Zuari Industries Ltd

₹ 131 -2.71%
27 Jan - 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]

  • Market Cap 390 Cr.
  • Current Price 131
  • High / Low 217 / 123
  • Stock P/E 1.99
  • Book Value 884
  • Dividend Yield 2.29 %
  • ROCE 3.75 %
  • ROE -2.92 %
  • Face Value 10.0

Pros

  • Stock is trading at 0.15 times its book value
  • Market value of investments Rs.2,601 Cr. is more than the Market Cap Rs.390 Cr.

Cons

  • Company has low interest coverage ratio.
  • The company has delivered a poor sales growth of 3.65% over past five years.
  • Company has a low return on equity of -8.63% over last 3 years.
  • Contingent liabilities of Rs.292 Cr.
  • Earnings include an other income of Rs.485 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

Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021 Sep 2021 Dec 2021 Mar 2022 Jun 2022 Sep 2022
142 156 321 180 202 168 285 173 167 126 256 234 187
259 209 376 216 226 162 238 193 178 147 215 234 211
Operating Profit -116 -53 -55 -36 -24 6 47 -20 -11 -22 41 -0 -24
OPM % -82% -34% -17% -20% -12% 3% 17% -11% -7% -17% 16% -0% -13%
29 24 47 23 26 40 38 58 88 29 80 318 59
Interest 36 39 54 47 47 53 54 84 54 53 73 60 59
Depreciation 6 6 7 7 7 7 7 7 6 7 3 7 7
Profit before tax -129 -74 -69 -68 -53 -14 24 -52 16 -53 45 251 -32
Tax % 11% -2% -120% 23% 16% -29% 23% 29% -2% 8% 22% -1% -41%
Net Profit -114 -76 -152 -52 -44 -18 18 -37 17 -48 35 253 -45
EPS in Rs -35.54 -24.53 -46.17 -16.15 -13.46 -5.42 10.02 -8.90 7.75 -16.36 12.14 84.97 -14.92
Raw PDF

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

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
7,601 1,877 398 642 520 553 603 550 774 771 834 722 803
7,220 1,872 407 640 518 568 575 556 905 1,031 843 710 807
Operating Profit 381 5 -9 2 2 -15 29 -6 -131 -260 -9 12 -5
OPM % 5% 0% -2% 0% 0% -3% 5% -1% -17% -34% -1% 2% -1%
139 -201 35 60 21 3 32 107 100 121 127 230 485
Interest 96 33 7 11 34 39 66 119 113 160 202 264 245
Depreciation 39 16 9 8 8 8 15 20 21 25 29 23 23
Profit before tax 384 -245 9 43 -19 -60 -20 -38 -165 -325 -113 -45 212
Tax % 31% -9% 96% 77% -57% 36% -1% -9% 11% -22% 13% 22%
Net Profit 265 -220 11 -1 -26 -38 -20 -41 -148 -396 -98 -35 195
EPS in Rs 84.19 -74.11 5.39 -0.41 -8.93 -14.96 -8.80 -10.56 -43.68 -124.81 -29.20 -12.19 65.83
Dividend Payout % 5% -3% 37% -245% -11% -7% -11% -9% -2% -1% -7% -8%
Compounded Sales Growth
10 Years: -9%
5 Years: 4%
3 Years: -2%
TTM: 1%
Compounded Profit Growth
10 Years: %
5 Years: %
3 Years: 13%
TTM: 3930%
Stock Price CAGR
10 Years: 4%
5 Years: -9%
3 Years: 32%
1 Year: -11%
Return on Equity
10 Years: -5%
5 Years: -6%
3 Years: -9%
Last Year: -3%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

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
29 29 29 29 29 29 29 132 147 163 187 203 30
Reserves 1,562 663 672 679 649 1,760 1,880 2,378 2,152 1,095 1,849 2,885 2,604
1,601 51 71 228 623 760 866 1,050 1,354 1,806 2,131 2,338 2,386
1,231 242 336 400 556 442 459 727 890 1,006 898 990 557
Total Liabilities 4,424 985 1,108 1,336 1,858 2,991 3,235 4,184 4,426 3,937 4,907 6,243 5,577
534 78 84 79 252 370 539 550 544 698 665 654 641
CWIP 93 19 28 11 169 142 12 8 71 3 2 7 11
Investments 381 503 566 470 375 1,433 1,600 2,211 2,023 1,132 1,877 3,180 2,850
3,415 386 430 776 1,063 1,046 1,084 1,415 1,788 2,104 2,364 2,401 2,074
Total Assets 4,424 985 1,108 1,336 1,858 2,991 3,235 4,184 4,426 3,937 4,907 6,243 5,577

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022
177 -258 -3 -158 -288 -12 109 -125 -45 126 109 62
392 -172 8 13 41 -45 -5 -97 -114 -360 -204 69
-188 -133 8 136 238 66 -98 214 160 232 90 -87
Net Cash Flow 381 -562 13 -10 -8 9 5 -9 2 -2 -5 44

Ratios

Consolidated Figures in Rs. Crores / View Standalone

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 51 14 81 75 69 62 56 86 49 51 40 37
Inventory Days 66 43 291 455 1,432 896 831 1,809 1,840 1,215 864 1,031
Days Payable 52 23 168 350 580 295 383 825 626 465 260 283
Cash Conversion Cycle 65 34 204 180 922 663 505 1,071 1,263 800 644 785
Working Capital Days 73 5 -37 117 269 205 218 351 307 255 347 448
ROCE % 16% 5% -0% 3% 3% -1% 2% 3% -2% -5% 3% 4%

Shareholding Pattern

Numbers in percentages

Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021 Sep 2021 Dec 2021 Mar 2022 Jun 2022 Sep 2022 Dec 2022
54.83 54.83 54.83 55.26 55.61 56.90 56.90 56.95 56.95 56.81 56.81 56.81
1.21 1.21 1.21 1.21 1.21 1.24 1.27 1.35 1.39 1.20 1.41 1.31
10.66 10.66 10.66 7.84 7.82 3.75 1.29 0.24 0.20 0.01 0.01 0.01
0.00 0.00 0.00 0.00 0.03 0.00 0.00 0.00 0.04 0.04 0.04 0.04
33.29 33.29 33.29 35.69 35.32 38.11 40.55 41.46 41.42 41.94 41.73 41.84

* 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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