Dalmia Bharat Sugar & Industries Ltd

Dalmia Bharat Sugar & Industries is mainly engaged in manufacturing of sugar, generation of power, manufacturing of Industrial alcohol and manufacturing of refractory products.(Source : 201903 Annual Report Page No: 88)

Pros:
Stock is trading at 0.44 times its book value
Company has good consistent profit growth of 121.81% over 5 years
Cons:
Tax rate seems low
Company has a low return on equity of 13.44% for last 3 years.
Earnings include an other income of Rs.167.69 Cr.
Debtor days have increased from 24.37 to 36.81 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

Dec 2016 Mar 2017 Jun 2017 Sep 2017 Dec 2017 Mar 2018 Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019
482 427 637 521 604 481 653 372 422 569 590 403
370 330 539 457 514 498 569 323 387 501 494 387
Operating Profit 112 98 97 64 90 -17 84 49 36 68 95 17
OPM % 23% 23% 15% 12% 15% -4% 13% 13% 8% 12% 16% 4%
Other Income 6 8 8 10 9 11 9 13 45 20 14 89
Interest 23 27 27 16 13 14 16 13 14 27 25 21
Depreciation 14 14 13 13 14 14 12 13 13 14 13 14
Profit before tax 81 63 65 45 72 -34 65 37 55 48 72 70
Tax % 40% 38% 15% 17% 25% 63% 4% 2% 21% 4% 20% 26%
Net Profit 48 39 55 37 54 -13 62 36 43 46 58 52
EPS in Rs 5.99 4.83 6.81 4.61 6.70 -1.55 7.66 4.42 5.36 5.71 7.11 6.38
Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes

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

Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 TTM
1,467 1,753 2,152 667 711 997 1,190 1,150 1,166 1,686 2,244 2,018 1,984
1,059 1,252 1,702 602 648 855 1,083 1,037 939 1,307 2,010 1,781 1,768
Operating Profit 408 501 450 65 63 143 108 113 227 378 234 237 216
OPM % 28% 29% 21% 10% 9% 14% 9% 10% 19% 22% 10% 12% 11%
Other Income 225 -7 62 23 29 14 20 16 21 24 37 87 168
Interest 113 147 176 48 50 66 76 78 87 102 69 69 86
Depreciation 86 87 132 39 42 73 49 51 113 56 54 52 54
Profit before tax 434 260 204 0 1 19 3 0 47 244 148 204 244
Tax % 20% 39% 33% -758% -48% 3% -17% -429% -23% 23% 9% 8%
Net Profit 347 159 137 3 1 18 3 1 58 187 134 187 199
EPS in Rs 42.28 19.09 16.60 0.34 0.11 2.22 0.37 0.18 7.22 23.08 16.58 23.16 24.56
Dividend Payout % 9% 15% 12% 65% 0% 11% 0% 0% 8% 9% 12% 7%
* Sales is net of excise duty and discounts
Compounded Sales Growth
10 Years:1.42%
5 Years:11.14%
3 Years:20.07%
TTM:-5.97%
Compounded Profit Growth
10 Years:-1.48%
5 Years:121.81%
3 Years:54.61%
TTM:42.44%
Stock Price CAGR
10 Years:-4.64%
5 Years:29.07%
3 Years:-9.27%
1 Year:-15.78%
Return on Equity
10 Years:8.46%
5 Years:11.70%
3 Years:13.44%
Last Year:12.20%

Balance Sheet Standalone Figures in Rs. Crores / View Consolidated

Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Sep 2019
16 16 16 16 16 16 16 16 16 16 16 16 16
Reserves 1,131 1,252 1,361 423 424 441 445 442 495 1,234 1,433 1,534 1,593
Borrowings 1,583 2,338 2,850 659 710 786 812 931 1,138 1,214 776 1,037 747
711 871 794 240 332 432 460 489 454 546 748 764 378
Total Liabilities 3,441 4,477 5,022 1,338 1,482 1,675 1,733 1,879 2,103 3,010 2,972 3,350 2,734
1,325 1,968 2,584 596 574 635 767 746 752 1,280 1,293 1,316 1,290
CWIP 501 697 248 7 1 17 13 28 6 2 7 11 83
Investments 614 667 801 39 41 60 78 83 92 275 435 288 411
1,002 1,144 1,390 697 866 963 874 1,023 1,252 1,453 1,237 1,735 951
Total Assets 3,441 4,477 5,022 1,338 1,482 1,675 1,733 1,879 2,103 3,010 2,972 3,350 2,734

Cash Flows Standalone Figures in Rs. Crores / View Consolidated

Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019
133 454 259 105 35 98 267 -11 -24 76 659 -220
-670 -994 -393 -112 -13 -160 -185 -43 -77 -65 -131 -30
520 508 290 -149 1 12 -61 42 112 2 -528 219
Net Cash Flow -17 -32 156 -156 22 -50 21 -13 11 13 1 -31

Ratios Standalone Figures in Rs. Crores / View Consolidated

Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019
ROCE % 18% 16% 10% 2% 4% 7% 6% 5% 8% 17% 9% 11%
Debtor Days 26 45 36 11 39 21 6 25 33 24 12 37
Inventory Turnover 4.26 3.43 3.48 1.11 1.32 1.53 1.76 1.73 1.44 1.74 2.53 2.19