Zuari Industries Ltd

₹ 361 2.41%

19 Apr - close price

About

Zuari Global Ltd is the holding company of the well-established and diversified Adventz Group. The group comprises 23 companies in four industry verticals- Agriculture, Engineering & Infra, Lifestyle & Real Estate and Services. The Co.’s primary business activity is real estate, investment services, engineering services, management services, manufacturing and trading of furniture, manufacturing and sale of sugar and its by-products, ethanol and generation of power. ^[1]^[2]^[3]

Key Points

Business Model
The Co is a holding company and has a large portfolio of subsidiaries and associates and predominantly concentrates on investment in the group companies & is engaged in real estate development. On a standalone basis, it derives majority of its income from Interest on loans & advances given to its group companies & dividend income from the large portfolio of investments that it holds & also from its real estate project under development. ^[1]

Website BSE NSE

Market Cap ₹ 1,074 Cr.
Current Price ₹ 361
High / Low ₹ 374 / 120
Stock P/E 9.24
Book Value ₹ 815
Dividend Yield 0.28 %
ROCE 4.64 %
ROE 0.68 %
Face Value ₹ 10.0

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Pros

Company has reduced debt.
Stock is trading at 0.44 times its book value
Market value of investments Rs.1,797 Cr. is more than the Market Cap Rs.1,074 Cr.

Cons

Company has low interest coverage ratio.
Company has a low return on equity of 1.12% over last 3 years.
Contingent liabilities of Rs.413 Cr.
Earnings include an other income of Rs.190 Cr.
Dividend payout has been low at 14.6% of profits 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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Detailed Comparison with:

Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

	Dec 2020	Mar 2021	Jun 2021	Sep 2021	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023
	2	254	5	142	114	190	218	155	166	273	164	214	100
	1	194	6	150	111	154	215	156	167	212	156	217	104
Operating Profit	0	60	-0	-8	2	36	3	-1	-1	62	8	-3	-4
OPM %	13%	23%	-6%	-6%	2%	19%	1%	-1%	-1%	23%	5%	-2%	-4%
	46	53	52	58	27	69	26	40	22	55	82	41	12
Interest	23	45	50	40	40	44	39	39	39	39	37	36	33
Depreciation	0	6	0	7	7	3	6	6	7	5	6	6	6
Profit before tax	22	60	1	4	-17	57	-16	-6	-26	72	47	-4	-31
Tax %	23%	3%	-384%	-18%	24%	21%	22%	14%	23%	23%	-7%	23%	-0%
	17	59	7	5	-13	45	-12	-5	-20	56	50	-3	-31
EPS in Rs	5.89	19.98	2.31	1.55	-4.49	15.35	-4.18	-1.65	-6.71	18.70	16.81	-1.01	-10.44
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Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2012	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	TTM
	1,244	99	170	39	0	0	17	2	57	776	610	812	751
	1,215	111	170	35	9	10	20	10	48	684	595	749	689
Operating Profit	29	-12	0	5	-9	-10	-3	-7	9	93	16	63	62
OPM %	2%	-12%	0%	12%			-21%	-291%	16%	12%	3%	8%	8%
	58	46	58	41	43	34	24	48	52	144	211	143	190
Interest	18	1	2	11	0	0	1	8	44	161	196	158	145
Depreciation	6	0	0	0	0	0	0	0	0	26	24	24	23
Profit before tax	62	33	56	34	34	24	20	33	17	50	7	25	84
Tax %	23%	19%	53%	21%	14%	14%	11%	-23%	26%	-38%	-112%	26%
	48	27	26	27	29	20	18	40	13	69	15	18	72
EPS in Rs	16.18	9.17	8.89	9.11	10.00	6.97	6.11	13.70	4.39	23.62	5.20	6.17	24.06
Dividend Payout %	12%	22%	11%	11%	10%	14%	16%	7%	23%	8%	19%	16%

Compounded Sales Growth
10 Years:	23%
5 Years:	118%
3 Years:	142%
TTM:	3%

Compounded Profit Growth
10 Years:	4%
5 Years:	0%
3 Years:	-23%
TTM:	654%

Stock Price CAGR
10 Years:	16%
5 Years:	27%
3 Years:	67%
1 Year:	186%

Return on Equity
10 Years:	2%
5 Years:	2%
3 Years:	1%
Last Year:	1%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2012	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Sep 2023
Equity Capital	29	29	29	29	29	29	29	29	29	29	29	30	30
Reserves	548	568	591	614	986	1,419	2,035	1,811	1,281	2,154	3,083	2,198	2,397
	0	0	110	80	80	0	25	118	456	1,391	1,293	1,225	1,025
	81	130	145	142	126	53	84	104	98	482	502	351	242
Total Liabilities	658	728	875	866	1,221	1,502	2,173	2,062	1,865	4,056	4,908	3,803	3,694
	12	13	13	14	2	4	4	4	4	519	501	494	484
CWIP	0	0	0	0	0	0	0	0	0	2	7	1	2
Investments	414	503	435	435	819	1,165	1,779	1,562	990	1,857	2,994	2,043	2,231
	232	211	427	417	400	333	390	497	872	1,678	1,405	1,266	977
Total Assets	658	728	875	866	1,221	1,502	2,173	2,062	1,865	4,056	4,908	3,803	3,694

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2012	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023
	-267	14	-127	-84	-13	13	-7	27	14	148	42	52
	-3	-9	31	127	23	84	-7	-116	-307	-169	270	191
	32	-8	92	-46	-12	-94	20	82	294	24	-305	-242
Net Cash Flow	-238	-2	-4	-3	-3	3	6	-8	1	3	7	1

Ratios

Standalone Figures in Rs. Crores / View Consolidated

	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	8	103	101	2			7	7	11	22	13	32
Inventory Days	14	57	455	2,842						407	510	291
Days Payable	3	60	254	13						199	238	120
Cash Conversion Cycle	18	100	302	2,831			7	7	11	229	285	202
Working Capital Days	18	54	327	2,103			6,201	46,142	1,696	169	205	287
ROCE %	6%	3%	4%	6%	4%	2%	1%	2%	5%	8%	4%	5%

Shareholding Pattern

Numbers in percentages

6 Recently

	Jun 2021	Sep 2021	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024
	56.90%	56.90%	56.95%	56.95%	56.81%	56.81%	56.81%	56.81%	56.81%	56.81%	56.81%	56.81%
	1.24%	1.27%	1.35%	1.39%	1.20%	1.41%	1.31%	1.30%	1.30%	1.36%	1.49%	1.55%
	3.75%	1.29%	0.24%	0.20%	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	0.26%
	0.00%	0.00%	0.00%	0.04%	0.04%	0.04%	0.04%	0.04%	0.04%	0.04%	0.04%	0.04%
	38.11%	40.55%	41.46%	41.42%	41.94%	41.73%	41.84%	41.85%	41.86%	41.78%	41.67%	41.35%
No. of Shareholders	25,386	24,369	23,849	28,673	29,029	28,336	28,143	27,940	27,698	27,487	26,417	27,248

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024
	56.31%	56.31%	54.83%	54.83%	55.61%	56.95%	56.81%	56.81%
	0.00%	0.25%	0.74%	1.21%	1.21%	1.39%	1.30%	1.55%
	13.48%	14.21%	11.58%	10.66%	7.82%	0.20%	0.01%	0.26%
	0.00%	0.00%	0.00%	0.00%	0.03%	0.04%	0.04%	0.04%
	30.21%	29.23%	32.85%	33.29%	35.32%	41.42%	41.85%	41.35%
No. of Shareholders	32,928	22,665	22,444	22,790	25,627	28,673	27,940	27,248

* 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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Zuari Industries Ltd

Zuari Industries Ltd

Peer comparison

Quarterly Results

Profit & Loss

Balance Sheet

Cash Flows

Ratios

Shareholding Pattern

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