Shree Renuka Sugars Ltd - Stock Valuation and Financial Performance

BSE: 532670 | NSE: RENUKA | Sugar | Small Cap

Shree Renuka Sugar Share Price

39.72 -0.25 -0.63%
as on 28-Mar'24 16:01

DeciZen - make an informed investing decision on Shree Renuka Sugar

Overall Rating
Bole Toh

1. Quality

2. Valuation

Fair

3. Price Trend

Shree Renuka Sugars stock performance -

mw4me loader
P/E Ratio (SA):
0.00
Market Cap:
8,507.6 Cr.
52-wk low:
39.3
52-wk high:
57.3

Is Shree Renuka Sugars Ltd an attractive stock to invest in?

1. Is Shree Renuka Sugars Ltd a good quality company?

Past 10 year’s financial track record analysis by Moneyworks4me indicates that Shree Renuka Sugars Ltd is a below average quality company.

2. Is Shree Renuka Sugars Ltd undervalued or overvalued?

The key valuation ratios of Shree Renuka Sugars Ltd's currently when compared to its past seem to suggest it is in the Fair zone.

3. Is Shree Renuka Sugars Ltd a good buy now?

The Price Trend analysis by MoneyWorks4Me indicates it is Weak which suggest that the price of Shree Renuka Sugars Ltd is likely to Fall in the short term. However, please check the rating on Quality and Valuation before investing.

10 Year X-Ray of Shree Renuka Sugar:

Analysis of Financial Track Record

Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end
Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end

Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end.

Financial track record gives insight into the company's performance on key parameters over the past ten years. MoneyWorks4me’s proprietary colour codes make it easy for retail investors to gauge the company’s past performance.
Shree Renuka Sugars Ltd has not performed well majority of the past ten years indicating its past ten year financial track record is not good

Value Creation

Value Creation Index Colour Code Guide

Mar'14Mar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23TTM
ROCE % -0.2%0.7%0.5%0.7%-54.6%-1.8%-10.5%6.8%9%7.8%-
Value Creation
Index
-1.0-1.0-1.0-1.0NANANANA-0.3NA-

Growth Parameters

Growth Parameters Colour Code Guide

Sales 6,5225,7445,8627,7725,8484,2974,5685,5436,1268,5789,580
Sales YoY Gr.--11.9%2.1%32.6%-24.8%-26.5%6.3%21.4%10.5%40%-
Adj EPS -3.5-2.2-2.3-2.4-15-2.3-3.2-0.30.6-0.1-1.8
YoY Gr.-NANANANANANANANA-111.9%-
BVPS (₹) 19.916.613.611.9-1.1-2.8-5.5-3.1-2.4-2.7-4.8
Adj Net
Profit
-234-201-209-228-2,870-438-617-52.2126-14.9-385
Cash Flow from Ops. -565261489193-1,211465819-1,532206857-
Debt/CF from Ops. -6.913.67.118.8-25.82.7-2.5205-

CAGR

CAGR Colour Code Guide

9 Years 5 Years 3 Years 1 Years
Sales 3.1%8%23.4%40%
Adj EPS NANANA-111.9%
BVPS-180.2%NANANA
Share Price 6.4% 31.2% 62.1% -0.1%

Key Financial Parameters

Performance Ratio Colour Code Guide

Mar'14Mar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23TTM
Return on
Equity %
-14.9-14-8.8-8.2-176.8-61-289.6-109.432.9-3.148.3
Op. Profit
Mgn %
2.23.12.43.9-35.43.89.76.57.46
Net Profit
Mgn %
-3.6-3.5-3.6-2.9-49.1-10.2-13.5-0.92.1-0.2-4
Debt to
Equity
2.92.32.83.2-11-5.1-2.1-5.8-8-7.4-
Working Cap
Days
13713416413015020019518318112553
Cash Conv.
Cycle
-396-17-25-35-60-66-28-27-22

Recent Performance Summary

Return on Equity has increased versus last 3 years average to 48.30%

Sales growth is growing at healthy rate in last 3 years 23.37%

Sales growth is good in last 4 quarters at 12.32%

No data to display

Latest Financials - Shree Renuka Sugars Ltd.

Standalone Consolidated
TTM EPS (₹) -1.8 -2.2
TTM Sales (₹ Cr.) 9,580 10,181
BVPS (₹.) -4.8 -11.7
Reserves (₹ Cr.) -1,230 -2,700
P/BV -8.36 -3.42
PE 0.00 0.00
From the Market
52 Week Low / High (₹) 39.30 / 57.25
All Time Low / High (₹) 3.20 / 123.60
Market Cap (₹ Cr.) 8,508
Equity (₹ Cr.) 212.9
Face Value (₹) 1
Industry PE 14.5

Management X-Ray of Shree Renuka Sugar:

Shareholding Pattern

Promoter's Holding & Share Pledging

Pledged *0.000.000.000.000.000.000.000.000.000.00
* Pledged shares as % of Promoter's holding (%)

Event Update

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Analyst's Notes

Key Ratios of Shree Renuka Sugar

Adj EPS (Rs.)

Sales (Cr.)

ROE (%)

ROCE (%)

Profit And Loss

(All Figures are in Crores.)
PARTICULARSMar'14Mar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23
Sales6,5225,7445,8627,7725,8484,2974,5685,5436,1268,578
Operating Expenses 6,3825,7025,8187,4896,0314,0714,5975,0515,7678,118
Manufacturing Costs233235205244247264249303435569
Material Costs5,8845,0855,2476,9495,3933,4933,8124,3574,9386,873
Employee Cost 12212811498106113108113127147
Other Costs 144254252199285201428278267529
Operating Profit 1404244282-183226-29492359460
Operating Profit Margin (%) 2.1%0.7%0.7%3.6%-3.1%5.3%-0.6%8.9%5.9%5.4%
Other Income 5542251401997914388188
Interest 318336341392499541486369376541
Depreciation 166156146253232213203201201229
Exceptional Items -332000-2,736-672991502510
Profit Before Tax -621-446-420-312-3,610-396-340215121-123
Tax -155-151-142-76-628-14212160813
Profit After Tax -466-295-278-236-2,982-382-55156113-136
PAT Margin (%) -7.1%-5.1%-4.7%-3.0%-51.0%-8.9%-12.1%1.0%1.8%-1.6%
Adjusted EPS (₹)-6.9-3.2-3.0-2.5-15.6-2.0-2.90.30.5-0.6
Dividend Payout Ratio (%)0%0%0%0%0%0%0%0%0%0%

Balance Sheet

(All Figures are in Crores.)
PARTICULARSMar'14Mar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23

Equity and Liabilities

Shareholders Fund 1,3361,5383,2332,356892546-120216547413
Share Capital 67939395192192192213213213
Reserves 1,2691,4453,1402,261700355-3123334200
Minority Interest0000000000
Debt3,3763,1513,2223,3922,2682,5172,0423,6893,9784,128
Long Term Debt1,1879732,0163,0152,1021,9691,6692,5662,7563,058
Short Term Debt2,1892,1771,2063761665483741,1231,2231,070
Trade Payables1,0861,8222,5752,2822,6642,6632,6592,6311,9712,258
Others Liabilities 8595263058223968511,742505581697
Total Liabilities 6,6577,0369,3358,8516,2196,5786,3247,0407,0777,494

Fixed Assets

Gross Block3,3953,4105,3884,5544,4924,6444,8895,0473,8364,392
Accumulated Depreciation6998559973946318421,1941,44213230
Net Fixed Assets2,6962,5554,3914,1603,8613,8023,6953,6053,8224,162
CWIP 24272933271001529239115
Investments 2,0141,9471,9491,961126109104138120119
Inventories1,0031,4521,9351,3439301,6431,6542,3541,9992,237
Trade Receivables248283384589699181153288302205
Cash Equivalents 71912147362239622982
Others Assets600680625719540722527583565574
Total Assets 6,6577,0369,3358,8516,2196,5786,3247,0407,0777,494

Cash Flow

(All Figures are in Crores.)
PARTICULARSMar'14Mar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23
Cash Flow From Operating Activity -565261489193-1,211465819-1,532206857
PBT -621-446-420-312-3,610-396-340215121-123
Adjustment 7846275856193,384632590409324730
Changes in Working Capital -74183328-111-992222572-2174-236253
Tax Paid 13-3-4-368-319-3-3
Cash Flow From Investing Activity -1758-141620-325-146-158-249-345
Capex -50-9-12-26-7-153-193-106-309-385
Net Investments -167-317000-37180
Others 35002527-17247-154239
Cash Flow From Financing Activity 536-341-478-1811,179-154-6581,67732-453
Net Proceeds from Shares 05000277830018500
Net Proceeds from Borrowing -165-313936970-155-120-1501,127176121
Interest Paid -314-357-343-353-532-415-333-383-242-420
Dividend Paid -33000000000
Others 1,049-171-1,071-8251,083382-17574898-155
Net Cash Flow -46-21-328-12-1415-13-1159
PARTICULARSMar'14Mar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23
Ratios
ROE (%)-29.81-20.54-19.89-19.78-655.420N/A000
ROCE (%)-6.28-2.12-1.621.69-90.276.72N/A27.3414.7311.41
Asset Turnover Ratio0.910.850.730.860.780.670.710.830.871.18
PAT to CFO Conversion(x)N/AN/AN/AN/AN/AN/AN/A-27.361.82N/A
Working Capital Days
Receivable Days12172023403713141811
Inventory Days8477104767110913213212990
Payable Days129104153128167278255222170112

Shree Renuka Sugars Ltd Stock News

Shree Renuka Sugars Ltd FAQs

Company share prices are keep on changing according to the market conditions. The closing price of Shree Renuka Sugar on 28-Mar-2024 16:01 is ₹39.72.
Market capitalization or market cap is determined by multiplying the current market price of a company's shares with the total number of shares outstanding. As of 28-Mar-2024 16:01 the market cap of Shree Renuka Sugar stood at ₹8,507.6.
The latest P/E ratio of Shree Renuka Sugar as of 28-Mar-2024 16:01 is 0.00.
The latest P/B ratio of Shree Renuka Sugar as of 28-Mar-2024 16:01 is -8.36.
The 52-week high of Shree Renuka Sugar is ₹57.25 and the 52-week low is ₹39.30.
The TTM revenue is Trailing Twelve Months sales. The TTM revenue/sales of Shree Renuka Sugar is ₹9,580 ( Cr.) .

About Shree Renuka Sugars Ltd

Shree Renuka Sugars (SRSL) was established in 1995. In the year 1998 it acquired sick unit owned by Andhra Pradesh Government having a capacity of 1,250 TCD. Later SRSL shifted asset base of this acquired plant to its own production location at Munoli. This expanded the production capacity up to 2,500 TCD with 11.2 MW captive power plant. Shree Renuka Sugars is a fully integrated player focused on manufacturing and marketing of sugar, power and ethanol.

It added a distillery and ethanol unit of 60kl per day capacity in 2002. Today SRSL has manufacturing unit in Munoli, Athani and Havalgah located in Karnataka. It also has three leased unit operating in Ajara and Arag in Maharashtra and at Aland in Karnataka. Shree Renuka Sugars has a leadership position with 20% market share in the current fuel ethanol tenders by the oil marketing companies (IOC, HPCL, BPCL) and would supply a total of 217 million litres over a period of 3 years.

SRSL has largest sugar refining capacity in India producing 4,000 tons per day (TPD). Out of this two are located in Munoli and Athani producing 1,000 TPD each. Other is coming up in Haldia which has the capacity of 2,000 TPD.

The company in June 2010 completed the acquisition of a controlling stake of 50.34% in Equipav S.A. Açúcar e Álcool (“Equipav AA”), a Brazilian sugar and ethanol production company. Pursuant to the acquisition Equipav AA has become a subsidiary of the Company. The principal secured lenders have approved an acceptable debt restructuring package stretched over 10 years. Equipav AA consists of two very large and modern sugar/ethanol mills with significant captive plantations of sugarcane in Sao Paulo state in Southeast Brazil having a combined cane crushing capacity of 10.5 million tons of cane per annum (44,400 tcd). In addition, Equipav AA also has a bagasse-based power co-generation capacity of 203MW.

The Equipav investment brings Shree Renuka closer to building a global sugar and ethanol business combining the most cost-efficient and scalable production areas in the world along with a leading presence in the largest ethanol and sugar markets of the world.

Earlier on March 19, 2010 the Company completed the acquisition of Vale do Ivaí S.A. Açúcar e Álcool ('VDI') a sugar and ethanol production company located in Parana state of Brazil. That acquisition includes two sugar and ethanol production facilities located in the Southern state of Parana with a combined crushing capacity of 3.1 million tons per annum.

In November 2009 it has entered into definitive agreements for the acquisition of VALE DO IVAÍ S.A. AÇÚCAR E ÁLCOOL (“VDI”), a Brazilian sugar and ethanol production company. The acquisition includes two sugar and ethanol production facilities located in the Southern State of Parana with a combined cane crushing capacity of 3.1 million tons per annum. In addition, VDI holds strategic stakes in several logistics assets including terminals for storage and loading of sugar and ethanol at the port of Paranagua. Larger part of the sugarcane requirements at VDI are met through its own cultivation of more than 18,000 Ha of land on long lease. VDI has currently a third production facility in the State of Minas Gerais which shall be spun off to the current shareholders of VDI as a consideration for the acquisition.

The Enterprise Value of VDI is $ 240 million. SRSL shall acquire 100% of the equity capital of VDI for approximately $ 82 million and the balance is the assumed debt which is to be repaid over 8 years. The acquisition has received approval of leading creditors of VDI and the other remaining conditions are expected to be completed over the next 45 days. Motilal Oswal Investment Advisors is the Strategic Advisor to SRSL for this acquisition.

In June 2009 the company announced that it will expand its existing sugar refining capacity at its Athani unit in Karnataka from 1,000tpd to 2,000tpd and set up sugar refining capacity of 1,000tpd at its Havalga unit also in Karnataka. The plants are expected to be commissioned by December, 2009.With the commissioning of the above refineries, the company's sugar refining capacity will increase to 6,000tpd, which includes the 2,000tpd port‐based sugar refinery at Haldia, West Bengal and 4,000tpd refining capacity at three of its integrated sugar mills in Karnataka'.

The Company also increased its equity stake in one of its subsidiary companies viz. KBK Chem-Engineering Pvt. Ltd., Pune in the year 2009, from 54% to 80.28%. KBK is an engineering Company, primarily engaged in providing turnkey solutions in the field of Distilleries, Ethanol plants and Bio-fuels'.

In 2008, the company announced that it will set up a new 700,000 tons per annum sugar refinery on the west coast of India. This 2,000 tons per day (tpd) capacity will be setup at a cost of Rs.350 Crores in the Mundra SEZ in Gujarat. The plant is expected to be commissioned by March 2010. The new refinery will increase the company’s sugar refining capacity to 6000tpd, which includes the 2,000tpd refinery at Haldia and the refining capacity at two of its integrated sugar mills in Karnataka.

In August 2006 Shree Renuka Sugars entered into an agreement with a large European utility company for the sale of about 11,500 CERs (Certified Emission Reductions) from their Munoli Project in Karnataka. The sale of the CERs was done through Agrinergy Ltd.

In May 2006 Shree Renuka Sugars  entered into a Memorandum of Understanding (MoU) for a period of 3 years with Copersucar, Brazil for supply of high quality raw sugar and allied technical support for the Company’s 2000 TPD port-based sugar refinery coming up at Haldia, West Bengal. Copersucar is Brazil’s largest sugar milling and marketing group and one of the largest sugar and alcohol producers in the World. It has 29 sugar mills, processing over 60 million tons of cane each year. It also owns and operates its own port terminal for exports.

2010 - The Company creates one of the largest Sugar / Ethanol Groups in Brazil with Equipav Deal.

2011 - The Company announces Commissiong of Kandla Sugar Refinery.

2013 - Shree Renuka Sugars Limited inaugurates its first sugar depot in Guwahati, Assam

Products portfolio of the company:

Sugar- This being the core product of the company, it manufactures EC II grade refined sugar confirming to EU norms (less than 45 ICUMS) it is the higher end products consumed by European and African Countries and is also used for Industrial purpose.

Power- Out of the by-products like Bagasse and molasses it generates power for captive consumption and sale to state grid. SRLS’s cogeneration capacity increased to 143 MW.

Ethanol- The company’s distillery capacity touched 930 KLPD (630 KLPD from molasses to ethanol and 300 KLPD from rectified spirit  to ethanol in the year 2008-09. As part of its focus on the fuel ethanol market, Shree Renuka Sugars Ltd. has acquired a standalone distillery of 100KLPD from Dhanuka PetroChem located at Khopoli, Maharastra for a consideration of about Rs 6 crores.

Bio fertilizers- The residue product from distillery operations blended with chemical are sold as Bio fertilizers.





 

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