	6
Net Cash Flow	1	-2	4	-3	4	8	0	3	-3	2	-3	7