Balrampur Chini Mills Ltd

₹ 359 -1.86%
06 Feb - close price
chini.com BSE: 500038 NSE : BALRAMCHIN
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. 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. [1]
The company has approved capex of ~320 crores for setting up its 5th distillery of 320 KLPD capacity at Maizapur unit and 40 KLPD at Gularia and 170 KLPD at Balrampur. [2]

Website BSE NSE
  • Market Cap ₹ 7,318 Cr.
  • Current Price ₹ 359
  • High / Low ₹ 526 / 307
  • Stock P/E 25.3
  • Book Value ₹ 135
  • Dividend Yield 0.70 %
  • ROCE 16.1 %
  • ROE 17.3 %
  • Face Value ₹ 1.00
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Pros

  • Company has reduced debt.

Cons

  • The company has delivered a poor sales growth of 6.97% over past five 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

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
857 1,196 1,740 1,430 1,290 1,072 1,019 1,140 1,214 1,212 1,280 1,080 1,113
702 1,086 1,499 1,213 1,162 1,036 687 1,006 1,079 1,112 950 1,036 1,129
Operating Profit 155 110 241 217 128 36 332 134 135 100 330 44 -16
OPM % 18% 9% 14% 15% 10% 3% 33% 12% 11% 8% 26% 4% -1%
8 10 30 9 9 17 11 10 6 17 11 16 15
Interest 17 8 17 16 9 5 10 13 6 4 8 14 8
Depreciation 25 25 27 28 28 28 28 29 28 28 28 28 28
Profit before tax 121 88 227 183 99 20 306 102 107 86 304 18 -37
Tax % 18% 17% -7% 24% 21% -33% 23% 25% 22% 25% 21% 31% 22%
Net Profit 100 72 241 139 78 27 236 77 83 64 240 12 -29
EPS in Rs 4.54 3.30 10.97 6.32 3.73 1.28 11.21 3.66 3.98 3.14 11.79 0.61 -1.42
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Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 TTM
2,977 2,310 3,275 2,665 2,987 2,757 3,460 4,343 4,286 4,741 4,812 4,846 4,685
2,443 2,069 2,853 2,441 2,859 2,342 2,557 3,888 3,595 4,059 4,098 4,139 4,227
Operating Profit 534 240 421 224 128 414 903 454 691 682 714 707 458
OPM % 18% 10% 13% 8% 4% 15% 26% 10% 16% 14% 15% 15% 10%
12 24 41 21 13 -130 -8 38 47 52 47 36 58
Interest 149 147 144 118 102 67 55 52 41 64 39 31 33
Depreciation 173 116 108 110 116 110 105 95 96 101 112 114 113
Profit before tax 224 2 210 17 -76 108 735 345 602 568 609 599 371
Tax % 27% 74% 23% 52% 24% 7% 19% 33% 4% 9% 21% 22%
Net Profit 163 0 161 8 -58 100 593 232 576 519 480 465 288
EPS in Rs 6.35 0.02 6.60 0.35 -2.37 4.09 25.23 10.14 25.21 23.61 22.85 22.77 14.12
Dividend Payout % 12% -0% 30% -0% -0% -0% 14% 25% 10% 11% 11% 11%
Compounded Sales Growth
10 Years: 8%
5 Years: 7%
3 Years: 4%
TTM: 5%
Compounded Profit Growth
10 Years: 101%
5 Years: -5%
3 Years: -6%
TTM: -32%
Stock Price CAGR
10 Years: 22%
5 Years: 25%
3 Years: 28%
1 Year: -19%
Return on Equity
10 Years: 19%
5 Years: 20%
3 Years: 19%
Last Year: 17%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Sep 2022
26 24 24 24 24 24 24 23 23 22 21 20 20
Reserves 1,272 1,188 1,292 1,192 1,103 1,205 1,537 1,594 2,095 2,394 2,598 2,749 2,725
2,010 1,988 1,763 1,527 1,678 1,667 1,782 990 1,734 1,482 1,240 1,211 481
507 1,007 1,144 1,416 1,099 805 685 1,093 851 910 774 512 355
Total Liabilities 3,815 4,207 4,223 4,159 3,904 3,701 4,027 3,700 4,703 4,808 4,634 4,492 3,582
1,717 1,615 1,523 1,524 1,377 1,340 1,412 1,446 1,422 1,624 1,599 1,634 1,659
CWIP 6 0 5 0 8 86 6 11 46 12 14 204 767
Investments 2 42 42 41 41 48 74 122 166 244 249 173 194
2,091 2,549 2,653 2,594 2,479 2,226 2,535 2,121 3,070 2,927 2,772 2,482 962
Total Assets 3,815 4,207 4,223 4,159 3,904 3,701 4,027 3,700 4,703 4,808 4,634 4,492 3,582

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022
-629 196 556 462 -76 147 346 1,180 -523 850 649 695
-126 -57 -9 -63 -23 -147 -117 -159 -159 -305 -81 -309
756 -283 -371 -447 38 -70 -233 -1,020 682 -546 -569 -385
Net Cash Flow 1 -144 176 -48 -62 -70 -4 0 -0 -1 -1 -0

Ratios

Consolidated Figures in Rs. Crores / View Standalone

Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022
Debtor Days 11 23 20 9 19 26 17 15 38 18 19 10
Inventory Days 268 411 273 365 243 344 391 189 277 239 251 232
Days Payable 18 127 103 177 107 77 49 82 72 70 63 29
Cash Conversion Cycle 261 307 190 197 155 294 359 123 243 188 207 213
Working Capital Days 153 227 117 122 148 182 202 88 186 152 156 147
ROCE % 14% 5% 11% 5% 1% 12% 26% 13% 20% 16% 17% 16%

Shareholding Pattern

Numbers in percentages

Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021 Sep 2021 Dec 2021 Mar 2022 Jun 2022 Sep 2022 Dec 2022
41.10 41.10 41.21 41.21 41.21 41.21 41.40 42.42 42.42 42.42 42.42 42.43
22.64 19.04 20.26 20.06 21.57 20.79 20.89 19.10 17.00 16.22 15.27 13.86
12.75 12.39 11.39 13.99 15.06 16.24 15.19 16.79 19.25 19.28 18.20 19.76
23.51 27.47 27.14 24.73 22.16 21.76 22.52 21.69 21.33 22.08 24.11 23.94

* 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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