Bajaj Hindusthan Sugar Ltd

Bajaj Hindusthan Sugar Ltd

₹ 14.8 -0.40%
06 Jun 2:08 p.m.
About

Bajaj Hindusthan Sugar Limited (BHSL) was incorporated in 1931 under the name ''The Hindustan Sugar Mills Limited''. The Company is engaged in the manufacture of sugar, alcohol, ethanol, and the generation of power. [1][2]

Key Points

Revenue Split
Sugar : 76% in FY22 vs 84% in FY21
Power : 13% in FY22 vs 11% in FY21
Distillery : 11% in FY22 vs 5% in FY21 [1][2]

During the year 2020-21, Distillery plants were in major maintenance so that had been run for 193 days, while in current year 2021-22, all plants had been ready for production and run for 261 days. [3]

  • Market Cap 1,896 Cr.
  • Current Price 14.8
  • High / Low 20.2 / 8.35
  • Stock P/E
  • Book Value 34.7
  • Dividend Yield 0.00 %
  • ROCE 0.91 %
  • ROE -4.03 %
  • Face Value 1.00

Pros

  • Stock is trading at 0.42 times its book value

Cons

  • Company has low interest coverage ratio.
  • The company has delivered a poor sales growth of 1.63% over past five years.
  • Promoter holding is low: 25.0%
  • Company has a low return on equity of -8.43% over last 3 years.
  • Contingent liabilities of Rs.1,114 Cr.
  • Promoters have pledged 100% of their holding.

* 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

Consolidated Figures in Rs. Crores / View Standalone

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
1,863 1,335 1,570 1,763 1,999 1,353 1,344 1,257 1,622 1,530 1,323 1,431 2,054
1,643 1,269 1,613 1,836 1,785 1,283 1,343 1,310 1,467 1,497 1,406 1,343 1,829
Operating Profit 221 66 -44 -73 214 69 1 -53 154 33 -83 88 225
OPM % 12% 5% -3% -4% 11% 5% 0% -4% 10% 2% -6% 6% 11%
3 2 7 4 9 5 3 4 13 8 7 3 5
Interest 66 67 69 67 61 70 63 62 59 33 32 95 50
Depreciation 54 54 54 54 53 53 54 54 53 53 54 54 53
Profit before tax 103 -53 -160 -191 109 -50 -113 -165 56 -45 -162 -58 127
Tax % -2% 0% -0% -0% -3% 0% 0% 0% -7% 0% -0% -0% -3%
Net Profit 106 -53 -160 -191 112 -50 -113 -165 60 -45 -162 -58 131
EPS in Rs 0.93 -0.47 -1.41 -1.68 0.99 -0.44 -0.88 -1.29 0.47 -0.35 -1.27 -0.46 1.02
Raw PDF

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

Sep 2011 Sep 2012 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023
5,063 4,344 6,645 4,535 4,690 4,399 5,847 6,806 6,669 6,666 5,576 6,338
4,177 3,885 6,742 4,704 3,906 3,548 5,575 6,510 6,216 6,503 5,403 6,075
Operating Profit 887 459 -97 -168 785 851 272 297 454 163 172 263
OPM % 18% 11% -1% -4% 17% 19% 5% 4% 7% 2% 3% 4%
129 202 96 124 90 96 101 96 11 22 25 22
Interest 664 667 1,129 889 848 802 680 322 301 264 254 210
Depreciation 323 362 556 258 242 243 197 204 216 216 215 213
Profit before tax 28 -368 -1,686 -1,191 -216 -98 -505 -134 -52 -294 -272 -138
Tax % 24% 25% -1% -0% 2% 6% 1% -2% 5% 1% 1% 2%
Net Profit 21 -321 -1,626 -1,192 -212 -92 -500 -137 -50 -291 -268 -135
EPS in Rs 0.34 -5.01 -25.41 -14.72 -1.90 -0.81 -4.41 -1.20 -0.44 -2.57 -2.09 -1.05
Dividend Payout % 43% -2% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0%
Compounded Sales Growth
10 Years: 4%
5 Years: 2%
3 Years: -2%
TTM: 14%
Compounded Profit Growth
10 Years: 5%
5 Years: 12%
3 Years: %
TTM: 48%
Stock Price CAGR
10 Years: -2%
5 Years: 16%
3 Years: 41%
1 Year: 2%
Return on Equity
10 Years: -16%
5 Years: -6%
3 Years: -8%
Last Year: -4%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

Sep 2011 Sep 2012 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023
23 64 64 81 108 110 110 110 110 110 124 124
Reserves 2,869 3,927 2,305 1,439 3,470 3,355 2,832 2,682 2,587 2,262 2,135 4,300
8,759 8,513 6,275 7,285 6,914 7,010 6,796 6,026 5,493 5,409 4,817 4,303
2,419 1,909 3,707 3,001 3,095 3,861 4,312 4,987 5,358 5,354 5,974 7,212
Total Liabilities 14,071 14,412 12,350 11,806 13,588 14,337 14,049 13,806 13,548 13,136 13,050 15,939
5,741 5,500 5,059 4,944 7,974 7,736 7,543 7,397 7,194 6,993 6,805 7,800
CWIP 2,221 1,819 17 18 29 46 75 26 53 35 8 5
Investments 694 1,223 2,334 2,451 1,302 1,278 1,225 1,191 1,136 1,085 1,918 4,480
5,414 5,870 4,940 4,393 4,283 5,277 5,206 5,192 5,165 5,022 4,318 3,654
Total Assets 14,071 14,412 12,350 11,806 13,588 14,337 14,049 13,806 13,548 13,136 13,050 15,939

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Sep 2011 Sep 2012 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023
1,889 -559 1,063 -365 379 700 953 1,118 910 332 619 792
-3,834 -2,605 -4,185 -179 -2 -14 -29 -4 -21 22 13 12
2,141 2,951 2,741 476 -386 -707 -918 -1,098 -839 -384 -654 -833
Net Cash Flow 196 -213 -380 -68 -9 -20 6 16 50 -30 -22 -29

Ratios

Consolidated Figures in Rs. Crores / View Standalone

Sep 2011 Sep 2012 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023
Debtor Days 14 16 12 13 22 12 11 11 9 12 14 8
Inventory Days 50 61 170 192 206 366 212 175 182 169 228 184
Days Payable 30 26 179 246 235 339 251 264 299 297 340 321
Cash Conversion Cycle 34 51 3 -41 -7 39 -29 -78 -107 -116 -98 -129
Working Capital Days -61 63 17 79 62 37 32 -3 -11 -5 -81 -134
ROCE % 7% 2% -5% -4% 7% 7% 2% 2% 3% -0% -0% 1%

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
15.43 15.43 15.43 15.43 15.43 24.95 24.95 24.95 24.95 24.96 24.96 24.96
1.72 0.95 0.36 0.14 0.44 0.75 0.94 1.20 1.38 1.59 1.60 1.69
43.21 42.60 42.05 39.90 37.21 26.60 26.49 21.54 19.05 15.64 15.27 15.27
39.48 40.86 42.00 44.36 46.76 47.55 47.48 52.17 54.48 57.67 58.03 57.94
0.16 0.16 0.16 0.16 0.16 0.14 0.14 0.14 0.14 0.14 0.14 0.14

* 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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