Balrampur Chini Mills Ltd

Balrampur Chini Mills Ltd

₹ 443 0.37%
21 Jun - close price
About

Balrampur Chini Mills Limited (BCML) is one of the largest integrated sugar companies in India. The allied businesses of the Company comprise distillery operations and cogeneration of power.
BCML is one of the most efficient integrated sugar producers in the country. The Company has grown its capacity by well-planned capacity expansion projects and the acquisition of existing companies over recent years. [1]

Key Points

Manufacturing Capabilities
The company owns and operates 10 manufacturing plants in Eastern & Central Uttar Pradesh. Their manufacturing facilities are located in Balrampur, Babhnan, Tulsipur, Akbarpur, Gularia, Maizapur, Mankapur, Rauzagaon, Haidergarh and Kumbhi. It has an installed crushing capacity of ~80,000 TCD per day. Its 5 distillery units operate at a capacity of 1050 KLPD. Its 10 co-gen power units generate power output of ~176 MW.
[1][2] The commissioning of distillery at Maizapur is likely to emerge as a game-changer. The
flexibility to consume three different resources will enable this plant to operate ~330 days/yr making the ROI much faster.
[3]

  • Market Cap 8,946 Cr.
  • Current Price 443
  • High / Low 486 / 343
  • Stock P/E 20.6
  • Book Value 163
  • Dividend Yield 0.68 %
  • ROCE 13.8 %
  • ROE 14.1 %
  • Face Value 1.00

Pros

Cons

  • Stock is trading at 2.73 times its book value
  • The company has delivered a poor sales growth of 5.47% over past five years.
  • Company has a low return on equity of 13.8% over last 3 years.
  • Company might be capitalizing the interest cost
  • Dividend payout has been low at 14.1% of profits over last 3 years

* 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

Standalone Figures in Rs. Crores / View Consolidated

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
1,019 1,140 1,214 1,212 1,280 1,080 1,113 981 1,492 1,390 1,539 1,230 1,434
687 1,006 1,079 1,112 949 1,036 1,129 901 1,087 1,226 1,375 1,117 1,090
Operating Profit 332 134 135 100 331 44 -16 80 404 163 165 113 345
OPM % 33% 12% 11% 8% 26% 4% -1% 8% 27% 12% 11% 9% 24%
14 5 4 27 64 15 12 20 16 12 38 19 4
Interest 10 13 6 4 8 14 8 6 21 34 17 8 25
Depreciation 28 29 28 28 28 28 28 33 40 41 41 42 43
Profit before tax 309 97 105 95 359 17 -40 61 359 101 145 83 281
Tax % 23% 25% 22% 25% 20% 31% 22% 27% 30% 32% 27% 27% 30%
238 73 82 71 289 12 -31 44 251 69 106 60 197
EPS in Rs 11.33 3.48 3.90 3.48 14.16 0.57 -1.53 2.18 12.43 3.44 5.27 2.99 9.78
Raw PDF

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024
3,275 2,665 2,987 2,757 3,460 4,343 4,286 4,741 4,812 4,846 4,666 5,594
2,853 2,445 2,859 2,342 2,557 3,888 3,595 4,059 4,098 4,139 4,144 4,808
Operating Profit 422 220 128 414 903 454 691 682 714 707 522 786
OPM % 13% 8% 4% 15% 26% 10% 16% 14% 15% 15% 11% 14%
41 20 13 -130 -9 25 41 39 33 93 54 74
Interest 144 118 102 67 55 52 41 64 39 31 49 84
Depreciation 108 109 116 110 105 95 96 101 112 114 130 166
Profit before tax 211 13 -76 108 734 332 595 555 596 656 397 610
Tax % 23% 71% 24% 7% 19% 33% 4% 8% 21% 22% 31% 29%
162 4 -58 100 592 221 571 509 470 515 276 433
EPS in Rs 6.63 0.15 -2.36 4.09 25.20 9.68 24.98 23.15 22.37 25.22 13.66 21.47
Dividend Payout % 30% 0% 0% 0% 14% 26% 10% 11% 11% 10% 18% 14%
Compounded Sales Growth
10 Years: 8%
5 Years: 5%
3 Years: 5%
TTM: 20%
Compounded Profit Growth
10 Years: 55%
5 Years: -5%
3 Years: -2%
TTM: 58%
Stock Price CAGR
10 Years: 19%
5 Years: 26%
3 Years: 11%
1 Year: 14%
Return on Equity
10 Years: 18%
5 Years: 16%
3 Years: 14%
Last Year: 14%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024
Equity Capital 24 24 24 24 24 23 23 22 21 20 20 20
Reserves 1,299 1,194 1,105 1,207 1,518 1,564 2,060 2,348 2,543 2,738 2,855 3,259
1,760 1,524 1,675 1,661 1,782 990 1,734 1,482 1,240 1,211 1,880 2,009
1,143 1,415 1,099 804 672 1,084 841 896 758 508 647 639
Total Liabilities 4,226 4,157 3,903 3,697 3,995 3,661 4,657 4,749 4,562 4,477 5,402 5,928
1,521 1,522 1,375 1,339 1,412 1,446 1,422 1,624 1,599 1,634 2,599 2,639
CWIP 5 0 8 86 6 11 46 12 14 204 24 46
Investments 43 41 41 48 45 83 120 185 177 158 236 181
2,657 2,594 2,479 2,224 2,532 2,121 3,070 2,927 2,772 2,482 2,543 3,062
Total Assets 4,226 4,157 3,903 3,697 3,995 3,661 4,657 4,749 4,562 4,477 5,402 5,928

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024
555 462 -76 147 346 1,180 -523 850 649 695 453 178
-8 -63 -23 -147 -117 -159 -159 -305 -81 -309 -859 -225
-371 -447 38 -72 -233 -1,020 682 -546 -569 -385 406 47
Net Cash Flow 177 -48 -62 -72 -4 0 -0 -1 -1 -0 -0 0

Ratios

Standalone Figures in Rs. Crores / View Consolidated

Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024
Debtor Days 20 9 19 26 17 15 38 18 19 10 10 8
Inventory Days 273 365 243 344 391 189 277 239 251 232 248 267
Days Payable 103 177 107 77 49 82 72 70 63 29 34 27
Cash Conversion Cycle 190 197 155 294 359 123 243 188 207 213 224 248
Working Capital Days 118 122 148 182 202 88 186 152 156 147 156 169
ROCE % 11% 5% 1% 12% 26% 13% 20% 16% 16% 16% 10%

Shareholding Pattern

Numbers in percentages

Jun 2021Sep 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024
41.21% 41.40% 42.42% 42.42% 42.42% 42.42% 42.43% 42.89% 42.89% 42.89% 42.89% 42.89%
20.79% 20.89% 19.10% 17.00% 16.22% 15.27% 13.86% 13.52% 13.67% 14.18% 10.49% 11.27%
16.24% 15.19% 16.79% 19.25% 19.28% 18.20% 19.76% 20.91% 21.32% 22.13% 21.63% 20.76%
21.76% 22.52% 21.69% 21.33% 22.08% 24.11% 23.94% 22.67% 22.11% 20.78% 24.98% 25.07%
No. of Shareholders 1,18,9851,29,1741,37,3401,73,9011,92,7462,12,3321,97,9171,87,2411,82,7251,83,3402,24,0162,39,972

* 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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