Ponni Sugars (Erode) Ltd

₹ 393 -0.18%

06 Jun 2:19 p.m.

ponnisugars.com BSE: 532460 NSE : PONNIERODE

About

Ponni Sugars (Erode) Limited is a sugar manufacturing company. It is an associate of Seshasayee Paper and Boards Limited. It has a sugar factory at Erode (Tamilnadu) having a capacity to crush 3500 tonnes of sugarcane per day and generate 19 MW of power. ^[1]
It demerged from Ponni Sugars and Chemicals Ltd in 2001 which was incorporated in 1996. Erode sugar mill was set up with 1250 TCD capacity in 1984 which was expanded to 2500 TCD in 1994 and to 3500 TCD in 2012. It commissioned a 19MW Cogeneration plant in 2012. ^[2]

Key Points

Business Segments FY22
Sugar (71% of revenue)- Under the sugar business, the Co. manufactures and sells sugar, along with by-products Bagasse (6.5% of revenue) and Molasses (11% of revenue). It has a total crushing capacity of 3500 TCD at its Erode plant. It sells Bagasse to Seshasayee Paper which is a related party. ^[1] ^[2]
Sugar recovery rose in FY22 to ~10% vs 9.36% in FY21 vs 9.47% in FY20 while cane crushing has increased from 6.13 Lakh Tons to 6.46 Lakh Tons. ^[3]

Website BSE NSE

Market Cap ₹ 338 Cr.
Current Price ₹ 393
High / Low ₹ 581 / 210
Stock P/E 8.81
Book Value ₹ 527
Dividend Yield 1.66 %
ROCE 11.7 %
ROE 9.34 %
Face Value ₹ 10.0

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Pros

Company is almost debt free.
Stock is trading at 0.76 times its book value
Company is expected to give good quarter
Debtor days have improved from 44.9 to 18.9 days.
Company's working capital requirements have reduced from 78.2 days to 54.0 days

Cons

Company has a low return on equity of 8.93% over last 3 years.
Earnings include an other income of Rs.15.1 Cr.

* 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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Detailed Comparison with:

Quarterly Results

Figures in Rs. Crores

	Mar 2020	Jun 2020	Sep 2020	Dec 2020	Mar 2021	Jun 2021	Sep 2021	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023
	63.44	61.46	77.69	54.62	62.46	64.73	89.93	64.26	69.43	84.47	149.51	101.99	99.46
	50.34	54.81	67.42	52.97	50.91	58.52	75.75	63.91	54.61	83.57	130.07	92.51	88.79
Operating Profit	13.10	6.65	10.27	1.65	11.55	6.21	14.18	0.35	14.82	0.90	19.44	9.48	10.67
OPM %	20.65%	10.82%	13.22%	3.02%	18.49%	9.59%	15.77%	0.54%	21.35%	1.07%	13.00%	9.30%	10.73%
	0.84	0.54	4.08	0.53	1.17	0.56	2.84	2.23	1.34	3.62	8.41	1.44	1.59
Interest	0.79	0.35	0.12	-0.00	0.07	0.01	0.06	0.03	0.02	0.20	0.04	0.02	0.09
Depreciation	1.90	1.52	1.50	1.51	2.78	1.58	1.58	1.60	1.68	1.84	1.91	1.95	1.88
Profit before tax	11.25	5.32	12.73	0.67	9.87	5.18	15.38	0.95	14.46	2.48	25.90	8.95	10.29
Tax %	19.11%	5.26%	5.18%	4.48%	19.86%	11.78%	15.41%	57.89%	22.06%	12.90%	16.10%	14.86%	33.62%
Net Profit	9.10	5.04	12.07	0.64	7.91	4.57	13.01	0.40	11.27	2.16	21.73	7.62	6.83
EPS in Rs	10.58	5.86	14.04	0.74	9.20	5.31	15.13	0.47	13.11	2.51	25.27	8.86	7.94
Raw PDF

Profit & Loss

Figures in Rs. Crores

	Mar 2012	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023
	269	212	169	160	169	251	196	185	310	256	288	435
	237	186	170	165	168	213	175	165	269	226	253	395
Operating Profit	32	27	-1	-5	2	38	21	20	41	30	36	40
OPM %	12%	13%	-1%	-3%	1%	15%	11%	11%	13%	12%	12%	9%
	-1	0	8	11	12	-6	-9	2	5	6	7	15
Interest	1	4	7	5	6	5	2	3	3	1	0	0
Depreciation	3	12	3	6	6	6	6	6	7	7	6	8
Profit before tax	26	12	-3	-5	3	22	4	12	36	29	36	48
Tax %	32%	-57%	-70%	33%	27%	28%	12%	30%	14%	10%	19%	19%
Net Profit	18	19	-5	-4	2	16	3	8	31	26	29	38
EPS in Rs	20.69	22.23	-5.56	-4.24	2.21	18.52	3.88	9.80	35.98	29.84	34.02	44.59
Dividend Payout %	12%	7%	-11%	-0%	54%	14%	26%	20%	11%	17%	16%	15%

Compounded Sales Growth
10 Years:	7%
5 Years:	17%
3 Years:	12%
TTM:	51%

Compounded Profit Growth
10 Years:	6%
5 Years:	23%
3 Years:	8%
TTM:	31%

Stock Price CAGR
10 Years:	6%
5 Years:	25%
3 Years:	38%
1 Year:	59%

Return on Equity
10 Years:	6%
5 Years:	8%
3 Years:	9%
Last Year:	9%

Balance Sheet

Figures in Rs. Crores

	Mar 2012	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023
	9	9	9	9	9	9	9	9	9	9	9	9
Reserves	103	121	115	112	113	248	264	284	239	318	360	444
	50	82	83	78	77	49	7	35	20	-0	-0	-0
	66	52	45	51	50	32	48	63	48	50	50	62
Total Liabilities	228	263	252	249	249	338	328	391	315	376	419	515
	44	133	133	128	123	118	120	114	109	104	112	118
CWIP	84	0	1	0	0	-0	0	0	0	0	4	1
Investments	21	21	21	21	21	141	156	169	95	151	170	225
	78	109	97	100	105	79	53	108	111	120	133	170
Total Assets	228	263	252	249	249	338	328	391	315	376	419	515

Cash Flows

Figures in Rs. Crores

	Mar 2012	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023
	54	-9	9	11	6	35	51	-22	16	29	11	11
	-85	-14	-3	-0	0	-0	-5	2	1	3	-13	1
	30	24	-7	-11	-6	-34	-46	23	-19	-24	-4	-5
Net Cash Flow	-1	1	-1	-0	0	1	-1	3	-3	7	-6	7

Ratios

Figures in Rs. Crores

	Mar 2012	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023
Debtor Days	16	29	25	34	61	35	34	75	82	58	57	19
Inventory Days	92	198	225	226	177	113	93	243	69	111	143	106
Days Payable	62	74	79	99	85	34	109	138	51	76	66	48
Cash Conversion Cycle	46	153	171	162	153	114	18	180	100	93	135	77
Working Capital Days	24	90	108	106	92	60	8	98	80	77	104	54
ROCE %	21%	9%	-1%	-5%	-1%	13%	6%	6%	13%	10%	10%	12%

Shareholding Pattern

Numbers in percentages

Jun 2020	Sep 2020	Dec 2020	Mar 2021	Jun 2021	Sep 2021	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023
42.36	42.36	42.36	42.36	42.36	42.36	42.65	42.36	42.36	42.36	42.36	42.36
21.17	21.17	21.17	21.17	21.17	21.17	18.82	19.43	19.58	23.21	23.28	23.31
3.58	3.54	3.54	3.54	3.54	3.54	3.56	3.53	3.53	0.05	0.05	0.05
32.89	32.93	32.93	32.93	32.93	32.93	34.97	34.67	34.52	34.39	34.31	34.28

Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023
42.36	42.36	42.36	42.36	42.36	42.36	42.36
21.17	21.17	21.17	21.17	21.17	19.43	23.31
3.55	3.54	3.54	3.58	3.54	3.53	0.05
32.91	32.93	32.93	32.89	32.93	34.67	34.28

* 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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Ponni Sugars (Erode) Ltd

Ponni Sugars (Erode) Ltd

Peer comparison

Quarterly Results

Profit & Loss

Balance Sheet

Cash Flows

Ratios

Shareholding Pattern

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