Ponni Sugars (Erode) Ltd

Ponni Sugars (Erode) Ltd

₹ 393 -0.18%
06 Jun 2:19 p.m.
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 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

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

Loading peers table ...

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

* 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.

Click on the line-items to see the names of individual entities.

Documents