Dalmia Bharat Sugar & Industries Ltd

About

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)

  • Market Cap 1,120 Cr.
  • Current Price 138
  • High / Low 156 / 39.8
  • Stock P/E 4.15
  • Book Value 223
  • Dividend Yield 1.45 %
  • ROCE 12.5 %
  • ROE 12.6 %
  • Face Value 2.00

Pros

  • Company has reduced debt.
  • Stock is trading at 0.62 times its book value
  • Company is expected to give good quarter

Cons

  • Company has a low return on equity of 10.94% for last 3 years.
  • Dividend payout has been low at 9.67% of profits over last 3 years

Peer comparison

Sector: Sugar Industry: Sugar

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Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020
653 372 422 569 584 472 504 552 882 720
569 323 387 501 488 382 450 454 685 628
Operating Profit 84 49 36 68 95 90 55 98 197 92
OPM % 13% 13% 8% 12% 16% 19% 11% 18% 22% 13%
Other Income 6 10 42 17 11 14 16 15 16 11
Interest 16 13 14 27 25 21 17 26 26 15
Depreciation 12 13 13 14 13 14 15 15 15 15
Profit before tax 62 33 51 45 69 68 39 72 173 73
Tax % 4% 2% 22% 4% 21% 27% 31% 14% 27% 24%
Net Profit 59 33 40 43 54 50 27 62 126 56
EPS in Rs 7.31 4.03 4.96 5.35 6.72 6.20 3.30 7.66 15.56 6.87
Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 TTM
1,753 2,152 667 711 997 1,190 1,150 1,166 1,686 2,244 2,018 2,034 2,658
1,252 1,692 602 648 855 1,083 1,037 939 1,308 2,010 1,781 1,774 2,216
Operating Profit 501 460 65 63 143 108 113 227 378 234 237 260 441
OPM % 29% 21% 10% 9% 14% 9% 10% 19% 22% 10% 12% 13% 17%
Other Income -48 49 24 29 15 20 16 22 24 25 75 133 58
Interest 147 176 48 50 66 76 78 87 102 69 69 88 83
Depreciation 87 132 39 42 73 49 51 113 56 54 52 57 60
Profit before tax 218 201 1 1 19 3 0 47 244 136 192 247 357
Tax % 47% 34% -214% -44% 3% -17% -414% -23% 24% 10% 9% 22%
Net Profit 141 177 4 1 18 3 1 58 186 122 175 193 270
EPS in Rs 17.45 21.91 0.47 0.11 2.27 0.38 0.18 7.22 23.02 15.12 21.65 23.88 33.39
Dividend Payout % 17% 9% 54% -0% 11% -0% -0% 8% 9% 13% 7% 8%
Compounded Sales Growth
10 Years:-1%
5 Years:12%
3 Years:6%
TTM:30%
Compounded Profit Growth
10 Years:1%
5 Years:123%
3 Years:1%
TTM:44%
Stock Price CAGR
10 Years:13%
5 Years:16%
3 Years:-2%
1 Year:66%
Return on Equity
10 Years:9%
5 Years:12%
3 Years:11%
Last Year:13%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Sep 2020
17 17 16 16 16 16 16 16 16 16 16 16 16
Reserves 1,260 1,410 425 425 443 446 444 496 1,245 1,488 1,516 1,503 1,787
Borrowings 2,338 2,895 659 710 786 812 931 1,138 1,214 776 1,037 1,277 366
900 797 228 327 426 444 443 411 459 633 621 642 668
Total Liabilities 4,514 5,119 1,328 1,479 1,670 1,718 1,834 2,061 2,935 2,913 3,189 3,438 2,837
2,075 2,669 596 574 636 767 746 752 1,280 1,293 1,316 1,353 1,333
CWIP 804 385 10 5 17 14 28 7 2 7 11 6 13
Investments 564 725 39 42 62 79 84 94 366 626 417 359 563
1,072 1,340 683 857 956 858 976 1,208 1,287 987 1,445 1,720 928
Total Assets 4,514 5,119 1,328 1,479 1,670 1,718 1,834 2,061 2,935 2,913 3,189 3,438 2,837

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020
520 225 104 36 95 266 -11 -24 155 706 -220 72
-1,168 -430 -26 -15 -157 -184 -43 -77 -144 -178 -29 -179
504 334 -149 1 12 -61 42 112 2 -528 219 145
Net Cash Flow -145 128 -71 22 -50 21 -13 11 13 1 -31 38

Ratios

Consolidated Figures in Rs. Crores / View Standalone

Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020
ROCE % 14% 9% 2% 4% 7% 6% 5% 8% 17% 9% 10% 12%
Debtor Days 45 36 11 39 21 6 25 33 24 12 37 30
Inventory Turnover 1.47 1.68 0.83 1.00 1.08 1.37 1.29 0.90 1.10 1.99 1.58 1.21

Shareholding Pattern

Numbers in percentages

Dec 2017 Mar 2018 Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020
74.91 74.91 74.91 74.91 74.91 74.91 74.91 74.91 74.91 74.91 74.91 74.91
0.85 0.88 0.63 0.45 1.26 2.59 2.96 2.01 0.82 0.39 0.36 0.66
1.99 1.88 1.92 1.86 1.89 1.89 1.91 1.88 1.87 1.86 1.86 0.32
0.16 0.16 0.16 0.16 0.16 0.16 0.16 0.16 0.16 0.16 0.16 0.16
22.09 22.17 22.38 22.62 21.77 20.45 20.06 21.04 22.24 22.68 22.70 23.95

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