Balrampur Chini Mills Ltd

About [ edit ]

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. ^#

Key Points [ edit ]

Manufacturing Capabilities
The company owns and operates 10 manufacturing plants in Eastern & Central Uttar Pradesh. It has an installed crushing capacity of 76500 tonnes of cane per day(CPD). Its 4 distillery units operate at a capacity of 520 KLPD. Its 8 co-gen power units possess a total power output of ~170 MW. ^#
The company has approved capex of ~320 crores for setting up its 5th distillery of 320 KLPD capacity at Maizapur unit. ^#

Website BSE NSE

Market Cap ₹ 6,557 Cr.
Current Price ₹ 312
High / Low ₹ 349 / 82.8
Stock P/E 13.5
Book Value ₹ 115
Dividend Yield 0.80 %
ROCE 15.8 %
ROE 22.2 %
Face Value ₹ 1.00

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Pros

Company has reduced debt.
Company is almost debt free.
Company is expected to give good quarter

Cons

The company has delivered a poor sales growth of 9.68% over past five years.
Tax rate seems low

Peer comparison

Sector: Sugar Industry: Sugar

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Detailed Comparison with:

Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

	Sep 2007	Jun 2018	Sep 2018	Dec 2018	Mar 2019	Jun 2019	Sep 2019	Dec 2019	Mar 2020	Jun 2020	Sep 2020	Dec 2020
	295	1,003	1,015	941	1,327	948	857	1,196	1,740	1,430	1,290	1,072
	302	873	874	781	1,069	774	702	1,086	1,499	1,213	1,162	1,036
Operating Profit	-8	129	141	160	258	174	155	110	241	217	128	36
OPM %	-3%	13%	14%	17%	19%	18%	18%	9%	14%	15%	10%	3%
Other Income	8	6	10	23	11	5	8	10	30	9	9	17
Interest	15	17	8	2	14	23	17	8	17	16	9	5
Depreciation	24	23	24	25	24	24	25	25	27	28	28	28
Profit before tax	-39	96	119	155	232	132	121	88	227	183	99	20
Tax %	0%	23%	22%	22%	-24%	20%	18%	17%	-7%	24%	21%	-33%
Net Profit	-39	74	93	121	288	106	100	72	241	139	78	27
EPS in Rs	-1.58	3.24	4.05	5.29	12.62	4.80	4.54	3.30	10.97	6.32	3.73	1.28
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Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

	Sep 2008	Sep 2009	Mar 2011	Mar 2012	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	TTM
	1,480	1,767	2,977	2,310	3,275	2,665	2,987	2,757	3,460	4,343	4,286	4,741	5,532
	1,165	1,315	2,447	2,071	2,854	2,443	2,861	2,346	2,561	3,891	3,597	4,059	4,909
Operating Profit	315	452	530	238	421	222	126	411	899	452	689	682	623
OPM %	21%	26%	18%	10%	13%	8%	4%	15%	26%	10%	16%	14%	11%
Other Income	15	5	16	26	41	23	15	-127	-4	41	50	52	65
Interest	101	109	149	147	144	118	102	67	55	52	41	64	47
Depreciation	125	116	173	116	108	110	116	110	105	95	96	101	111
Profit before tax	104	232	224	2	210	17	-76	108	735	345	602	568	529
Tax %	24%	10%	27%	74%	23%	52%	24%	7%	19%	33%	4%	9%
Net Profit	78	209	163	0	161	8	-58	100	593	232	576	519	486
EPS in Rs	3.07	8.14	6.35	0.02	6.60	0.35	-2.37	4.09	25.23	10.14	25.21	23.61	22.30
Dividend Payout %	16%	37%	12%	0%	30%	0%	0%	0%	14%	25%	10%	11%

Compounded Sales Growth
10 Years:	10%
5 Years:	10%
3 Years:	11%
TTM:	28%

Compounded Profit Growth
10 Years:	9%
5 Years:	60%
3 Years:	-5%
TTM:	-14%

Stock Price CAGR
10 Years:	17%
5 Years:	23%
3 Years:	71%
1 Year:	269%

Return on Equity
10 Years:	16%
5 Years:	24%
3 Years:	23%
Last Year:	22%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

Corporate actions

	Sep 2008	Sep 2009	Mar 2011	Mar 2012	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Sep 2020
	26	26	26	24	24	24	24	24	24	23	23	22	21
Reserves	966	1,108	1,272	1,188	1,292	1,192	1,103	1,205	1,537	1,594	2,095	2,394	2,387
Borrowings	1,380	991	2,010	1,988	1,763	1,527	1,678	1,667	1,782	990	1,734	1,482	299
	413	472	507	1,007	1,144	1,416	1,099	805	685	1,093	851	910	747
Total Liabilities	2,785	2,596	3,815	4,207	4,223	4,159	3,904	3,701	4,027	3,700	4,703	4,808	3,454
	1,936	1,823	1,717	1,615	1,523	1,524	1,377	1,340	1,412	1,446	1,422	1,624	1,586
CWIP	8	8	6	0	5	0	8	86	6	11	46	12	21
Investments	2	122	2	42	42	41	41	48	74	122	166	244	249
	839	643	2,091	2,549	2,653	2,594	2,479	2,226	2,535	2,121	3,070	2,927	1,597
Total Assets	2,785	2,596	3,815	4,207	4,223	4,159	3,904	3,701	4,027	3,700	4,703	4,808	3,454

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

	Sep 2008	Sep 2009	Mar 2011	Mar 2012	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020
	41	664	-629	196	556	462	-76	147	346	1,180	-523	850
	-81	-34	-126	-57	-9	-63	-23	-147	-117	-159	-159	-305
	59	-510	756	-283	-371	-447	38	-70	-233	-1,020	682	-546
Net Cash Flow	19	120	1	-144	176	-48	-62	-70	-4	0	-0	-1

Ratios

Consolidated Figures in Rs. Crores / View Standalone

	Sep 2008	Sep 2009	Mar 2011	Mar 2012	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020
ROCE %	9%	15%	14%	5%	11%	5%	1%	12%	26%	13%	20%	16%
Debtor Days	13	4	11	23	20	9	19	26	17	15	38	18
Inventory Turnover	1.76	2.33	2.21	1.02	1.30	1.05	1.34	1.12	1.04	1.69	1.49	1.52

Shareholding Pattern

Numbers in percentages

Jun 2018	Sep 2018	Dec 2018	Mar 2019	Jun 2019	Sep 2019	Dec 2019	Mar 2020	Jun 2020	Sep 2020	Dec 2020	Mar 2021
40.98	40.98	40.98	40.98	41.10	41.10	41.10	41.10	41.10	41.21	41.21	41.21
18.46	13.55	17.55	20.59	26.38	26.39	24.84	22.64	19.04	20.26	20.06	21.57
8.25	4.30	4.98	7.76	7.79	10.33	11.62	12.75	12.39	11.39	13.99	15.06
32.30	41.16	36.49	30.67	24.73	22.18	22.44	23.51	27.47	27.14	24.73	22.16

Balrampur Chini Mills Ltd

Peer comparison

Quarterly Results

Profit & Loss

Balance Sheet

Cash Flows

Ratios

Shareholding Pattern

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