Dwarikesh Sugar Industries Ltd - Stock Valuation and Financial Performance

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

Dwarikesh Sugar Inds Share Price

69.50 -4.13 -5.61%
as on 28-Mar'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):
12.18
Market Cap:
1,308.7 Cr.
52-wk low:
67.7
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 Weak which suggest that the price of Dwarikesh Sugar Industries 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 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

Sep'13Mar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23TTM
ROCE % 5.1%5.8%9.6%24%15.6%12%7.9%10%14.9%10.7%-
Value Creation
Index
-0.6-0.6-0.30.70.1-0.2-0.4-0.30.1-0.2-

Growth Parameters

Growth Parameters Colour Code Guide

Sales 9287527941,1901,4301,0841,3361,8391,9792,1031,862
Sales YoY Gr.--18.9%5.6%49.9%20.1%-24.2%23.3%37.6%7.6%6.3%-
Adj EPS -1.2-0.72.28.25.453.94.98.35.65.7
YoY Gr.-NANA274.8%-34.2%-6.9%-22.2%25.4%68.7%-32.4%-
BVPS (₹) 5.535.315.219.424.625.730.735.839.342.5
Adj Net
Profit
-19.3-11.235.615410194.373.592.1155105108
Cash Flow from Ops. 203-10036.7141298-25011.3296339314-
Debt/CF from Ops. 1.9-4.117.93.81.2-2.674.62.11.51.2-

CAGR

CAGR Colour Code Guide

9 Years 5 Years 3 Years 1 Years
Sales 9.5%8%16.3%6.3%
Adj EPS NA0.7%12.7%-32.4%
BVPS24.4%15.1%15.2%9.9%
Share Price 38% 17.6% 29.5% -17.3%

Key Financial Parameters

Performance Ratio Colour Code Guide

Sep'13Mar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23TTM
Return on
Equity %
-15.1-14.932.276.431.122.715.517.324.814.914
Op. Profit
Mgn %
6.37.613.6231011.910.21114.710.211.7
Net Profit
Mgn %
-2.1-1.54.512.97.18.75.557.955.8
Debt to
Equity
3.365.61.90.91.41.71.10.80.5-
Working Cap
Days
9412326419416728731323019215056
Cash Conv.
Cycle
647316314311419020414712610737

Recent Performance Summary

Sales growth is growing at healthy rate in last 3 years 16.32%

Net Profit is growing at healthy rate in last 3 years 12.68%

Debt to equity has declined versus last 3 years average to 0.50

Return on Equity has declined versus last 3 years average to 14.00%

Sales growth is not so good in last 4 quarters at -8.90%

Latest Financials - Dwarikesh Sugar Industries Ltd.

Standalone Consolidated
TTM EPS (₹) 5.7 -
TTM Sales (₹ Cr.) 1,862 -
BVPS (₹.) 42.5 -
Reserves (₹ Cr.) 782 -
P/BV 1.63 -
PE 12.18 -
From the Market
52 Week Low / High (₹) 67.71 / 109.75
All Time Low / High (₹) 1.45 / 148.45
Market Cap (₹ Cr.) 1,309
Equity (₹ Cr.) 18.8
Face Value (₹) 1
Industry PE 14.5

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.)
PARTICULARSSep'13Mar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23
Sales9281,1287941,1901,4301,0841,3361,8391,9792,103
Operating Expenses 8691,0436869171,2879551,2001,6381,6881,888
Manufacturing Costs386136496360628199103
Material Costs7688885747721,1267751,0101,4021,4441,598
Employee Cost 386850726971799396118
Other Costs 25262724294950624869
Operating Profit 5986108273142129136201291215
Operating Profit Margin (%) 6.3%7.6%13.6%23.0%10.0%11.9%10.2%10.9%14.7%10.2%
Other Income 1310915173657314
Interest 71755252252133483226
Depreciation 33473130333337414450
Exceptional Items 0053000000
Profit Before Tax -32-273920910211172120219153
Tax -13-10053116-2286348
Profit After Tax -19-1739156101957392155105
PAT Margin (%) -2.1%-1.5%4.9%13.1%7.1%8.8%5.5%5.0%7.8%5.0%
Adjusted EPS (₹)-1.2-1.02.48.35.45.13.94.98.25.6
Dividend Payout Ratio (%)0%0%0%12%0%0%0%26%24%36%

Balance Sheet

(All Figures are in Crores.)
PARTICULARSSep'13Mar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23

Equity and Liabilities

Shareholders Fund 121104117286366464484579673740
Share Capital 47474719191919191919
Reserves 735670267347445465560654721
Minority Interest0000000000
Debt309542591476324636654557472303
Long Term Debt15718923711852140193147201214
Short Term Debt15235335435827249646141027188
Trade Payables98201143772151832081889755
Others Liabilities 12313213320466132306191310276
Total Liabilities 6519799841,0439711,4131,6521,5151,5521,373

Fixed Assets

Gross Block6926967087127527639089279471,186
Accumulated Depreciation251298352381411444477517559603
Net Fixed Assets440399356331341319430410388582
CWIP 0001016211430
Investments 0000000000
Inventories192491537610531824912855758561
Trade Receivables2436455536098683572
Cash Equivalents 215131313940
Others Assets1445224542192206180190119
Total Assets 6519799841,0439711,4131,6521,5151,5521,373

Cash Flow

(All Figures are in Crores.)
PARTICULARSSep'13Mar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23
Cash Flow From Operating Activity 203-15137141298-25011296339314
PBT -32-273920910211172120219153
Adjustment 1081228585575066847365
Changes in Working Capital 127-246-88-114182-391-1129384125
Tax Paid 000-38-43-20-14-1-37-29
Cash Flow From Investing Activity -4-4-13-5-41-44-111-18-198-92
Capex -4-5-13-5-41-48-112-19-161-98
Net Investments 00000000-37-2
Others 0000040209
Cash Flow From Financing Activity -199154-20-140-256292101-280-141-222
Net Proceeds from Shares 50059000000
Net Proceeds from Borrowing -923230-153-10590222-1855631
Interest Paid -71-78-51-50-43-21-39-43-32-31
Dividend Paid 0000-230-450-24-38
Others -4120014-86224-37-51-141-184
Net Cash Flow 1-14-42-21-200
PARTICULARSSep'13Mar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23
Ratios
ROE (%)-19.52-20.6549.1283.9431.1322.9315.5117.2324.7914.83
ROCE (%)6.597.8412.1232.8316.714.478.5513.3321.0315.47
Asset Turnover Ratio1.371.430.851.241.450.910.871.161.291.44
PAT to CFO Conversion(x)N/AN/A0.950.92.95-2.630.153.222.192.99
Working Capital Days
Receivable Days5724171419221699
Inventory Days82107226167143228237175149114
Payable Days266110952479471523617

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 28-Mar-2024 16:01 is ₹69.50.
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 Dwarikesh Sugar Inds stood at ₹1,308.7.
The latest P/E ratio of Dwarikesh Sugar Inds as of 28-Mar-2024 16:01 is 12.18.
The latest P/B ratio of Dwarikesh Sugar Inds as of 28-Mar-2024 16:01 is 1.63.
The 52-week high of Dwarikesh Sugar Inds is ₹109.8 and the 52-week low is ₹67.71.
The TTM revenue is Trailing Twelve Months sales. The TTM revenue/sales of Dwarikesh Sugar Inds is ₹1,862 ( 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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