Bannari Amman Sugars Ltd

₹ 2,752 1.81%
27 Jan - close price
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]

  • Market Cap 3,450 Cr.
  • Current Price 2,752
  • High / Low 3,194 / 1,951
  • Stock P/E 32.4
  • Book Value 1,167
  • Dividend Yield 0.36 %
  • ROCE 6.75 %
  • ROE 5.88 %
  • Face Value 10.0

Pros

  • Company is expected to give good quarter

Cons

  • Company has a low return on equity of 6.77% 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
  • Debtor days have increased from 47.9 to 63.1 days.

* 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 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
439 432 478 326 410 453 372 373 447 716 462 427 510
383 360 411 283 351 390 327 345 395 650 392 392 442
Operating Profit 55 71 67 43 59 63 45 28 52 65 70 35 68
OPM % 13% 16% 14% 13% 14% 14% 12% 8% 12% 9% 15% 8% 13%
1 1 1 1 1 5 3 1 1 1 2 34 2
Interest 9 10 10 11 10 10 9 8 7 7 9 13 13
Depreciation 16 16 17 16 17 17 16 15 15 15 22 18 19
Profit before tax 31 46 42 17 34 41 23 6 31 44 41 38 38
Tax % 26% 21% 25% 23% 24% 23% 4% 12% 32% 33% 41% 33% 29%
Net Profit 23 36 31 13 26 32 22 5 21 30 24 26 27
EPS in Rs 18.08 28.77 24.98 10.22 20.38 25.46 17.42 4.02 16.84 23.56 19.36 20.49 21.48
Raw PDF

Profit & Loss

Figures in Rs. Crores

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
827 1,182 1,337 651 930 1,456 1,752 1,481 1,125 1,609 1,563 1,998 2,114
681 956 1,052 503 802 1,251 1,404 1,270 943 1,378 1,352 1,780 1,876
Operating Profit 146 227 285 148 128 204 348 211 182 231 211 218 239
OPM % 18% 19% 21% 23% 14% 14% 20% 14% 16% 14% 13% 11% 11%
5 3 -6 -2 16 3 6 5 8 4 9 3 39
Interest 23 51 45 62 93 116 97 34 30 44 39 31 43
Depreciation 71 67 60 52 51 62 69 70 67 65 66 68 74
Profit before tax 56 112 174 32 0 30 187 112 93 126 115 122 161
Tax % 5% 6% 18% 11% -209% -7% 22% 22% 18% 24% 20% 34%
Net Profit 53 106 142 29 1 32 145 87 76 96 92 80 106
EPS in Rs 46.38 92.37 124.56 25.08 0.90 27.73 115.77 69.59 60.56 76.27 73.48 63.78 84.89
Dividend Payout % 22% 11% 10% 50% 278% 27% 11% 14% 17% 13% 14% 16%
Compounded Sales Growth
10 Years: 5%
5 Years: 3%
3 Years: 21%
TTM: 28%
Compounded Profit Growth
10 Years: -2%
5 Years: -11%
3 Years: 3%
TTM: 33%
Stock Price CAGR
10 Years: 12%
5 Years: 7%
3 Years: 22%
1 Year: -2%
Return on Equity
10 Years: 7%
5 Years: 7%
3 Years: 7%
Last Year: 6%

Balance Sheet

Figures in Rs. Crores

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
11 11 11 11 11 11 13 13 13 13 13 13 13
Reserves 713 804 931 943 940 919 1,055 1,123 1,183 1,262 1,344 1,411 1,451
523 495 458 1,052 1,221 1,534 1,038 508 769 996 872 961 849
260 252 315 274 232 357 297 143 237 164 163 184 252
Total Liabilities 1,507 1,563 1,715 2,281 2,405 2,821 2,402 1,786 2,202 2,434 2,390 2,569 2,565
714 686 669 632 917 1,138 1,103 1,082 1,026 1,004 954 1,049 1,073
CWIP 21 23 33 268 22 15 34 4 24 90 145 61 28
Investments 1 1 0 0 0 1 2 1 1 1 1 1 1
771 853 1,013 1,381 1,466 1,667 1,263 699 1,151 1,340 1,291 1,458 1,463
Total Assets 1,507 1,563 1,715 2,281 2,405 2,821 2,402 1,786 2,202 2,434 2,390 2,569 2,565

Cash Flows

Figures in Rs. Crores

Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022
-168 171 158 -255 20 178 645 588 -192 -57 236 32
-61 -40 -57 -253 -74 -275 -52 -16 -27 -106 -61 -75
228 -129 -103 509 61 107 -604 -579 219 167 -179 43
Net Cash Flow -1 1 -1 0 7 10 -11 -6 0 4 -5 -0

Ratios

Figures in Rs. Crores

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 44 29 27 23 16 33 24 17 42 43 38 63
Inventory Days 458 320 348 1,542 757 485 296 188 529 330 339 255
Days Payable 80 48 60 97 39 50 27 28 95 21 20 22
Cash Conversion Cycle 423 301 315 1,468 734 468 293 176 476 352 356 296
Working Capital Days 218 165 178 602 465 278 164 114 274 255 260 234
ROCE % 7% 13% 17% 6% 4% 6% 12% 8% 7% 8% 7% 7%

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
58.70 58.70 58.70 58.70 58.70 58.70 58.70 58.70 58.70 58.70 58.69 58.69
0.17 0.16 0.16 0.15 0.15 0.15 0.17 0.21 0.23 0.26 0.27 0.26
0.09 0.09 0.09 0.09 0.09 0.09 0.10 0.09 0.06 0.00 0.00 0.00
41.04 41.05 41.05 41.06 41.06 41.06 41.04 41.00 41.01 41.04 41.04 41.05

* 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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