Bannari Amman Sugars Ltd

Bannari Amm.Sug. Summary Chart Analysis Peers Quarters Profit & Loss Balance Sheet Cash Flow Ratios Investors Documents

Bannari Amman Sugars Ltd

₹ 2,518 -0.26%
05 Dec 4:01 p.m.
bannari.com BSE: 500041 NSE : BANARISUG
About

Bannari Amman Sugars Limited is one of the leading sugar manufacturers in India. It has three sugar factories with cogeneration plants in Tamilnadu and two sugar factories with co-generation plants in Karnataka. It has two distillery units one in Tamilnadu and another in Karnataka. It has a Granite Processing unit in Tamilnadu. The company also has windmills which are located in the southern part of Tamilnadu. [1]

Key Points

FY22 Business Segments
Sugar (84% of revenue)- [1]
It has an installed capacity of 23700 Tons per day (TCD) for cane crushing across all 5 units. 3 facilities are located in Tamilnadu and 2 in Karnataka. It established its first sugar factory in the year 1986 with a crushing capacity of 1250 TCPD.[2][3] In the sugar business it sells sugar (77% revenue) and other by-products like Molasses, Bagasse, Bioproducts, fertilizer & pesticides. (together generates 7% of total revenue). [4]

Website BSE NSE
  • Market Cap ₹ 3,159 Cr.
  • Current Price ₹ 2,518
  • High / Low ₹ 3,086 / 2,355
  • Stock P/E 20.6
  • Book Value ₹ 1,275
  • Dividend Yield 0.50 %
  • ROCE 11.9 %
  • ROE 9.64 %
  • Face Value ₹ 10.0
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Pros

  • Company has reduced debt.
  • Debtor days have improved from 40.4 to 20.4 days.
  • Company's working capital requirements have reduced from 214 days to 146 days

Cons

  • Company has a low return on equity of 7.50% over last 3 years.
  • Company might be capitalizing the interest cost
  • Dividend payout has been low at 13.4% 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

Figures in Rs. Crores

Sep 2020 Dec 2020 Mar 2021 Jun 2021 Sep 2021 Dec 2021 Mar 2022 Jun 2022 Sep 2022 Dec 2022 Mar 2023 Jun 2023 Sep 2023
410 453 372 373 447 716 462 427 510 932 656 431 600
351 390 327 345 395 650 392 392 442 835 553 387 508
Operating Profit 59 63 45 28 52 65 70 35 68 98 103 44 92
OPM % 14% 14% 12% 8% 12% 9% 15% 8% 13% 10% 16% 10% 15%
1 5 3 1 1 1 2 34 2 2 2 1 2
Interest 10 10 9 8 7 8 9 13 13 13 10 10 7
Depreciation 17 17 16 15 15 15 22 18 19 19 18 14 14
Profit before tax 34 41 23 6 31 44 41 38 38 68 76 20 73
Tax % 24% 23% 4% 12% 32% 33% 41% 33% 29% 40% 35% 33% 33%
26 32 22 5 21 30 24 26 27 41 50 14 49
EPS in Rs 20.38 25.46 17.42 4.02 16.84 23.56 19.36 20.49 21.48 32.58 39.81 10.84 38.92
Raw PDF

Profit & Loss

Figures in Rs. Crores

Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 TTM
1,182 1,337 651 930 1,456 1,752 1,481 1,125 1,609 1,563 1,998 2,526 2,620
956 1,052 503 802 1,251 1,404 1,270 943 1,378 1,352 1,780 2,221 2,283
Operating Profit 227 285 148 128 204 348 211 182 231 211 218 304 337
OPM % 19% 21% 23% 14% 14% 20% 14% 16% 14% 13% 11% 12% 13%
3 -6 -2 16 3 6 5 8 4 9 3 39 7
Interest 51 45 62 93 116 97 34 30 44 39 32 49 41
Depreciation 67 60 52 51 62 69 70 67 65 66 68 74 66
Profit before tax 112 174 32 0 30 187 112 93 126 115 122 220 237
Tax % 6% 18% 11% -209% -7% 22% 22% 18% 24% 20% 34% 35%
106 142 29 1 32 145 87 76 96 92 80 143 153
EPS in Rs 92.37 124.56 25.08 0.90 27.73 115.77 69.59 60.56 76.27 73.48 63.78 114.35 122.15
Dividend Payout % 11% 10% 50% 278% 27% 11% 14% 17% 13% 14% 16% 11%
Compounded Sales Growth
10 Years: 7%
5 Years: 11%
3 Years: 16%
TTM: 24%
Compounded Profit Growth
10 Years: 0%
5 Years: 10%
3 Years: 14%
TTM: 44%
Stock Price CAGR
10 Years: 13%
5 Years: 11%
3 Years: 22%
1 Year: -17%
Return on Equity
10 Years: 7%
5 Years: 7%
3 Years: 8%
Last Year: 10%

Balance Sheet

Figures in Rs. Crores

Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Sep 2023
Equity Capital 11 11 11 11 11 13 13 13 13 13 13 13 13
Reserves 804 931 943 940 920 1,055 1,123 1,183 1,262 1,344 1,411 1,539 1,587
495 458 1,052 1,221 1,534 1,038 508 769 996 872 961 581 374
252 315 274 232 355 297 143 237 164 163 184 226 262
Total Liabilities 1,563 1,715 2,281 2,405 2,821 2,402 1,786 2,202 2,434 2,390 2,569 2,359 2,235
686 669 632 917 1,138 1,103 1,082 1,026 1,004 954 1,049 1,079 1,061
CWIP 23 33 268 22 15 34 4 24 90 145 61 22 64
Investments 1 0 0 0 1 2 1 1 1 1 1 2 3
853 1,013 1,381 1,466 1,667 1,263 699 1,151 1,340 1,291 1,458 1,257 1,107
Total Assets 1,563 1,715 2,281 2,405 2,821 2,402 1,786 2,202 2,434 2,390 2,569 2,359 2,235

Cash Flows

Figures in Rs. Crores

Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023
171 158 -255 20 178 645 588 -192 -57 236 33 502
-40 -57 -253 -74 -275 -52 -16 -27 -106 -61 -75 -57
-129 -103 509 61 107 -604 -579 219 167 -179 42 -443
Net Cash Flow 1 -1 0 7 10 -11 -6 0 4 -5 -0 3

Ratios

Figures in Rs. Crores

Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023
Debtor Days 29 27 23 16 33 24 17 42 43 38 63 20
Inventory Days 320 348 1,542 757 485 296 188 529 330 339 255 205
Days Payable 48 60 97 39 50 27 28 95 21 20 22 17
Cash Conversion Cycle 301 315 1,468 734 468 293 176 476 352 356 296 209
Working Capital Days 165 178 602 465 278 164 114 274 255 260 234 146
ROCE % 13% 17% 6% 4% 6% 12% 8% 7% 8% 7% 7% 12%

Shareholding Pattern

Numbers in percentages

Dec 2020Mar 2021Jun 2021Sep 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023
58.70% 58.70% 58.70% 58.70% 58.70% 58.70% 58.70% 58.69% 58.69% 58.69% 58.69% 58.69%
0.15% 0.15% 0.15% 0.17% 0.21% 0.23% 0.26% 0.27% 0.26% 0.26% 0.26% 0.26%
0.09% 0.09% 0.09% 0.10% 0.09% 0.06% 0.00% 0.00% 0.00% 0.01% 0.00% 0.00%
41.06% 41.06% 41.06% 41.04% 41.00% 41.01% 41.04% 41.04% 41.05% 41.04% 41.04% 41.03%
No. of Shareholders 6,1556,0246,9756,8627,6478,6438,6188,2908,1777,8957,8618,462

* 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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