Dwarikesh Sugar Industries Ltd

₹ 93.6 -2.09%
27 Jan - close price
dwarikesh.com BSE: 532610 NSE : DWARKESH
About

Dwarikesh Sugar Industries Ltd is primarily engaged in manufacturing of sugar and allied products. It has strong presence in fields such as sugar manufacturing, power and ethanol/ industrial alcohol production.[1]

Key Points

Revenue Breakup
Presently, Sugar accounts for ~80% revenues of the company, followed by Cogen Power (13%) and Distillery (Ethanol and industrial alcohol) business (7%).
Sales from distillery business tripled in FY21 when compared to FY20.[1]

Website BSE NSE
  • Market Cap ₹ 1,763 Cr.
  • Current Price ₹ 93.6
  • High / Low ₹ 148 / 79.0
  • Stock P/E 13.0
  • Book Value ₹ 38.3
  • Dividend Yield 2.14 %
  • ROCE 21.0 %
  • ROE 24.8 %
  • Face Value ₹ 1.00
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Pros

  • Company has reduced debt.
  • Company is expected to give good quarter
  • Company has been maintaining a healthy dividend payout of 25.2%
  • Company's working capital requirements have reduced from 146 days to 112 days

Cons

  • Company might be capitalizing the interest cost

* 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

Standalone Figures in Rs. Crores / View Consolidated

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
175.90 319.52 461.75 440.35 417.39 381.14 599.96 392.22 505.78 601.35 474.96 646.46 540.11
157.58 294.03 405.85 390.19 371.86 358.01 517.55 333.68 431.07 546.29 372.52 573.16 511.80
Operating Profit 18.32 25.49 55.90 50.16 45.53 23.13 82.41 58.54 74.71 55.06 102.44 73.30 28.31
OPM % 10.42% 7.98% 12.11% 11.39% 10.91% 6.07% 13.74% 14.93% 14.77% 9.16% 21.57% 11.34% 5.24%
1.22 1.19 1.46 0.47 1.23 4.05 1.35 1.04 0.67 0.97 0.52 1.95 2.31
Interest 7.47 5.11 10.18 15.05 12.84 9.63 10.12 13.71 8.60 3.89 5.45 7.76 6.16
Depreciation 8.33 10.07 10.12 10.06 10.19 10.28 10.36 10.24 10.59 11.03 11.77 10.79 13.27
Profit before tax 3.74 11.50 37.06 25.52 23.73 7.27 63.28 35.63 56.19 41.11 85.74 56.70 11.19
Tax % -26.74% 60.61% -19.43% 29.04% 25.28% -2.75% 23.77% 23.97% 29.49% 29.75% 30.48% 30.00% 29.94%
Net Profit 4.73 4.53 44.27 18.10 17.74 7.47 48.23 27.10 39.63 28.88 59.61 39.70 7.84
EPS in Rs 0.25 0.24 2.35 0.96 0.94 0.40 2.56 1.44 2.10 1.53 3.17 2.11 0.42
Raw PDF

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

Sep 2010 Sep 2011 Sep 2012 Sep 2013 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 TTM
555 593 699 928 1,128 794 1,190 1,430 1,084 1,336 1,839 1,974 2,263
492 519 605 869 1,043 686 917 1,287 955 1,200 1,638 1,683 2,004
Operating Profit 63 75 94 59 86 108 273 142 129 136 201 291 259
OPM % 11% 13% 13% 6% 8% 14% 23% 10% 12% 10% 11% 15% 11%
2 0 2 13 10 13 18 17 36 5 7 3 6
Interest 46 60 79 71 75 52 52 25 21 33 48 32 23
Depreciation 32 33 33 33 47 31 30 32 33 37 41 44 47
Profit before tax -13 -18 -16 -32 -27 39 209 102 111 72 120 219 195
Tax % 32% 26% 28% 39% 37% 1% 25% 1% 14% -3% 24% 29%
Net Profit -9 -13 -11 -19 -17 39 156 101 95 73 92 155 136
EPS in Rs -0.56 -0.81 -0.69 -1.19 -1.03 2.39 8.29 5.39 5.05 3.90 4.86 8.24 7.23
Dividend Payout % 0% 0% 0% 0% 0% 0% 12% 0% 20% 26% 26% 24%
Compounded Sales Growth
10 Years: 13%
5 Years: 11%
3 Years: 22%
TTM: 20%
Compounded Profit Growth
10 Years: 30%
5 Years: 0%
3 Years: 18%
TTM: 11%
Stock Price CAGR
10 Years: 40%
5 Years: 17%
3 Years: 34%
1 Year: -2%
Return on Equity
10 Years: 22%
5 Years: 22%
3 Years: 20%
Last Year: 25%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

Sep 2010 Sep 2011 Sep 2012 Sep 2013 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Sep 2022
32 32 32 47 47 47 19 19 19 19 19 19 19
Reserves 117 104 93 73 56 70 267 347 445 465 560 654 702
453 467 525 392 624 656 533 342 656 846 609 524 312
122 66 118 179 302 260 200 276 246 279 257 222 97
Total Liabilities 709 653 752 660 999 1,001 1,019 984 1,365 1,609 1,445 1,420 1,130
525 496 470 440 399 356 331 341 319 430 410 388 580
CWIP 1 5 0 0 0 0 1 0 16 2 1 142 4
Investments 0 0 0 0 0 0 0 0 0 0 0 0 0
183 153 282 220 600 644 687 642 1,029 1,177 1,035 889 545
Total Assets 709 653 752 660 999 1,001 1,019 984 1,365 1,609 1,445 1,420 1,130

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

Sep 2010 Sep 2011 Sep 2012 Sep 2013 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022
40 53 8 203 -151 37 141 298 -250 11 296 352
-2 -10 -3 -4 -4 -13 -5 -41 -44 -111 -18 -175
-42 -43 -4 -199 154 -20 -140 -256 292 101 -280 -178
Net Cash Flow -5 0 1 1 -1 4 -4 2 -2 1 -2 0

Ratios

Standalone Figures in Rs. Crores / View Consolidated

Sep 2010 Sep 2011 Sep 2012 Sep 2013 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022
Debtor Days 0 0 13 1 14 30 17 14 20 27 13 6
Inventory Days 137 113 169 89 195 333 286 172 388 330 223 192
Days Payable 64 6 7 45 80 89 36 70 86 75 49 24
Cash Conversion Cycle 73 107 175 44 129 273 267 116 322 281 187 174
Working Capital Days 58 30 53 -9 75 152 131 79 238 178 148 112
ROCE % 5% 7% 10% 7% 8% 11% 32% 17% 14% 9% 13% 21%

Shareholding Pattern

Numbers in percentages

2 recently
Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021 Sep 2021 Dec 2021 Mar 2022 Jun 2022 Sep 2022 Dec 2022
42.08 42.08 42.08 42.08 42.08 42.08 42.09 42.09 42.09 42.09 42.09 42.09
0.02 0.06 0.14 0.12 0.38 2.24 2.76 4.09 7.70 7.16 7.01 5.66
3.64 3.44 3.32 3.33 3.91 4.04 3.91 3.91 3.24 3.25 3.25 3.27
0.13 0.13 0.13 0.13 0.13 0.13 0.13 0.13 0.13 0.13 0.13 0.13
54.13 54.29 54.33 54.34 53.50 51.51 51.11 49.78 46.83 47.36 47.51 48.84

* 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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