Dwarikesh Sugar Industries Ltd - Stock Valuation and Financial Performance

BSE: 532610 | NSE: DWARKESH | Sugar | Small Cap

Dwarikesh Sugar Inds Share Price

78.72 0.27 0.34%
as on 14-Jun'24 16:01

DeciZen - make an informed investing decision on Dwarikesh Sugar Inds

Overall Rating
Bole Toh

1. Quality

2. Valuation

Fair

3. Price Trend

Dwarikesh Sugar Industries stock performance -

mw4me loader
P/E Ratio (SA):
17.47
Market Cap:
1,458.7 Cr.
52-wk low:
62.2
52-wk high:
109.8

Is Dwarikesh Sugar Industries Ltd an attractive stock to invest in?

1. Is Dwarikesh Sugar Industries Ltd a good quality company?

Past 10 year's financial track record analysis by Moneyworks4me indicates that Dwarikesh Sugar Industries Ltd is a average quality company.

2. Is Dwarikesh Sugar Industries Ltd undervalued or overvalued?

The key valuation ratios of Dwarikesh Sugar Industries Ltd's currently when compared to its past seem to suggest it is in the Fair zone.

3. Is Dwarikesh Sugar Industries Ltd a good buy now?

The Price Trend analysis by MoneyWorks4Me indicates it is Strong which suggest that the price of Dwarikesh Sugar Industries Ltd is likely to Rise in the short term. However, please check the rating on Quality and Valuation before investing

10 Year X-Ray of Dwarikesh Sugar Inds:

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.
Dwarikesh Sugar Industries Ltd has performed well in some of the past ten years indicating its past ten year financial track record is somewhat good

Value Creation

Value Creation Index Colour Code Guide

Mar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24TTM
ROCE % 5.8%9.6%24%15.6%12%7.9%10%14.9%10.7%8.2%-
Value Creation
Index
-0.6-0.30.70.1-0.2-0.4-0.30.1-0.2-0.4-

Growth Parameters

Growth Parameters Colour Code Guide

Sales 7527941,1901,4301,0841,3361,8391,9792,1031,7101,710
Sales YoY Gr.-5.6%49.9%20.1%-24.2%23.3%37.6%7.6%6.3%-18.7%-
Adj EPS -0.72.28.25.453.94.98.35.64.44.5
YoY Gr.-NA274.8%-34.2%-6.9%-22.2%25.4%68.7%-32.5%-20.3%-
BVPS (₹) 35.315.219.424.625.730.735.839.343.744.4
Adj Net
Profit
-11.235.615410194.373.592.115510583.584
Cash Flow from Ops. -10036.7141298-25011.329633931413.4-
Debt/CF from Ops. -4.117.93.81.2-2.674.62.11.51.233.7-

CAGR

CAGR Colour Code Guide

9 Years 5 Years 3 Years 1 Years
Sales 9.6%9.5%-2.4%-18.7%
Adj EPS NA-2.4%-3.2%-20.3%
BVPS34.8%12.1%12.4%11.2%
Share Price 35.2% 24% 3.9% -14.2%

Key Financial Parameters

Performance Ratio Colour Code Guide

Mar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24TTM
Return on
Equity %
-14.932.276.431.122.715.517.324.814.910.710.3
Op. Profit
Mgn %
7.613.6231011.910.21114.710.21212
Net Profit
Mgn %
-1.54.512.97.18.75.557.954.94.9
Debt to
Equity
65.61.90.91.41.71.10.80.50.60.2
Working Cap
Days
12326419416728731323019215017876
Cash Conv.
Cycle
7316314311419020414712610714046

Recent Performance Summary

Debt to equity has declined versus last 3 years average to 0.55

Return on Equity has declined versus last 3 years average to 10.20%

Sales growth has been subdued in last 3 years -2.40%

Net Profit has been subdued in last 3 years -3.17%

Sales growth is not so good in last 4 quarters at -19.08%

Latest Financials - Dwarikesh Sugar Industries Ltd.

Standalone Consolidated
TTM EPS (₹) 4.5 -
TTM Sales (₹ Cr.) 1,710 -
BVPS (₹.) 44.4 -
Reserves (₹ Cr.) 803 -
P/BV 1.77 -
PE 17.47 -
From the Market
52 Week Low / High (₹) 62.21 / 109.75
All Time Low / High (₹) 1.45 / 148.45
Market Cap (₹ Cr.) 1,459
Equity (₹ Cr.) 18.5
Face Value (₹) 1
Industry PE 21.8

Management X-Ray of Dwarikesh Sugar Inds:

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 Dwarikesh Sugar Inds

Adj EPS (Rs.)

Sales (Cr.)

ROE (%)

ROCE (%)

Profit And Loss

(All Figures are in Crores.)
PARTICULARSMar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24
Sales1,1287941,1901,4301,0841,3361,8391,9792,1031,710
Operating Expenses 1,0436869171,2879551,2001,6381,6881,8881,505
Manufacturing Costs6136496360628199103116
Material Costs8885747721,1267751,0101,4021,4441,5981,220
Employee Cost 6850726971799396118119
Other Costs 26272429495062486950
Operating Profit 86108273142129136201291215205
Operating Profit Margin (%) 7.6%13.6%23.0%10.0%11.9%10.2%10.9%14.7%10.2%12.0%
Other Income 1091517365731412
Interest 75525225213348322620
Depreciation 47313033333741445053
Exceptional Items 0530000000
Profit Before Tax -273920910211172120219153144
Tax -10053116-228634860
Profit After Tax -173915610195739215510584
PAT Margin (%) -1.5%4.9%13.1%7.1%8.8%5.5%5.0%7.8%5.0%4.9%
Adjusted EPS (₹)-1.02.48.35.45.13.94.98.25.64.4
Dividend Payout Ratio (%)0%0%12%0%0%0%26%24%36%0%

Balance Sheet

(All Figures are in Crores.)
PARTICULARSMar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24

Equity and Liabilities

Shareholders Fund 104117286366464484579673740822
Share Capital 47471919191919191919
Reserves 5670267347445465560654721803
Minority Interest0000000000
Debt542591476324636654557472303383
Long Term Debt18923711852140193147201214147
Short Term Debt35335435827249646141027188236
Trade Payables20114377215183208188975543
Others Liabilities 13213320466132306191310276289
Total Liabilities 9799841,0439711,4131,6521,5151,5521,3731,537

Fixed Assets

Gross Block6967087127527639089279471,1861,229
Accumulated Depreciation298352381411444477517559603646
Net Fixed Assets399356331341319430410388582583
CWIP 0010162114300
Investments 0000000001
Inventories491537610531824912855758561741
Trade Receivables43645553609868357236
Cash Equivalents 1513131394034
Others Assets45224542192206180190119143
Total Assets 9799841,0439711,4131,6521,5151,5521,3731,537

Cash Flow

(All Figures are in Crores.)
PARTICULARSMar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24
Cash Flow From Operating Activity -15137141298-2501129633931413
PBT -273920910211172120219153144
Adjustment 122858557506684736563
Changes in Working Capital -246-88-114182-391-1129384125-168
Tax Paid 00-38-43-20-14-1-37-29-25
Cash Flow From Investing Activity -4-13-5-41-44-111-18-198-92-41
Capex -5-13-5-41-48-112-19-161-98-51
Net Investments 0000000-37-20
Others 00004020910
Cash Flow From Financing Activity 154-20-140-256292101-280-141-22227
Net Proceeds from Shares 00590000000
Net Proceeds from Borrowing 3230-153-10590222-1855631-69
Interest Paid -78-51-50-43-21-39-43-32-31-18
Dividend Paid 000-230-450-24-380
Others 20014-86224-37-51-141-184114
Net Cash Flow -14-42-21-2000
PARTICULARSMar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24
Ratios
ROE (%)-20.6549.1283.9431.1322.9315.5117.2324.7914.8310.7
ROCE (%)7.8412.1232.8316.714.478.5513.3321.0315.4713.77
Asset Turnover Ratio1.430.851.241.450.910.871.161.291.441.17
PAT to CFO Conversion(x)N/A0.950.92.95-2.630.153.222.192.990.15
Working Capital Days
Receivable Days72417141922169911
Inventory Days107226167143228237175149114139
Payable Days611095247947152361715

Dwarikesh Sugar Industries Ltd Stock News

Dwarikesh Sugar Industries Ltd FAQs

Company share prices are keep on changing according to the market conditions. The closing price of Dwarikesh Sugar Inds on 14-Jun-2024 16:01 is ₹78.72.
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 14-Jun-2024 16:01 the market cap of Dwarikesh Sugar Inds stood at ₹1,458.7.
The latest P/E ratio of Dwarikesh Sugar Inds as of 14-Jun-2024 16:01 is 17.47.
The latest P/B ratio of Dwarikesh Sugar Inds as of 14-Jun-2024 16:01 is 1.77.
The 52-week high of Dwarikesh Sugar Inds is ₹109.8 and the 52-week low is ₹62.21.
The TTM revenue is Trailing Twelve Months sales. The TTM revenue/sales of Dwarikesh Sugar Inds is ₹1,710 ( Cr.) .

About Dwarikesh Sugar Industries Ltd

Dwarikesh Sugar Industries was originally incorporated as Dwarka Sugar vide certificate of incorporation no. 11-74815 dated November 1, 1993 with the Registrar of Companies, Maharashtra at Mumbai. The name of the company was changed to Dwarikesh Sugar Industries on April 18, 1994.

The registered office of the company has been shifted from the state of Maharashtra to the state of Uttar Pradesh (UP), confirmed by an order of the Company Law Board (Western Region) bench, Mumbai dated June 23, 1995. In this regard, Dwarikesh has received a Certificate of Registration bearing no. 20-18642 dated August 31, 1995 from Registrar of Companies, UP at Kanpur.  The company has been promoted by Gautam R Morarka with the main object of carrying out the activity of production of sugar and other sugar related activities. The company commenced its commercial production on December 5, 1995 by setting up a 2500 tcd sugar plant in the sugar rich belt of Uttar Pradesh at Dwarikesh Nagar unit, Bundki village in Bijnor District.

The plant now has a capacity of 6500 tcd. Beside this, the company has set up one 7500 tcd sugar plant in district Bijnor commencing production in 2006 and has set up another 7500 tcd sugar plant in the Bareilly district, commencing production in Dec 2007. Thus the total capacity of Dwarikesh is 21500 tcd.

Products

  • Sugar: Sugar production is an interesting process during which some useful bi-products are generated.  
  • White Crystal Sugar: Dwarikesh Sugar is known for its high quality, hygiene and good taste.
  • Ethanol: Ethanol is a good oxygenate, which is used as a blend with motor spirit to reduce emissions.
  • Captive Power: Dwarikesh is focusing on this sector as demand of captive power is continue to increase.
  • Molasses: Molasses plays an important part in Dwarikesh group's diversification plans.
  • Valuable Residue: Bagasse, the residue obtained from crushing cane in the mills, is used by the paper industry.

Divisions

  • Sugar
  • Power co-generation
  • Industrial alcohol-ethanol

Group Companies

  • Morarka Finance
  • Dwarikesh Informatics
  • Sewa Jyoti
  • RR Morarka Charitable Trust
  • Narbada Devi Morarka Charitable Trust

History

  • 1993: Incorporation of the company in the name of Dwarka Sugar.
  • 1994: Change of name to Dwarikesh Sugar Industries.
  • 1995: Setting up 2500 tcd sugar plant and commencement of commercial production.
  • 1996: Expansion of capacity to 3500 tcd and setting up of 6 mw power plant.
  • 1997: Payment of maiden dividend of 10%.
  • 1999: Expansion of capacity to 4000 tcd.
  • 2001: Expansion of capacity to 5000 tcd.
  • 2002: Expansion of co-gen plant from 6 MW to 9 MW and expansion of capacity to 6500 tcd.
  • 2003: Sold power worth Rs 183 lakh to the UP state grid.
  • 2004: Successful completion of IPO (23 times oversubscribed) and expansion of co-gen power plant from 9 MW to 17 MW.
  • 2005: Setting up of 30 klpd distillery for manufacture of industrial alcohol and work begins on new project of 7500 tcd at Dwarikeshpuram (Afzalgarh) in February.
  • 2006: Commissioned a new greenfield plant of 7500 tcd at Dwarikeshpuram with 9 MW co-gen capacity in a record time.
  • 2006: Work begins on new project of 7500 tcd at Dwarikeshdham (Faridpur, Bareilly District) with 36 MW cogeneration.
  • 2007:  Commissioned a new greenfield plant of 7500 tcd with 36 MW cogeneration capacity in a record time at Dwarikeshdham (Bareilly District). Exportable power capacity of the plant is 24 MW.
  • 2008: Commencement of co-generation for supply to state grid at Dwarikeshdham and Dwarikeshpuram units.
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