Dwarikesh Sugar Industries Ltd

About

Dwarikesh Sugar Industries is primarily engaged in manufacture of sugar and allied products.

  • Market Cap 572 Cr.
  • Current Price 30.4
  • High / Low 42.0 / 13.3
  • Stock P/E 6.76
  • Book Value 27.8
  • Dividend Yield 3.29 %
  • ROCE 8.55 %
  • ROE 15.5 %
  • Face Value 1.00

Pros

  • Company has reduced debt.
  • Stock is trading at 1.09 times its book value
  • Stock is providing a good dividend yield of 3.29%.
  • Company is expected to give good quarter
  • Company has a good return on equity (ROE) track record: 3 Years ROE 22.22%

Cons

  • The company has delivered a poor growth of 3.44% over past five years.
  • Tax rate seems low
  • Company might be capitalizing the interest cost

Peer comparison

Sector: Sugar Industry: Sugar

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Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

Dec 2017 Mar 2018 Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020
273 349 376 265 232 211 379 176 320 462 440 417
247 362 331 245 221 158 343 158 294 406 390 372
Operating Profit 26 -12 45 20 11 53 36 18 25 56 50 46
OPM % 10% -4% 12% 8% 5% 25% 10% 10% 8% 12% 11% 11%
Other Income 8 5 1 1 32 3 2 1 1 1 0 1
Interest 3 7 7 2 3 9 10 7 5 10 15 13
Depreciation 9 8 8 8 8 9 8 8 10 10 10 10
Profit before tax 22 -23 30 11 32 39 19 4 12 37 26 24
Tax % 4% 60% -2% 23% 24% 16% -3% -27% 61% -19% 29% 25%
Net Profit 21 -9 31 8 24 32 20 5 5 44 18 18
EPS in Rs 1.13 -0.49 1.63 0.43 1.27 1.72 1.06 0.25 0.24 2.35 0.96 0.94
Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

Sep 2008 Sep 2009 Sep 2010 Sep 2011 Sep 2012 Sep 2013 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 TTM
267 462 555 593 699 928 1,128 794 1,190 1,430 1,084 1,336 1,639
218 337 492 519 605 869 1,043 686 917 1,287 955 1,200 1,462
Operating Profit 49 124 63 75 94 59 86 108 273 142 129 136 177
OPM % 18% 27% 11% 13% 13% 6% 8% 14% 23% 10% 12% 10% 11%
Other Income 0 1 2 0 2 13 10 14 18 17 36 5 4
Interest 49 62 46 60 79 71 75 52 52 25 21 33 43
Depreciation 29 33 32 33 33 33 47 31 30 32 33 37 40
Profit before tax -29 31 -13 -18 -16 -32 -27 39 209 102 111 72 98
Tax % 16% 20% 32% 26% 28% 39% 37% 1% 25% 1% 14% -3%
Net Profit -25 25 -9 -13 -11 -19 -17 39 156 101 95 73 85
EPS in Rs -1.52 1.54 -0.56 -0.81 -0.69 -1.19 -1.03 2.39 8.29 5.39 5.05 3.90 4.49
Dividend Payout % -0% 10% -0% -0% -0% -0% -0% -0% 12% -0% 20% 26%
Compounded Sales Growth
10 Years:11%
5 Years:3%
3 Years:4%
TTM:64%
Compounded Profit Growth
10 Years:11%
5 Years:45%
3 Years:-22%
TTM:5%
Stock Price CAGR
10 Years:12%
5 Years:30%
3 Years:-19%
1 Year:26%
Return on Equity
10 Years:18%
5 Years:30%
3 Years:22%
Last Year:16%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

Sep 2008 Sep 2009 Sep 2010 Sep 2011 Sep 2012 Sep 2013 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Sep 2020
32 32 32 32 32 47 47 47 19 19 19 19 19
Reserves 106 126 117 104 93 73 56 70 267 347 445 465 504
Borrowings 590 449 453 467 525 392 624 656 533 342 656 846 498
103 92 122 66 118 179 302 260 200 276 246 279 230
Total Liabilities 817 684 709 653 752 660 999 1,001 1,019 984 1,365 1,609 1,251
586 555 525 496 470 440 399 356 331 341 319 430 418
CWIP 1 0 1 5 0 -0 0 0 1 0 16 2 -0
Investments 0 0 0 0 0 0 0 0 0 0 0 0 0
230 128 183 153 282 220 600 644 687 642 1,029 1,177 832
Total Assets 817 684 709 653 752 660 999 1,001 1,019 984 1,365 1,609 1,251

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

Sep 2008 Sep 2009 Sep 2010 Sep 2011 Sep 2012 Sep 2013 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020
-58 212 40 53 8 203 -151 37 141 298 -250 11
-54 -2 -2 -10 -3 -4 -4 -13 -5 -41 -44 -119
109 -209 -42 -43 -4 -199 154 -20 -140 -256 292 109
Net Cash Flow -3 2 -5 0 1 1 -1 4 -4 2 -2 1

Ratios

Standalone Figures in Rs. Crores / View Consolidated

Sep 2008 Sep 2009 Sep 2010 Sep 2011 Sep 2012 Sep 2013 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020
ROCE % 3% 14% 5% 7% 10% 7% 8% 11% 32% 17% 14% 9%
Debtor Days 3 1 0 0 13 1 14 30 17 14 20 27
Inventory Turnover 1.09 2.09 3.42 3.06 2.77 3.66 2.69 1.15 1.36 1.98 1.15 1.16

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
41.87 41.87 41.87 41.87 41.87 41.87 41.87 41.87 41.87 42.08 42.08 42.08
5.87 5.64 1.86 0.23 0.43 0.06 0.04 0.00 0.00 0.02 0.06 0.14
2.18 2.14 2.21 3.19 2.90 3.14 3.60 3.11 2.99 3.64 3.44 3.32
0.13 0.13 0.13 0.13 0.13 0.13 0.13 0.13 0.13 0.13 0.13 0.13
49.95 50.22 53.94 54.58 54.67 54.80 54.36 54.90 55.01 54.13 54.29 54.33

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