Past 10 year's financial track record analysis by Moneyworks4me indicates that Dwarikesh Sugar Industries Ltd is a average quality company.
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.
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.
Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end.
| Mar'15 | Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROCE % ⓘ | 7.8% | 12.1% | 32.8% | 16.7% | 14.5% | 8.6% | 13.3% | 21% | 15.5% | 13.8% | - |
| Value Creation Index ⓘ | -0.4 | -0.1 | 1.4 | 0.2 | 0.0 | -0.4 | -0.1 | 0.5 | 0.1 | 0.0 | - |
Growth Parameters ⓘGrowth Parameters Colour Code Guide ⓘ | |||||||||||
| Sales ⓘ | 752 | 794 | 1,190 | 1,430 | 1,084 | 1,336 | 1,839 | 1,979 | 2,103 | 1,710 | 1,280 |
| Sales YoY Gr. | - | 5.6% | 49.9% | 20.1% | -24.2% | 23.3% | 37.6% | 7.6% | 6.3% | -18.7% | - |
| Adj EPS ⓘ | -0.7 | 2.2 | 8.2 | 5.4 | 5 | 3.9 | 4.9 | 8.3 | 5.6 | 4.4 | -0.1 |
| YoY Gr. | - | NA | 274.8% | -34.2% | -6.9% | -22.2% | 25.4% | 68.7% | -32.5% | -20.3% | - |
| BVPS (₹) ⓘ | 3 | 5.3 | 15.2 | 19.4 | 24.6 | 25.7 | 30.7 | 35.8 | 39.3 | 43.7 | 40.4 |
| Adj Net Profit ⓘ | -11.2 | 35.6 | 154 | 101 | 94.3 | 73.5 | 92.1 | 155 | 105 | 83.5 | -1 |
| Cash Flow from Ops. ⓘ | -100 | 36.7 | 141 | 298 | -250 | 11.3 | 296 | 339 | 314 | 13.4 | - |
| Debt/CF from Ops. ⓘ | -4.1 | 17.9 | 3.8 | 1.2 | -2.6 | 74.6 | 2.1 | 1.5 | 1.2 | 33.7 | - |
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% | ||||
| BVPSⓘ | 34.8% | 12.1% | 12.4% | 11.2% | ||||
| Share Price | 32.5% | 19.4% | -5.8% | -34.7% | ||||
Performance Ratio Colour Code Guide ⓘ
| Mar'15 | Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Return on Equity % ⓘ | -14.9 | 32.2 | 76.4 | 31.1 | 22.7 | 15.5 | 17.3 | 24.8 | 14.9 | 10.7 | -0.1 |
| Op. Profit Mgn % ⓘ | 7.6 | 13.6 | 23 | 10 | 11.9 | 10.2 | 11 | 14.7 | 10.2 | 12 | 6.1 |
| Net Profit Mgn % ⓘ | -1.5 | 4.5 | 12.9 | 7.1 | 8.7 | 5.5 | 5 | 7.9 | 5 | 4.9 | -0.1 |
| Debt to Equity ⓘ | 6 | 5.6 | 1.9 | 0.9 | 1.4 | 1.7 | 1.1 | 0.8 | 0.5 | 0.6 | 0.2 |
| Working Cap Days ⓘ | 123 | 264 | 194 | 167 | 287 | 313 | 230 | 192 | 150 | 178 | 92 |
| Cash Conv. Cycle ⓘ | 73 | 163 | 143 | 114 | 190 | 204 | 147 | 126 | 107 | 140 | 57 |
Debt to equity has declined versus last 3 years average to 0.55
Return on Equity is Poor
Sales growth has been subdued in last 3 years -2.40%
Sales growth is not so good in last 4 quarters at -33.04%
| Standalone | Consolidated | |
|---|---|---|
| TTM EPS (₹) | -0.1 | - |
| TTM Sales (₹ Cr.) | 1,280 | - |
| BVPS (₹.) ⓘ | 40.4 | - |
| Reserves (₹ Cr.) ⓘ | 731 | - |
| P/BV ⓘ | 1.50 | - |
| PE ⓘ | 0.00 | - |
| From the Market | |
|---|---|
| 52 Week Low / High (₹) | 58.50 / 94.20 |
| All Time Low / High (₹) | 1.45 / 148.45 |
| Market Cap (₹ Cr.) | 1,127 |
| Equity (₹ Cr.) | 18.5 |
| Face Value (₹) | 1 |
| Industry PE ⓘ | 26.4 |
| Pledged * | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| PARTICULARS | Mar'15 | Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 |
|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 1,128 | 794 | 1,190 | 1,430 | 1,084 | 1,336 | 1,839 | 1,979 | 2,103 | 1,710 |
| Operating Expenses ⓘ | 1,043 | 686 | 917 | 1,287 | 955 | 1,200 | 1,638 | 1,688 | 1,888 | 1,505 |
| Manufacturing Costs | 61 | 36 | 49 | 63 | 60 | 62 | 81 | 99 | 103 | 116 |
| Material Costs | 888 | 574 | 772 | 1,126 | 775 | 1,010 | 1,402 | 1,444 | 1,598 | 1,220 |
| Employee Cost | 68 | 50 | 72 | 69 | 71 | 79 | 93 | 96 | 118 | 119 |
| Other Costs ⓘ | 26 | 27 | 24 | 29 | 49 | 50 | 62 | 48 | 69 | 50 |
| Operating Profit ⓘ | 86 | 108 | 273 | 142 | 129 | 136 | 201 | 291 | 215 | 205 |
| 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 ⓘ | 10 | 9 | 15 | 17 | 36 | 5 | 7 | 3 | 14 | 12 |
| Interest ⓘ | 75 | 52 | 52 | 25 | 21 | 33 | 48 | 32 | 26 | 20 |
| Depreciation ⓘ | 47 | 31 | 30 | 33 | 33 | 37 | 41 | 44 | 50 | 53 |
| Exceptional Items ⓘ | 0 | 5 | 3 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit Before Tax ⓘ | -27 | 39 | 209 | 102 | 111 | 72 | 120 | 219 | 153 | 144 |
| Tax ⓘ | -10 | 0 | 53 | 1 | 16 | -2 | 28 | 63 | 48 | 60 |
| Profit After Tax | -17 | 39 | 156 | 101 | 95 | 73 | 92 | 155 | 105 | 84 |
| PAT Margin (%) | -1.5% | 4.9% | 13.1% | 7.1% | 8.8% | 5.5% | 5.0% | 7.8% | 5.0% | 4.9% |
| Adjusted EPS (₹) | -1.0 | 2.4 | 8.3 | 5.4 | 5.1 | 3.9 | 4.9 | 8.2 | 5.6 | 4.4 |
| Dividend Payout Ratio (%) | 0% | 0% | 12% | 0% | 0% | 0% | 26% | 24% | 36% | 0% |
| PARTICULARS | Mar'15 | Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 |
|---|---|---|---|---|---|---|---|---|---|---|
Equity and Liabilities | ||||||||||
| Shareholders Fund | 104 | 117 | 286 | 366 | 464 | 484 | 579 | 673 | 740 | 822 |
| Share Capital ⓘ | 47 | 47 | 19 | 19 | 19 | 19 | 19 | 19 | 19 | 19 |
| Reserves ⓘ | 56 | 70 | 267 | 347 | 445 | 465 | 560 | 654 | 721 | 803 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Debt | 542 | 591 | 476 | 324 | 636 | 654 | 557 | 472 | 303 | 383 |
| Long Term Debt | 189 | 237 | 118 | 52 | 140 | 193 | 147 | 201 | 214 | 147 |
| Short Term Debt | 353 | 354 | 358 | 272 | 496 | 461 | 410 | 271 | 88 | 236 |
| Trade Payables | 201 | 143 | 77 | 215 | 183 | 208 | 188 | 97 | 55 | 43 |
| Others Liabilities ⓘ | 132 | 133 | 204 | 66 | 132 | 306 | 191 | 310 | 276 | 289 |
| Total Liabilities ⓘ | 979 | 984 | 1,043 | 971 | 1,413 | 1,652 | 1,515 | 1,552 | 1,373 | 1,537 |
Fixed Assets | ||||||||||
| Gross Block | 696 | 708 | 712 | 752 | 763 | 908 | 927 | 947 | 1,186 | 1,229 |
| Accumulated Depreciation | 298 | 352 | 381 | 411 | 444 | 477 | 517 | 559 | 603 | 646 |
| Net Fixed Assetsⓘ | 399 | 356 | 331 | 341 | 319 | 430 | 410 | 388 | 582 | 583 |
| CWIP ⓘ | 0 | 0 | 1 | 0 | 16 | 2 | 1 | 143 | 0 | 0 |
| Investmentsⓘ | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1 |
| Inventories | 491 | 537 | 610 | 531 | 824 | 912 | 855 | 758 | 561 | 741 |
| Trade Receivables | 43 | 64 | 55 | 53 | 60 | 98 | 68 | 35 | 72 | 36 |
| Cash Equivalents | 1 | 5 | 1 | 3 | 1 | 3 | 1 | 39 | 40 | 34 |
| Others Assetsⓘ | 45 | 22 | 45 | 42 | 192 | 206 | 180 | 190 | 119 | 143 |
| Total Assets ⓘ | 979 | 984 | 1,043 | 971 | 1,413 | 1,652 | 1,515 | 1,552 | 1,373 | 1,537 |
| PARTICULARS | Mar'15 | Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash Flow From Operating Activity ⓘ | -151 | 37 | 141 | 298 | -250 | 11 | 296 | 339 | 314 | 13 |
| PBT ⓘ | -27 | 39 | 209 | 102 | 111 | 72 | 120 | 219 | 153 | 144 |
| Adjustment ⓘ | 122 | 85 | 85 | 57 | 50 | 66 | 84 | 73 | 65 | 63 |
| Changes in Working Capital ⓘ | -246 | -88 | -114 | 182 | -391 | -112 | 93 | 84 | 125 | -168 |
| Tax Paid ⓘ | 0 | 0 | -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 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -37 | -2 | 0 |
| Others ⓘ | 0 | 0 | 0 | 0 | 4 | 0 | 2 | 0 | 9 | 10 |
| Cash Flow From Financing Activityⓘ | 154 | -20 | -140 | -256 | 292 | 101 | -280 | -141 | -222 | 27 |
| Net Proceeds from Shares ⓘ | 0 | 0 | 59 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Net Proceeds from Borrowing ⓘ | 32 | 30 | -153 | -105 | 90 | 222 | -185 | 56 | 31 | -69 |
| Interest Paid ⓘ | -78 | -51 | -50 | -43 | -21 | -39 | -43 | -32 | -31 | -18 |
| Dividend Paid ⓘ | 0 | 0 | 0 | -23 | 0 | -45 | 0 | -24 | -38 | 0 |
| Others ⓘ | 200 | 1 | 4 | -86 | 224 | -37 | -51 | -141 | -184 | 114 |
| Net Cash Flow ⓘ | -1 | 4 | -4 | 2 | -2 | 1 | -2 | 0 | 0 | 0 |
| PARTICULARS | Mar'15 | Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 |
|---|---|---|---|---|---|---|---|---|---|---|
| Ratios | ||||||||||
| ROE (%) | -20.65 | 49.12 | 83.94 | 31.13 | 22.93 | 15.51 | 17.23 | 24.79 | 14.83 | 10.7 |
| ROCE (%) | 7.84 | 12.12 | 32.83 | 16.7 | 14.47 | 8.55 | 13.33 | 21.03 | 15.47 | 13.77 |
| Asset Turnover Ratio | 1.43 | 0.85 | 1.24 | 1.45 | 0.91 | 0.87 | 1.16 | 1.29 | 1.44 | 1.17 |
| PAT to CFO Conversion(x) | N/A | 0.95 | 0.9 | 2.95 | -2.63 | 0.15 | 3.22 | 2.19 | 2.99 | 0.15 | Working Capital Days |
| Receivable Days | 7 | 24 | 17 | 14 | 19 | 22 | 16 | 9 | 9 | 11 |
| Inventory Days | 107 | 226 | 167 | 143 | 228 | 237 | 175 | 149 | 114 | 139 |
| Payable Days | 61 | 109 | 52 | 47 | 94 | 71 | 52 | 36 | 17 | 15 |
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.
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