Past 10 year's financial track record analysis by Moneyworks4me indicates that Kothari Sugars And Chemicals Ltd is a average quality company.
The key valuation ratios of Kothari Sugars And Chemicals Ltd's currently when compared to its past seem to suggest it is in the Overvalued zone.
The Price Trend analysis by MoneyWorks4Me indicates it is Weak which suggest that the price of Kothari Sugars And Chemicals 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 % ⓘ | 1.7% | 3.4% | 7.2% | 3.4% | 11.3% | 10.1% | 12.1% | 17.5% | 20.6% | 14.1% | - |
| Value Creation Index ⓘ | -0.9 | -0.8 | -0.5 | -0.8 | -0.2 | -0.3 | -0.1 | 0.3 | 0.5 | 0.0 | - |
Growth Parameters ⓘGrowth Parameters Colour Code Guide ⓘ | |||||||||||
| Sales ⓘ | 340 | 247 | 317 | 287 | 332 | 353 | 419 | 423 | 610 | 503 | 418 |
| Sales YoY Gr. | - | -27.5% | 28.5% | -9.4% | 15.8% | 6.2% | 18.9% | 1% | 44% | -17.6% | - |
| Adj EPS ⓘ | -0.6 | 0.1 | 1.7 | 0.8 | 0.8 | 1.7 | 1.8 | 4 | 4.5 | 3.4 | 1.5 |
| YoY Gr. | - | NA | 1744.4% | -51.8% | -3.8% | 120.8% | 5.9% | 120.6% | 13.4% | -24.4% | - |
| BVPS (₹) ⓘ | 14.1 | 14.2 | 15.9 | 16.8 | 18.4 | 20.1 | 22.5 | 26.5 | 31.1 | 33.6 | 34.3 |
| Adj Net Profit ⓘ | -5.2 | 0.8 | 13.8 | 6.6 | 6.4 | 14.1 | 14.9 | 32.9 | 37.3 | 28.2 | 12 |
| Cash Flow from Ops. ⓘ | -12.8 | 25.3 | 24.6 | 36.7 | 25.9 | 27.1 | 81.6 | -2.7 | 45.1 | 15.6 | - |
| Debt/CF from Ops. ⓘ | -12.7 | 6.9 | 5.9 | 3.3 | 4.5 | 3.1 | 0.4 | -20.9 | 0.8 | 4.5 | - |
CAGR Colour Code Guide ⓘ
| 9 Years | 5 Years | 3 Years | 1 Years | |||||
|---|---|---|---|---|---|---|---|---|
| Sales ⓘ | 4.4% | 8.6% | 6.2% | -17.6% | ||||
| Adj EPS ⓘ | NA | 34.6% | 23.6% | -24.4% | ||||
| BVPSⓘ | 10.2% | 12.9% | 14.4% | 8.1% | ||||
| Share Price | - | 36.3% | 14.7% | -17.4% | ||||
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 % ⓘ | -4.2 | 0.6 | 11 | 4.9 | 4.4 | 8.8 | 8.5 | 16.2 | 15.6 | 10.5 | 4.3 |
| Op. Profit Mgn % ⓘ | 2.8 | 7.3 | 11.5 | 9.7 | 9 | 8 | 7.8 | 11.7 | 10.2 | 8.8 | 3.5 |
| Net Profit Mgn % ⓘ | -1.5 | 0.3 | 4.3 | 2.3 | 1.9 | 4 | 3.6 | 7.8 | 6.1 | 5.6 | 2.9 |
| Debt to Equity ⓘ | 1.3 | 1.5 | 1.1 | 0.9 | 0.8 | 0.5 | 0.2 | 0.3 | 0.2 | 0.3 | 0 |
| Working Cap Days ⓘ | 139 | 187 | 169 | 203 | 177 | 175 | 126 | 124 | 110 | 151 | 116 |
| Cash Conv. Cycle ⓘ | 72 | 122 | 108 | 98 | 74 | 67 | 29 | 42 | 40 | 63 | 62 |
Net Profit is growing at healthy rate in last 3 years 23.61%
Return on Equity has declined versus last 3 years average to 4.30%
Sales growth has been subdued in last 3 years 6.22%
Sales growth is not so good in last 4 quarters at -26.67%
| Standalone | Consolidated | |
|---|---|---|
| TTM EPS (₹) | 1.5 | 0.3 |
| TTM Sales (₹ Cr.) | 418 | 287 |
| BVPS (₹.) ⓘ | 34.3 | 16.9 |
| Reserves (₹ Cr.) ⓘ | 201 | 57 |
| P/BV ⓘ | 1.37 | 2.79 |
| PE ⓘ | 32.09 | 169.87 |
| From the Market | |
|---|---|
| 52 Week Low / High (₹) | 0.00 / 0.00 |
| All Time Low / High (₹) | - / - |
| Market Cap (₹ Cr.) | 389 |
| Equity (₹ Cr.) | 82.9 |
| Face Value (₹) | 10 |
| Industry PE ⓘ | 26.1 |
| 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 | 340 | 247 | 317 | 287 | 332 | 353 | 419 | 423 | 610 | 503 |
| Operating Expenses ⓘ | 331 | 229 | 280 | 259 | 302 | 325 | 387 | 374 | 549 | 458 |
| Manufacturing Costs | 32 | 23 | 26 | 22 | 28 | 31 | 33 | 37 | 46 | 45 |
| Material Costs | 260 | 176 | 221 | 205 | 231 | 250 | 309 | 280 | 423 | 338 |
| Employee Cost | 17 | 16 | 18 | 18 | 20 | 22 | 25 | 24 | 29 | 29 |
| Other Costs ⓘ | 21 | 14 | 16 | 14 | 22 | 21 | 19 | 32 | 51 | 47 |
| Operating Profit ⓘ | 9 | 18 | 36 | 28 | 30 | 28 | 33 | 50 | 61 | 44 |
| Operating Profit Margin (%) | 2.8% | 7.2% | 11.5% | 9.7% | 9.0% | 8.0% | 7.8% | 11.7% | 9.9% | 8.8% |
| Other Income ⓘ | 11 | 7 | 5 | 5 | 17 | 4 | 5 | 7 | 9 | 15 |
| Interest ⓘ | 5 | 7 | 8 | 6 | 7 | 7 | 5 | 4 | 4 | 4 |
| Depreciation ⓘ | 16 | 15 | 15 | 14 | 13 | 13 | 14 | 14 | 14 | 14 |
| Exceptional Items ⓘ | 0 | 0 | -6 | -10 | -5 | 6 | 5 | 1 | 4 | 0 |
| Profit Before Tax ⓘ | 0 | 3 | 13 | 3 | 23 | 19 | 23 | 39 | 55 | 42 |
| Tax ⓘ | 4 | 2 | 2 | 2 | 10 | 0 | 4 | 5 | 13 | 12 |
| Profit After Tax | -5 | 1 | 10 | 0 | 13 | 19 | 19 | 34 | 42 | 29 |
| PAT Margin (%) | -1.3% | 0.5% | 3.3% | 0.2% | 3.8% | 5.5% | 4.5% | 8.0% | 6.9% | 5.9% |
| Adjusted EPS (₹) | -0.6 | 0.1 | 1.3 | 0.1 | 1.5 | 2.3 | 2.3 | 4.1 | 5.1 | 3.6 |
| Dividend Payout Ratio (%) | 0% | 0% | 40% | 0% | 33% | 0% | 0% | 0% | 20% | 14% |
| 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 | 121 | 119 | 132 | 139 | 152 | 166 | 186 | 220 | 258 | 278 |
| Share Capital ⓘ | 87 | 84 | 83 | 83 | 83 | 83 | 83 | 83 | 83 | 83 |
| Reserves ⓘ | 34 | 35 | 49 | 56 | 69 | 84 | 103 | 137 | 175 | 196 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Debt | 149 | 138 | 113 | 103 | 109 | 78 | 29 | 49 | 37 | 69 |
| Long Term Debt | 107 | 92 | 54 | 36 | 30 | 5 | 7 | 0 | 0 | 0 |
| Short Term Debt | 42 | 45 | 59 | 67 | 80 | 73 | 21 | 49 | 37 | 69 |
| Trade Payables | 32 | 30 | 54 | 75 | 81 | 77 | 81 | 77 | 85 | 87 |
| Others Liabilities ⓘ | 56 | 82 | 81 | 52 | 48 | 52 | 44 | 48 | 52 | 48 |
| Total Liabilities ⓘ | 358 | 368 | 380 | 370 | 391 | 373 | 340 | 394 | 432 | 483 |
Fixed Assets | ||||||||||
| Gross Block | 401 | 401 | 205 | 206 | 207 | 224 | 228 | 233 | 246 | 272 |
| Accumulated Depreciation | 192 | 206 | 15 | 28 | 41 | 53 | 67 | 81 | 95 | 109 |
| Net Fixed Assetsⓘ | 209 | 195 | 190 | 177 | 166 | 171 | 161 | 152 | 151 | 163 |
| CWIP ⓘ | 0 | 0 | 0 | 0 | 1 | 0 | 0 | 1 | 9 | 0 |
| Investmentsⓘ | 18 | 18 | 21 | 34 | 49 | 31 | 59 | 71 | 72 | 100 |
| Inventories | 99 | 116 | 144 | 128 | 138 | 124 | 85 | 128 | 136 | 168 |
| Trade Receivables | 8 | 9 | 14 | 18 | 17 | 27 | 21 | 25 | 28 | 22 |
| Cash Equivalents | 9 | 17 | 3 | 3 | 8 | 1 | 0 | 0 | 0 | 0 |
| Others Assetsⓘ | 14 | 13 | 9 | 10 | 11 | 19 | 13 | 18 | 36 | 30 |
| Total Assets ⓘ | 358 | 368 | 380 | 370 | 391 | 373 | 340 | 394 | 432 | 483 |
| 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 ⓘ | -13 | 25 | 25 | 37 | 26 | 27 | 82 | -3 | 45 | 16 |
| PBT ⓘ | 0 | 3 | 13 | 3 | 23 | 19 | 23 | 39 | 55 | 42 |
| Adjustment ⓘ | 14 | 17 | 19 | 17 | 12 | 19 | 15 | 14 | 11 | 3 |
| Changes in Working Capital ⓘ | -25 | 6 | -5 | 20 | -4 | -7 | 47 | -49 | -13 | -22 |
| Tax Paid ⓘ | -1 | 0 | -2 | -3 | -5 | -4 | -4 | -7 | -8 | -7 |
| Cash Flow From Investing Activity ⓘ | 1 | 4 | -10 | 0 | -11 | 3 | -29 | -13 | -19 | -36 |
| Capex | 0 | 0 | -11 | -1 | -4 | -17 | -4 | 0 | -21 | -17 |
| Net Investments | -2 | 0 | 0 | 0 | -9 | 19 | -25 | -10 | 2 | -22 |
| Others ⓘ | 3 | 4 | 1 | 1 | 2 | 1 | 0 | -3 | 0 | 4 |
| Cash Flow From Financing Activityⓘ | 18 | -22 | -28 | -36 | -10 | -30 | -1 | -11 | -15 | -12 |
| Net Proceeds from Shares ⓘ | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Net Proceeds from Borrowing ⓘ | 5 | 21 | -34 | -33 | -17 | -19 | 4 | -7 | -7 | 0 |
| Interest Paid ⓘ | -5 | -7 | -7 | -5 | -6 | -6 | -5 | -4 | -4 | -3 |
| Dividend Paid ⓘ | -4 | 0 | 0 | -4 | 0 | -4 | 0 | 0 | -4 | -8 |
| Others ⓘ | 21 | -36 | 13 | 7 | 13 | -1 | 0 | 0 | 0 | 0 |
| Net Cash Flow ⓘ | 6 | 8 | -14 | 1 | 5 | 0 | 51 | -27 | 11 | -32 |
| PARTICULARS | Mar'15 | Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 |
|---|---|---|---|---|---|---|---|---|---|---|
| Ratios | ||||||||||
| ROE (%) | -3.82 | 1 | 8.39 | 0.35 | 8.72 | 12.19 | 10.78 | 16.75 | 17.56 | 11 |
| ROCE (%) | 1.73 | 3.41 | 7.23 | 3.41 | 11.33 | 10.06 | 12.09 | 17.45 | 20.57 | 14.13 |
| Asset Turnover Ratio | 0.93 | 0.7 | 0.88 | 0.77 | 0.87 | 0.92 | 1.18 | 1.15 | 1.48 | 1.1 |
| PAT to CFO Conversion(x) | N/A | 25 | 2.5 | N/A | 2 | 1.42 | 4.32 | -0.09 | 1.07 | 0.55 | Working Capital Days |
| Receivable Days | 11 | 13 | 13 | 20 | 19 | 23 | 21 | 20 | 16 | 18 |
| Inventory Days | 106 | 155 | 144 | 171 | 146 | 136 | 91 | 92 | 79 | 110 |
| Payable Days | 57 | 64 | 69 | 116 | 124 | 115 | 93 | 103 | 70 | 93 |
Kothari Sugars and Chemicals, incorporated in 1960, is engaged in manufacturing of sugar, industrial alcohol and bio-compost.
Being the flagship company of HC Kothari Group, the company started with initial production of 1250 TCD. Besides manufacturing of sugar, HC Kothari Group is engaged in business of petrochemicals and safe deposits.
Currently, the company runs three manufacturing facilities located at Tamil Nadu and Karnataka. The company’s manufacturing units have received ISO 9001-2000 and ISO 14001-2004 for quality management system and environmental management system respectively.
The company exports sugar to countries namely Sri Lanka, Indonesia and UAE. Kothari International Trading is a subsidiary of the company.
The company supplies rectified spirit and extra neutral alcohol to major liquor manufacturing/bottling plants. Kothari Sugars also supplies ethanol to major oil companies.
Manufacturing facilities
Kattur Unit- This unit is located in Tamil Nadu and is one of the earliest sugar factories to be set up. Its initial crushing capacity was 1250 TCD, which was later increased to 1500 TCD. Currently its crushing capacity is 2900 TCD. The company has also set up 11 MW captive power plant. It distillery plant has production capacity of 60 KLPD. This plant also manufactures bio-compost.
Sathamangalam Unit- This plant was set up in 2007 and is located in the state of Tamil Nadu. The crushing capacity of the sugar plant is 3000TCD.
Pandavapura Unit- This plant, located in Karnataka, is set up on leased land from Pandavapura Sahakare Sakkare Karkhane.
Together, all three manufacturing plants have a crushing capacity of 10000 TCD.
Green-belt development programme
The company has started green-belt program as a part of its corporate social responsibility initiative that aims at plantation of various types of trees. Till date under this program it has planted over 25000 tress of various varieties such as Teak, Eucalyptus, Aachan, Pungan, Thadasu, Poovarasu, Neer Maruthu, Punnai, Delonix, Mahagani, Cassia, Neem, Rain Tree, Ashoka (Nettilingam), Vaagai, Uthiyan, Maramalli, Nuna, Sivagundalam, Eluppai, Bhauhinia, Arasu, and Vadhanaran among others.
Outlook
Kothari Sugars plans to expand the capacity of its Sathamangalam unit to 5000TCD and will also set up a 22 MW of captive power plant in future.
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