Avadh Sugar & Energy Ltd

₹ 646 1.02%

14 Jun - close price

avadhsugar.com BSE: 540649 NSE: AVADHSUGAR

About

Avadh Sugar & Energy Ltd is primarily engaged in the manufacture and sale of sugar and its by-products (molasses, bagasse and press-mud), spirits including ethanol and power. It was incorporated in March 2015 with the purpose of transferring sugar units in Uttar Pradesh of Oudh Sugar Mills Limited (Oudh) and Upper Ganges Sugar & Industries Limited (Upper Ganges) to a separate entity. ^[1]^[2]

Key Points

Business Division
Sugar: The Co crushed ~57 lakh Tonnesof sugarcane in FY23 with an average recovery of 10% and the sugar produced is 5 lakh tonnes
Distillery: The Co uses its entire molasses output captively to produce ethanol and alcohol, in FY23 it produced around 9 cr ltr Ethanol of which 6 cr litres was generated through the B-Heavy route
Power: The Co has bagasse-based power generation capability. It produced ~24 cr units of power during FY23. ^[1] ^[2]

Website BSE NSE

Market Cap ₹ 1,294 Cr.
Current Price ₹ 646
High / Low ₹ 855 / 480
Stock P/E 10.1
Book Value ₹ 514
Dividend Yield 1.55 %
ROCE 12.9 %
ROE 13.4 %
Face Value ₹ 10.0

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Pros

Cons

The company has delivered a poor sales growth of 4.80% over past five years.
Company has a low return on equity of 13.7% over last 3 years.
Company might be capitalizing the interest cost

* 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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Detailed Comparison with:

Quarterly Results

Figures in Rs. Crores

	Mar 2021	Jun 2021	Sep 2021	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024
	831	619	620	747	759	688	589	675	846	682	798	594	620
	724	549	545	673	674	624	589	624	706	609	720	535	499
Operating Profit	107	70	75	73	85	64	0	50	140	73	77	59	121
OPM %	13%	11%	12%	10%	11%	9%	0%	7%	17%	11%	10%	10%	20%
	2	0	1	1	2	0	5	2	2	0	1	1	1
Interest	28	28	24	16	20	22	18	12	18	26	20	12	23
Depreciation	13	13	13	13	13	12	12	13	13	13	13	14	15
Profit before tax	68	29	39	44	54	30	-25	28	111	34	44	34	84
Tax %	17%	35%	36%	35%	6%	35%	35%	36%	29%	35%	35%	35%	35%
	57	19	25	29	51	20	-16	18	79	22	29	22	55
EPS in Rs	28.27	9.47	12.61	14.42	25.65	9.84	-8.13	8.86	39.51	11.07	14.42	10.88	27.62
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Profit & Loss

Figures in Rs. Crores

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024
	0	1,873	2,336	2,130	2,559	2,711	2,744	2,798	2,694
	0	1,441	2,066	1,838	2,298	2,451	2,441	2,543	2,363
Operating Profit	-0	432	270	292	262	260	303	255	330
OPM %		23%	12%	14%	10%	10%	11%	9%	12%
	0	-2	3	3	5	6	4	9	3
Interest	0	138	114	97	116	116	88	69	82
Depreciation	0	46	44	44	45	48	51	51	55
Profit before tax	-0	247	114	154	106	101	167	144	197
Tax %	0%	18%	23%	22%	17%	23%	26%	30%	35%
	-0	203	88	120	89	78	124	100	128
EPS in Rs		101.66	44.08	59.94	44.27	38.75	62.15	50.07	64.00
Dividend Payout %	0%	0%	1%	3%	9%	10%	16%	20%	0%

Compounded Sales Growth
10 Years:	%
5 Years:	5%
3 Years:	0%
TTM:	-4%

Compounded Profit Growth
10 Years:	%
5 Years:	1%
3 Years:	18%
TTM:	33%

Stock Price CAGR
10 Years:	%
5 Years:	14%
3 Years:	23%
1 Year:	28%

Return on Equity
10 Years:	%
5 Years:	14%
3 Years:	14%
Last Year:	13%

Balance Sheet

Figures in Rs. Crores

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024
Equity Capital	0	10	10	10	20	20	20	20	20
Reserves	-0	304	381	499	572	646	790	871	1,008
Preference Capital	0	0	54	27	0	0	0	0
	0	1,363	1,299	1,525	1,596	1,375	1,215	1,068	1,317
	0	568	431	575	672	608	405	459	508
Total Liabilities	0	2,244	2,121	2,609	2,859	2,649	2,430	2,418	2,854
	0	988	983	974	966	1,085	1,077	1,165	1,187
CWIP	0	1	10	4	69	14	9	13	10
Investments	0	21	13	12	10	15	47	47	80
	0	1,235	1,115	1,618	1,814	1,535	1,298	1,192	1,577
Total Assets	0	2,244	2,121	2,609	2,859	2,649	2,430	2,418	2,854

Cash Flows

Figures in Rs. Crores

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024
	-0	146	166	-106	185	465	314	364	-77
	0	-18	-48	-29	-98	-108	-54	-124	-70
	0	-100	-144	134	-84	-358	-264	-239	147
Net Cash Flow	-0	27	-26	-1	2	-0	-4	1	-0

Ratios

Figures in Rs. Crores

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024
Debtor Days	13	13	19	16	8	11	9	6
Inventory Days	327	204	341	275	232	202	180	274
Days Payable	64	68	114	111	93	54	61	69
Cash Conversion Cycle	276	149	246	179	147	160	129	211
Working Capital Days	103	103	165	146	104	119	99	153
ROCE %	46%	13%	13%	10%	10%	13%	10%

Shareholding Pattern

Numbers in percentages

2 Recently

	Jun 2021	Sep 2021	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024
	60.35%	60.39%	60.39%	60.39%	60.39%	60.39%	60.39%	60.39%	60.39%	60.39%	60.39%	60.39%
	0.58%	0.95%	0.66%	2.33%	2.19%	2.14%	2.04%	1.89%	2.20%	3.88%	4.18%	4.13%
	0.32%	0.32%	0.31%	0.28%	0.28%	0.37%	0.32%	0.32%	0.30%	0.31%	0.85%	0.98%
	38.75%	38.34%	38.64%	37.00%	37.14%	37.10%	37.26%	37.41%	37.11%	35.43%	34.58%	34.50%
No. of Shareholders	21,363	24,849	24,493	24,904	25,433	27,067	26,302	26,527	25,362	23,136	23,069	23,220

	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024
	59.35%	60.35%	60.35%	60.35%	60.39%	60.39%	60.39%
	0.01%	0.03%	0.00%	0.00%	2.33%	1.89%	4.13%
	3.82%	2.16%	0.47%	0.32%	0.28%	0.32%	0.98%
	36.81%	37.45%	39.18%	39.33%	37.00%	37.41%	34.50%
No. of Shareholders	17,432	16,736	18,837	19,100	24,904	26,527	23,220

* The classifications might have changed from Sep'2022 onwards. The new XBRL format added more details from Sep'22 onwards.

Classifications such as banks and foreign portfolio investors were not available earlier. The sudden changes in FII or DII can be because of these changes.

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