Zuari Industries Ltd

Zuari Industries Ltd

₹ 326 -3.28%
27 Feb 4:01 p.m.
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]

  • Market Cap 971 Cr.
  • Current Price 326
  • High / Low 355 / 104
  • Stock P/E 109
  • Book Value 861
  • Dividend Yield 0.30 %
  • ROCE 10.7 %
  • ROE 11.4 %
  • Face Value 10.0

Pros

  • Stock is trading at 0.40 times its book value
  • Company has delivered good profit growth of 63.4% CAGR over last 5 years
  • Market value of investments Rs.1,627 Cr. is more than the Market Cap Rs.991 Cr.

Cons

  • Company has low interest coverage ratio.
  • The company has delivered a poor sales growth of 11.7% over past five years.
  • Company has a low return on equity of 2.25% over last 3 years.
  • Earnings include an other income of Rs.1,182 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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Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

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
168 285 173 167 126 256 234 187 252 282 191 269 116
162 238 193 178 147 215 234 210 258 233 243 282 133
Operating Profit 6 47 -20 -11 -22 41 -0 -23 -6 49 -52 -13 -17
OPM % 3% 17% -11% -7% -17% 16% -0% -12% -2% 17% -27% -5% -15%
40 38 58 88 29 80 318 59 52 142 82 60 898
Interest 53 54 84 54 53 73 60 61 62 67 69 74 72
Depreciation 7 7 7 6 7 3 7 7 8 6 7 7 7
Profit before tax -14 24 -52 16 -53 45 251 -32 -23 118 -46 -34 802
Tax % -29% 23% 29% -2% 8% 22% -1% -41% 83% 14% -7% 2% 9%
-18 18 -37 17 -48 35 253 -45 -4 101 -49 -33 728
EPS in Rs -5.42 10.02 -8.90 7.75 -16.36 12.14 84.97 -14.92 -1.26 33.99 -16.20 -11.00 244.52
Raw PDF

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

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
1,877 398 642 520 553 603 550 774 771 834 722 955 858
1,872 407 640 518 568 575 556 905 1,031 843 710 927 891
Operating Profit 5 -9 2 2 -15 29 -6 -131 -260 -9 12 28 -34
OPM % 0% -2% 0% 0% -3% 5% -1% -17% -34% -1% 2% 3% -4%
-201 35 60 21 3 32 107 100 121 127 230 562 1,182
Interest 33 7 11 34 39 66 119 113 160 202 264 248 282
Depreciation 16 9 8 8 8 15 20 21 25 29 23 27 27
Profit before tax -245 9 43 -19 -60 -20 -38 -165 -325 -113 -45 314 841
Tax % -9% 96% 77% -57% 36% -1% -9% 11% -22% 13% 22% 3%
-220 11 -1 -26 -38 -20 -41 -148 -396 -98 -35 305 747
EPS in Rs -74.11 5.39 -0.41 -8.93 -14.96 -8.80 -10.56 -43.68 -124.81 -29.20 -12.19 102.85 251.31
Dividend Payout % -3% 37% -245% -11% -7% -11% -9% -2% -1% -7% -8% 1%
Compounded Sales Growth
10 Years: 9%
5 Years: 12%
3 Years: 7%
TTM: -8%
Compounded Profit Growth
10 Years: 63%
5 Years: 63%
3 Years: 41%
TTM: -96%
Stock Price CAGR
10 Years: 18%
5 Years: 27%
3 Years: 56%
1 Year: 206%
Return on Equity
10 Years: -3%
5 Years: -3%
3 Years: 2%
Last Year: 11%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

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 663 672 679 649 1,760 1,880 2,378 2,152 1,137 1,849 2,885 2,306 2,533
Preference Capital 0 0 0 0 0 0 103 117 134 158 174 195
51 71 228 623 760 866 1,050 1,354 1,806 2,131 2,338 2,496 2,349
242 336 400 556 442 459 727 890 964 898 990 975 911
Total Liabilities 985 1,108 1,336 1,858 2,991 3,235 4,184 4,426 3,937 4,907 6,243 5,807 5,823
78 84 79 252 370 539 550 544 698 665 654 645 634
CWIP 19 28 11 169 142 12 8 71 3 2 7 1 3
Investments 503 566 470 375 1,433 1,600 2,211 2,023 1,132 1,877 3,180 2,586 3,444
386 430 776 1,063 1,046 1,084 1,415 1,788 2,104 2,364 2,401 2,575 1,742
Total Assets 985 1,108 1,336 1,858 2,991 3,235 4,184 4,426 3,937 4,907 6,243 5,807 5,823

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023
-258 -3 -158 -288 -12 109 -125 -45 126 109 62 269
-172 8 13 41 -45 -5 -97 -114 -360 -204 69 -159
-133 8 136 238 66 -98 214 160 232 90 -87 -89
Net Cash Flow -562 13 -10 -8 9 5 -9 2 -2 -5 44 22

Ratios

Consolidated Figures in Rs. Crores / View Standalone

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 14 81 75 69 62 56 86 49 51 40 37 31
Inventory Days 43 291 455 1,432 896 831 1,809 1,840 1,215 864 1,031 629
Days Payable 23 168 350 580 295 383 825 626 465 260 283 142
Cash Conversion Cycle 34 204 180 922 663 505 1,071 1,263 800 644 785 518
Working Capital Days 5 -37 117 269 205 218 351 307 255 347 448 396
ROCE % 5% -0% 3% 3% -1% 2% 3% -2% -5% 3% 4% 11%

Shareholding Pattern

Numbers in percentages

14 Recently
Mar 2021Jun 2021Sep 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023
55.61% 56.90% 56.90% 56.95% 56.95% 56.81% 56.81% 56.81% 56.81% 56.81% 56.81% 56.81%
1.21% 1.24% 1.27% 1.35% 1.39% 1.20% 1.41% 1.31% 1.30% 1.30% 1.36% 1.49%
7.82% 3.75% 1.29% 0.24% 0.20% 0.01% 0.01% 0.01% 0.01% 0.01% 0.01% 0.01%
0.03% 0.00% 0.00% 0.00% 0.04% 0.04% 0.04% 0.04% 0.04% 0.04% 0.04% 0.04%
35.32% 38.11% 40.55% 41.46% 41.42% 41.94% 41.73% 41.84% 41.85% 41.86% 41.78% 41.67%
No. of Shareholders 25,62725,38624,36923,84928,67329,02928,33628,14327,94027,69827,48726,417

* 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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