Balrampur Chini Mills Ltd

Balrampur Chini Mills is engaged in transforming from an integrated sugar manufacturer to a predominantly green energy organisation.(Source : 201903 Annual Report Page No: 03)

Pros:
Company has good consistent profit growth of 153.61% over 5 years
Company has a good return on equity (ROE) track record: 3 Years ROE 29.15%
Cons:
Tax rate seems low
Company might be capitalizing the interest cost
Debtor days have increased from 23.60 to 38.33 days
** Remarks:
Some businesses are provided tax benefits to encourage their development

Peer Comparison Sector: Sugar // Industry: Sugar

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Quarterly Results Standalone Figures in Rs. Crores / View Consolidated

Sep 2016 Dec 2016 Mar 2017 Jun 2017 Sep 2017 Dec 2017 Mar 2018 Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019
887 937 846 1,078 1,237 1,002 1,026 1,003 1,015 941 1,327 948
715 691 581 872 1,093 892 1,034 873 874 781 1,069 773
Operating Profit 173 246 265 207 144 109 -8 129 141 160 258 176
OPM % 19% 26% 31% 19% 12% 11% -1% 13% 14% 17% 19% 19%
Other Income 4 10 6 7 4 6 11 6 8 22 8 5
Interest 12 3 19 26 13 1 12 17 8 2 14 23
Depreciation 27 26 25 24 24 24 23 23 24 25 24 24
Profit before tax 137 228 226 163 111 90 -32 95 117 154 229 134
Tax % 23% 23% 11% 27% 26% 32% -33% 23% 22% 22% -25% 20%
Net Profit 106 175 200 120 82 61 -43 74 91 120 286 107
EPS in Rs 4.33 7.15 8.29 5.11 3.51 2.61 -1.82 3.22 3.98 5.27 12.51 4.71
Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes

Profit & Loss Standalone Figures in Rs. Crores / View Consolidated

Sep 2007 Sep 2008 Sep 2009 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 TTM
1,374 1,453 1,698 2,977 2,310 3,275 2,665 2,987 2,757 3,460 4,343 4,286 4,232
1,286 1,138 1,245 2,444 2,071 2,854 2,446 2,860 2,346 2,561 3,891 3,597 3,496
Operating Profit 88 316 453 532 239 421 219 126 411 899 452 689 736
OPM % 6% 22% 27% 18% 10% 13% 8% 4% 15% 26% 10% 16% 17%
Other Income 19 25 12 10 27 42 21 15 -127 -5 28 43 42
Interest 63 101 108 149 147 144 118 102 67 55 52 41 47
Depreciation 80 117 108 168 111 108 109 116 110 105 95 96 97
Profit before tax -36 122 249 226 8 211 13 -76 108 734 332 595 634
Tax % -18% 21% 9% 27% 15% 23% 71% 24% 7% 19% 33% 4%
Net Profit -42 97 227 164 7 162 4 -58 100 592 221 571 604
EPS in Rs 0.00 3.71 8.31 4.20 0.27 6.29 0.15 0.00 4.09 24.46 9.68 24.98 26.47
Dividend Payout % -0% 13% 34% 12% 0% 30% 0% -0% 0% 14% 26% 10%
* Sales is net of excise duty and discounts
Compounded Sales Growth
10 Years:11.42%
5 Years:9.97%
3 Years:15.85%
TTM:-0.82%
Compounded Profit Growth
10 Years:19.11%
5 Years:153.61%
3 Years:33.33%
TTM:245.58%
Stock Price CAGR
10 Years:0.73%
5 Years:24.61%
3 Years:10.34%
1 Year:63.85%
Return on Equity
10 Years:16.14%
5 Years:22.04%
3 Years:29.15%
Last Year:30.62%

Balance Sheet Standalone Figures in Rs. Crores / View Consolidated

Sep 2007 Sep 2008 Sep 2009 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019
25 26 26 26 24 24 24 24 24 24 23 23
Reserves 839 990 1,150 1,272 1,194 1,299 1,194 1,105 1,207 1,518 1,564 2,060
Borrowings 1,286 1,351 972 2,007 1,984 1,760 1,524 1,675 1,661 1,782 990 1,734
622 501 519 566 1,064 1,200 1,442 1,126 905 783 1,175 1,039
Total Liabilities 2,772 2,866 2,666 3,870 4,267 4,283 4,185 3,930 3,797 4,107 3,752 4,855
1,588 1,876 1,770 1,710 1,612 1,521 1,522 1,375 1,339 1,412 1,446 1,422
CWIP 332 7 7 6 0 5 0 8 86 6 11 46
Investments 3 5 127 4 44 43 41 41 48 45 83 120
848 978 763 2,151 2,610 2,714 2,621 2,506 2,325 2,643 2,212 3,268
Total Assets 2,772 2,866 2,666 3,870 4,267 4,283 4,185 3,930 3,797 4,107 3,752 4,855

Cash Flows Standalone Figures in Rs. Crores / View Consolidated

Sep 2007 Sep 2008 Sep 2009 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019
98 61 642 -619 195 555 462 -76 147 346 1,180 -523
-738 -75 -23 -126 -55 -8 -63 -23 -147 -117 -159 -159
641 33 -499 745 -283 -371 -447 38 -72 -233 -1,020 682
Net Cash Flow 0 19 120 0 -144 177 -48 -62 -72 -4 0 -0

Ratios Standalone Figures in Rs. Crores / View Consolidated

Sep 2007 Sep 2008 Sep 2009 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019
ROCE % 2% 10% 16% 14% 5% 11% 5% 1% 12% 26% 13% 20%
Debtor Days 12 12 4 11 23 20 9 19 26 17 15 38
Inventory Turnover 4.35 2.94 3.78 3.24 1.32 1.69 1.34 1.59 1.56 1.66 2.11 2.08