Avadh Sugar & Energy Ltd

Avadh Sugar & Energy Ltd

₹ 478 -0.82%
06 Jun 2:38 p.m.
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 ~530 lakh quintals of sugarcane in FY22 with average recovery of 10% against crushing of ~580 lakh quintals in FY21 with average recovery of ~11%.
Distillery: The Co uses its entire molasses output captively to produce ethanol and alcohol. During FY22, the distillery was in operation for 330 days against 296 days in FY21.
Power: The Co has bagasse-based power generation capability. It produced 11 crore units of power during FY22. [1]

  • Market Cap 957 Cr.
  • Current Price 478
  • High / Low 618 / 388
  • Stock P/E 9.61
  • Book Value 445
  • Dividend Yield 2.10 %
  • ROCE 10.7 %
  • ROE 11.8 %
  • Face Value 10.0

Pros

  • Stock is trading at 1.07 times its book value

Cons

  • The company has delivered a poor sales growth of 3.68% over past five years.
  • Company has a low return on equity of 13.6% 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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Quarterly Results

Figures in Rs. Crores

Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021 Sep 2021 Dec 2021 Mar 2022 Jun 2022 Sep 2022 Dec 2022 Mar 2023
773 563 620 696 831 619 620 747 759 688 589 675 846
678 508 566 653 724 549 545 673 674 624 589 624 706
Operating Profit 95 55 54 43 107 70 75 73 85 64 0 50 140
OPM % 12% 10% 9% 6% 13% 11% 12% 10% 11% 9% 0% 7% 17%
0 0 1 4 2 0 1 1 2 0 5 2 2
Interest 23 29 33 26 28 28 24 16 20 22 18 12 18
Depreciation 11 11 12 13 13 13 13 13 13 12 12 13 13
Profit before tax 61 16 10 7 68 29 39 44 54 30 -25 28 111
Tax % 1% 35% 28% 49% 17% 35% 36% 35% 6% 35% 35% 36% 29%
Net Profit 60 10 7 4 57 19 25 29 51 20 -16 18 79
EPS in Rs 30.22 5.02 3.60 1.86 28.27 9.47 12.61 14.42 25.65 9.84 -8.13 8.86 39.51
Raw PDF

Profit & Loss

Figures in Rs. Crores

Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023
0 1,873 2,336 2,130 2,559 2,711 2,744 2,798
0 1,441 2,066 1,838 2,298 2,451 2,441 2,543
Operating Profit -0 432 270 292 262 260 303 255
OPM % 23% 12% 14% 10% 10% 11% 9%
0 -2 3 3 5 6 4 9
Interest 0 138 114 97 116 116 88 69
Depreciation 0 46 44 44 45 48 51 51
Profit before tax -0 247 114 154 106 101 167 144
Tax % 0% 18% 23% 22% 17% 23% 26% 30%
Net Profit -0 203 88 120 89 78 124 100
EPS in Rs 101.66 44.08 59.94 44.27 38.75 62.15 50.07
Dividend Payout % 0% 0% 1% 3% 9% 10% 16% 20%
Compounded Sales Growth
10 Years: %
5 Years: 4%
3 Years: 3%
TTM: 2%
Compounded Profit Growth
10 Years: %
5 Years: 2%
3 Years: 4%
TTM: -19%
Stock Price CAGR
10 Years: %
5 Years: 23%
3 Years: 41%
1 Year: -20%
Return on Equity
10 Years: %
5 Years: 16%
3 Years: 14%
Last Year: 12%

Balance Sheet

Figures in Rs. Crores

Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023
0 10 64 37 20 20 20 20
Reserves -0 304 381 499 572 646 790 871
0 1,363 1,299 1,525 1,596 1,375 1,215 1,068
0 568 431 575 672 608 405 459
Total Liabilities 0 2,244 2,121 2,609 2,859 2,649 2,430 2,418
0 988 983 974 966 1,085 1,077 1,165
CWIP 0 1 10 4 69 14 9 13
Investments 0 21 13 12 10 15 47 47
0 1,235 1,115 1,618 1,814 1,535 1,298 1,192
Total Assets 0 2,244 2,121 2,609 2,859 2,649 2,430 2,418

Cash Flows

Figures in Rs. Crores

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

Ratios

Figures in Rs. Crores

Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023
Debtor Days 13 13 19 16 8 11 9
Inventory Days 327 204 341 275 232 202 180
Days Payable 64 68 114 111 93 54 61
Cash Conversion Cycle 276 149 246 179 147 160 129
Working Capital Days 103 103 165 146 104 103 99
ROCE % 46% 13% 13% 10% 10% 13% 11%

Shareholding Pattern

Numbers in percentages

Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021 Sep 2021 Dec 2021 Mar 2022 Jun 2022 Sep 2022 Dec 2022 Mar 2023
60.35 60.35 60.35 60.35 60.35 60.39 60.39 60.39 60.39 60.39 60.39 60.39
0.00 0.00 0.00 0.00 0.58 0.95 0.66 2.33 2.19 2.14 2.04 1.89
0.62 0.32 0.32 0.32 0.32 0.32 0.31 0.28 0.28 0.37 0.32 0.32
39.03 39.33 39.33 39.33 38.75 38.34 38.64 37.00 37.14 37.10 37.26 37.41

* 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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Documents

Concalls