Bajaj Hindusthan Sugar Ltd

₹ 14.9 4.56%
31 Jan - close price
bajajhindusthan.com BSE: 500032 NSE : BAJAJHIND
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]

Website BSE NSE
  • Market Cap ₹ 1,903 Cr.
  • Current Price ₹ 14.9
  • High / Low ₹ 22.6 / 8.35
  • Stock P/E
  • Book Value ₹ 16.1
  • Dividend Yield 0.00 %
  • ROCE -0.14 %
  • ROE -11.8 %
  • Face Value ₹ 1.00
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Pros

  • Stock is trading at 0.93 times its book value

Cons

  • Company has low interest coverage ratio.
  • The company has delivered a poor sales growth of 4.85% over past five years.
  • Promoter holding is low: 25.0%
  • Company has a low return on equity of -8.42% over last 3 years.
  • Contingent liabilities of Rs.1,114 Cr.
  • Promoters have pledged 100% of their holding.
  • Earnings include an other income of Rs.32.0 Cr.

* 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

Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021 Sep 2021 Dec 2021 Mar 2022 Jun 2022 Sep 2022
1,427 1,724 1,863 1,335 1,570 1,763 1,999 1,353 1,344 1,257 1,622 1,530 1,323
1,386 1,642 1,643 1,269 1,613 1,836 1,785 1,283 1,343 1,310 1,467 1,497 1,406
Operating Profit 41 82 221 66 -44 -73 214 69 1 -53 154 33 -83
OPM % 3% 5% 12% 5% -3% -4% 11% 5% 0% -4% 10% 2% -6%
2 3 3 2 7 4 9 5 3 4 13 8 7
Interest 78 77 66 67 69 67 61 70 63 62 59 33 32
Depreciation 54 54 54 54 54 54 53 53 54 54 53 53 54
Profit before tax -90 -46 103 -53 -160 -191 109 -50 -113 -165 56 -45 -162
Tax % 0% 0% -2% 0% -0% -0% -3% 0% 0% 0% -7% 0% -0%
Net Profit -90 -46 106 -53 -160 -191 112 -50 -113 -165 60 -45 -162
EPS in Rs -0.79 -0.41 0.93 -0.47 -1.41 -1.68 0.99 -0.44 -0.88 -1.29 0.47 -0.35 -1.27
Raw PDF

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

Sep 2010 Sep 2011 Sep 2012 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 TTM
3,201 5,063 4,344 6,645 4,535 4,690 4,399 5,847 6,806 6,669 6,666 5,576 5,732
3,003 4,177 3,885 6,742 4,704 3,906 3,548 5,575 6,510 6,216 6,503 5,403 5,681
Operating Profit 198 887 459 -97 -168 785 851 272 297 454 163 172 52
OPM % 6% 18% 11% -1% -4% 17% 19% 5% 4% 7% 2% 3% 1%
626 129 202 96 124 90 96 101 96 11 22 25 32
Interest 448 664 667 1,129 889 848 802 680 322 301 264 254 186
Depreciation 344 323 362 556 258 242 243 197 204 216 216 215 214
Profit before tax 32 28 -368 -1,686 -1,191 -216 -98 -505 -134 -52 -294 -272 -316
Tax % -29% 24% 25% -1% -0% 2% 6% 1% -2% 5% 1% 1%
Net Profit 41 21 -321 -1,626 -1,192 -212 -92 -500 -137 -50 -291 -268 -312
EPS in Rs 0.77 0.34 -5.01 -25.41 -14.72 -1.90 -0.81 -4.41 -1.20 -0.44 -2.57 -2.09 -2.44
Dividend Payout % 30% 43% -2% 0% 0% 0% 0% 0% 0% 0% 0% 0%
Compounded Sales Growth
10 Years: 1%
5 Years: 5%
3 Years: -6%
TTM: -11%
Compounded Profit Growth
10 Years: %
5 Years: %
3 Years: -55%
TTM: -27%
Stock Price CAGR
10 Years: -5%
5 Years: 2%
3 Years: 35%
1 Year: -8%
Return on Equity
10 Years: -17%
5 Years: -10%
3 Years: -8%
Last Year: -12%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

Sep 2010 Sep 2011 Sep 2012 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Sep 2022
23 23 64 64 81 108 110 110 110 110 110 124 124
Reserves 2,846 2,869 3,927 2,305 1,439 3,470 3,220 2,685 2,536 2,441 2,116 2,051 1,927
6,350 8,759 8,513 6,275 7,285 6,914 7,010 6,796 6,026 5,493 5,409 4,817 4,598
2,248 2,419 1,909 3,707 3,001 3,095 3,997 4,458 5,134 5,504 5,501 6,058 4,190
Total Liabilities 11,463 14,071 14,412 12,350 11,806 13,588 14,337 14,049 13,806 13,548 13,136 13,050 10,839
5,757 5,741 5,500 5,059 4,944 7,974 7,736 7,543 7,397 7,194 6,993 6,805 6,699
CWIP 931 2,221 1,819 17 18 29 46 75 26 53 35 8 11
Investments 694 694 1,223 2,334 2,451 1,302 1,278 1,225 1,191 1,136 1,085 1,918 1,918
4,081 5,414 5,870 4,940 4,393 4,283 5,277 5,206 5,192 5,165 5,022 4,318 2,210
Total Assets 11,463 14,071 14,412 12,350 11,806 13,588 14,337 14,049 13,806 13,548 13,136 13,050 10,839

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Sep 2010 Sep 2011 Sep 2012 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022
-759 1,889 -559 1,063 -365 379 700 953 1,118 910 332 619
-971 -3,834 -2,605 -4,185 -179 -2 -14 -29 -4 -21 22 13
2,128 2,141 2,951 2,741 476 -386 -707 -918 -1,098 -839 -384 -654
Net Cash Flow 398 196 -213 -380 -68 -9 -20 6 16 50 -30 -22

Ratios

Consolidated Figures in Rs. Crores / View Standalone

Sep 2010 Sep 2011 Sep 2012 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022
Debtor Days 17 14 16 12 13 22 12 11 11 9 12 14
Inventory Days 323 50 61 170 192 206 366 212 175 182 169 228
Days Payable 279 30 26 179 246 235 339 251 264 299 297 340
Cash Conversion Cycle 62 34 51 3 -41 -7 39 -29 -78 -107 -116 -98
Working Capital Days 184 -61 63 17 79 62 37 32 -3 -11 -5 -81
ROCE % 3% 7% 2% -5% -4% 7% 7% 2% 2% 3% -0% -0%

Shareholding Pattern

Numbers in percentages

16 recently
Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021 Sep 2021 Dec 2021 Mar 2022 Jun 2022 Sep 2022 Dec 2022
15.43 15.43 15.43 15.43 15.43 15.43 24.95 24.95 24.95 24.95 24.96 24.96
2.25 1.72 0.95 0.36 0.14 0.44 0.75 0.94 1.20 1.38 1.59 1.60
43.93 43.21 42.60 42.05 39.90 37.21 26.60 26.49 21.54 19.05 15.64 15.27
38.23 39.48 40.86 42.00 44.36 46.76 47.55 47.48 52.17 54.48 57.67 58.03
0.16 0.16 0.16 0.16 0.16 0.16 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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