Ponni Sugars (Erode) Ltd

About [ edit ]

Ponni Sugars (Erode) is engaged in the manufacturing and selling of sugar. The Company operates through two segments: Sugar and Cogeneration. The Company's products include Sugar, Bagasse, Molasses and Power.(Source : Company Web-site)

  • Market Cap 166 Cr.
  • Current Price 193
  • High / Low 225 / 112
  • Stock P/E 6.46
  • Book Value 380
  • Dividend Yield 2.08 %
  • ROCE 9.81 %
  • ROE 8.94 %
  • Face Value 10.0

Pros

  • Company has reduced debt.
  • Company is almost debt free.
  • Stock is trading at 0.51 times its book value
  • Company has delivered good profit growth of 38.52% CAGR over last 5 years

Cons

  • The company has delivered a poor sales growth of 8.65% over past five years.
  • Tax rate seems low
  • Company has a low return on equity of 7.81% for last 3 years.

Peer comparison

Sector: Sugar Industry: Sugar

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Quarterly Results

Figures in Rs. Crores

Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021
20.17 34.28 47.06 83.33 67.53 108.52 71.00 63.44 61.46 77.69 54.62 62.46
20.81 26.37 46.18 71.98 64.31 90.63 63.82 50.34 54.81 67.42 52.97 50.91
Operating Profit -0.64 7.91 0.88 11.35 3.22 17.89 7.18 13.10 6.65 10.27 1.65 11.55
OPM % -3.17% 23.07% 1.87% 13.62% 4.77% 16.49% 10.11% 20.65% 10.82% 13.22% 3.02% 18.49%
Other Income 0.18 2.81 0.04 -1.13 0.04 3.62 0.07 0.84 0.54 4.08 0.53 1.17
Interest 0.39 0.59 0.98 1.51 0.97 0.54 0.38 0.79 0.35 0.12 0.00 0.07
Depreciation 1.48 1.48 1.49 1.48 1.49 2.27 1.73 1.90 1.52 1.50 1.51 2.78
Profit before tax -2.33 8.65 -1.55 7.23 0.80 18.70 5.14 11.25 5.32 12.73 0.67 9.87
Tax % 29.18% 24.74% 22.58% 34.02% 37.50% 30.00% -60.51% 19.11% 5.26% 5.18% 4.48% 19.86%
Net Profit -1.65 6.51 -1.20 4.77 0.50 13.09 8.25 9.10 5.04 12.07 0.64 7.91
EPS in Rs -1.92 7.57 -1.40 5.55 0.58 15.22 9.59 10.58 5.86 14.04 0.74 9.20

Profit & Loss

Figures in Rs. Crores

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
245 270 269 212 169 160 169 251 196 185 310 256
172 255 237 186 164 166 168 213 176 165 269 226
Operating Profit 72 15 32 27 4 -7 2 38 20 20 41 30
OPM % 30% 5% 12% 13% 3% -4% 1% 15% 10% 11% 13% 12%
Other Income -12 17 -1 0 2 12 12 -6 -8 2 5 6
Interest 2 1 1 4 7 5 6 5 2 3 3 1
Depreciation 3 3 3 12 3 6 6 6 6 6 7 7
Profit before tax 55 28 26 12 -3 -5 3 22 4 12 36 29
Tax % 34% 33% 32% -57% -70% 33% 27% 28% 12% 30% 14% 10%
Net Profit 37 19 18 19 -5 -4 2 16 3 8 31 26
EPS in Rs 42.86 21.64 20.69 22.23 -5.56 -4.24 2.21 18.52 3.88 9.80 35.98 29.84
Dividend Payout % 9% 9% 12% 7% -11% 0% 54% 14% 26% 20% 11% 17%
Compounded Sales Growth
10 Years:-1%
5 Years:9%
3 Years:9%
TTM:-17%
Compounded Profit Growth
10 Years:11%
5 Years:39%
3 Years:23%
TTM:-16%
Stock Price CAGR
10 Years:7%
5 Years:0%
3 Years:12%
1 Year:57%
Return on Equity
10 Years:6%
5 Years:8%
3 Years:8%
Last Year:9%

Balance Sheet

Figures in Rs. Crores

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
9 9 9 9 9 9 9 9 9 9 9 9
Reserves 71 88 103 121 115 112 113 248 264 284 239 318
Borrowings 34 16 50 82 83 78 77 49 7 35 20 0
60 49 66 52 45 51 50 32 48 63 48 50
Total Liabilities 174 161 228 263 252 249 249 338 328 391 315 376
47 45 44 133 133 128 123 118 120 114 109 104
CWIP 0 4 84 0 1 0 0 0 0 0 0 0
Investments 8 8 21 21 21 21 21 141 156 169 95 151
118 104 78 109 97 100 105 79 53 108 111 120
Total Assets 174 161 228 263 252 249 249 338 328 391 315 376

Cash Flows

Figures in Rs. Crores

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
7 44 54 -9 9 11 6 35 51 -22 16 29
-3 -22 -85 -14 -3 -0 0 -0 -5 2 1 3
-3 -23 30 24 -7 -11 -6 -34 -46 23 -19 -24
Net Cash Flow 1 -1 -1 1 -1 -0 0 1 -1 3 -3 7

Ratios

Figures in Rs. Crores

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
ROCE % 73% 13% 21% 9% -1% -5% -1% 13% 6% 6% 13% 10%
Debtor Days 18 5 16 29 25 34 61 35 34 75 82 58
Inventory Turnover 2.05 2.96 3.66 2.57 1.93 1.90 2.14 3.30 3.75 2.88 4.63 4.34

Shareholding Pattern

Numbers in percentages

Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021
42.36 42.36 42.36 42.36 42.36 42.36 42.36 42.36 42.36 42.36 42.36 42.36
21.17 21.17 21.17 21.17 21.17 21.17 21.17 21.17 21.17 21.17 21.17 21.17
3.54 3.54 3.54 3.54 3.54 3.54 3.58 3.58 3.58 3.54 3.54 3.54
32.93 32.93 32.93 32.93 32.93 32.93 32.89 32.89 32.89 32.93 32.93 32.93

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