Ponni Sugars (Erode) Ltd

₹ 467 -4.94%
27 Jan - close price
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]

  • Market Cap 401 Cr.
  • Current Price 467
  • High / Low 581 / 206
  • Stock P/E 9.38
  • Book Value 545
  • Dividend Yield 1.18 %
  • ROCE 10.4 %
  • ROE 8.42 %
  • Face Value 10.0

Pros

  • Company is almost debt free.
  • Stock is trading at 0.86 times its book value
  • Company is expected to give good quarter

Cons

  • Company has a low return on equity of 9.45% over last 3 years.

* 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

Figures in Rs. Crores

Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021 Sep 2021 Dec 2021 Mar 2022 Jun 2022 Sep 2022 Dec 2022
71.00 63.44 61.46 77.69 54.62 62.46 64.73 89.93 64.26 69.43 84.47 149.51 101.99
63.82 50.34 54.81 67.42 52.97 50.91 58.52 75.75 63.91 54.61 83.57 130.07 92.51
Operating Profit 7.18 13.10 6.65 10.27 1.65 11.55 6.21 14.18 0.35 14.82 0.90 19.44 9.48
OPM % 10.11% 20.65% 10.82% 13.22% 3.02% 18.49% 9.59% 15.77% 0.54% 21.35% 1.07% 13.00% 9.30%
0.07 0.84 0.54 4.08 0.53 1.17 0.56 2.84 2.23 1.34 3.62 8.41 1.44
Interest 0.38 0.79 0.35 0.12 0.00 0.07 0.01 0.06 0.03 0.02 0.20 0.04 0.02
Depreciation 1.73 1.90 1.52 1.50 1.51 2.78 1.58 1.58 1.60 1.68 1.84 1.91 1.95
Profit before tax 5.14 11.25 5.32 12.73 0.67 9.87 5.18 15.38 0.95 14.46 2.48 25.90 8.95
Tax % -60.51% 19.11% 5.26% 5.18% 4.48% 19.86% 11.78% 15.41% 57.89% 22.06% 12.90% 16.10% 14.86%
Net Profit 8.25 9.10 5.04 12.07 0.64 7.91 4.57 13.01 0.40 11.27 2.16 21.73 7.62
EPS in Rs 9.59 10.58 5.86 14.04 0.74 9.20 5.31 15.13 0.47 13.11 2.51 25.27 8.86
Raw PDF

Profit & Loss

Figures in Rs. Crores

Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 TTM
270 269 212 169 160 169 251 196 185 310 256 288 405
255 237 186 170 165 168 213 175 165 269 226 253 361
Operating Profit 15 32 27 -1 -5 2 38 21 20 41 30 36 45
OPM % 5% 12% 13% -1% -3% 1% 15% 11% 11% 13% 12% 12% 11%
17 -1 0 8 11 12 -6 -9 2 5 6 7 15
Interest 1 1 4 7 5 6 5 2 3 3 1 0 0
Depreciation 3 3 12 3 6 6 6 6 6 7 7 6 7
Profit before tax 28 26 12 -3 -5 3 22 4 12 36 29 36 52
Tax % 33% 32% -57% -70% 33% 27% 28% 12% 30% 14% 10% 19%
Net Profit 19 18 19 -5 -4 2 16 3 8 31 26 29 43
EPS in Rs 21.64 20.69 22.23 -5.56 -4.24 2.21 18.52 3.88 9.80 35.98 29.84 34.02 49.75
Dividend Payout % 9% 12% 7% -11% 0% 54% 14% 26% 20% 11% 17% 16%
Compounded Sales Growth
10 Years: 1%
5 Years: 3%
3 Years: 16%
TTM: 44%
Compounded Profit Growth
10 Years: 4%
5 Years: 7%
3 Years: 46%
TTM: 65%
Stock Price CAGR
10 Years: 3%
5 Years: 21%
3 Years: 42%
1 Year: 80%
Return on Equity
10 Years: 6%
5 Years: 7%
3 Years: 9%
Last Year: 8%

Balance Sheet

Figures in Rs. Crores

Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Sep 2022
9 9 9 9 9 9 9 9 9 9 9 9 9
Reserves 88 103 121 115 112 113 248 264 284 239 318 360 460
16 50 82 83 78 77 49 7 35 20 0 0 0
49 66 52 45 51 50 32 48 63 48 50 50 64
Total Liabilities 161 228 263 252 249 249 338 328 391 315 376 419 533
45 44 133 133 128 123 118 120 114 109 104 112 114
CWIP 4 84 0 1 0 0 0 0 0 0 0 4 3
Investments 8 21 21 21 21 21 141 156 169 95 151 170 258
104 78 109 97 100 105 79 53 108 111 120 133 157
Total Assets 161 228 263 252 249 249 338 328 391 315 376 419 533

Cash Flows

Figures in Rs. Crores

Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022
44 54 -9 9 11 6 35 51 -22 16 29 11
-22 -85 -14 -3 -0 0 -0 -5 2 1 3 -13
-23 30 24 -7 -11 -6 -34 -46 23 -19 -24 -4
Net Cash Flow -1 -1 1 -1 -0 0 1 -1 3 -3 7 -6

Ratios

Figures in Rs. Crores

Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022
Debtor Days 5 16 29 25 34 61 35 34 75 82 58 57
Inventory Days 113 92 198 225 226 177 113 93 243 69 111 143
Days Payable 50 62 74 79 99 85 34 109 138 51 76 66
Cash Conversion Cycle 68 46 153 171 162 153 114 18 180 100 93 135
Working Capital Days 48 24 90 108 106 92 60 8 98 80 77 104
ROCE % 13% 21% 9% -1% -5% -1% 13% 6% 6% 13% 10% 10%

Shareholding Pattern

Numbers in percentages

33 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
42.36 42.36 42.36 42.36 42.36 42.36 42.36 42.65 42.36 42.36 42.36 42.36
21.17 21.17 21.17 21.17 21.17 21.17 21.17 18.82 19.43 19.58 23.21 23.28
3.58 3.58 3.54 3.54 3.54 3.54 3.54 3.56 3.53 3.53 0.05 0.05
32.89 32.89 32.93 32.93 32.93 32.93 32.93 34.97 34.67 34.52 34.39 34.31

* 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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