BSE: 544217 | NSE: SANSTAR | Consumer Food | Small Cap
Past 10 year's financial track record analysis by Moneyworks4me indicates that Sanstar Ltd is a average quality company.
The key valuation ratios of Sanstar Ltd's currently when compared to its past seem to suggest it is in the Undervalued zone.
The Price Trend analysis by MoneyWorks4Me indicates it is Weak which suggest that the price of Sanstar 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'21 | Mar'22 | Mar'23 | Mar'24 | TTM | |
|---|---|---|---|---|---|
| ROCE % ⓘ | 21.1% | 23.1% | 41.4% | 38.9% | - |
| Value Creation Index ⓘ | 0.5 | 0.7 | 2.0 | 1.8 | - |
Growth Parameters ⓘGrowth Parameters Colour Code Guide ⓘ | |||||
| Sales ⓘ | 316 | 515 | 780 | 1,067 | 1,067 |
| Sales YoY Gr. | - | 63.2% | 51.4% | 36.9% | - |
| Adj EPS ⓘ | 0.9 | 1.1 | 2.7 | 4.3 | 3.7 |
| YoY Gr. | - | 14% | 155.7% | 57.9% | - |
| BVPS (₹) ⓘ | 2.2 | 3.3 | 6.1 | 15.5 | 35 |
| Adj Net Profit ⓘ | 13.7 | 15.7 | 40 | 60.2 | 67 |
| Cash Flow from Ops. ⓘ | 22.9 | 29.7 | 52.5 | 28.4 | - |
| Debt/CF from Ops. ⓘ | 4.4 | 2.9 | 1.6 | 4.5 | - |
CAGR Colour Code Guide ⓘ
| 9 Years | 5 Years | 3 Years | 1 Years | |||||
|---|---|---|---|---|---|---|---|---|
| Sales ⓘ | NA | NA | 50.1% | 36.9% | ||||
| Adj EPS ⓘ | NA | NA | 66.3% | 57.9% | ||||
| BVPSⓘ | NA | NA | 90.5% | 154.8% | ||||
| Share Price | - | - | - | - | ||||
Performance Ratio Colour Code Guide ⓘ
| Mar'21 | Mar'22 | Mar'23 | Mar'24 | TTM | |
|---|---|---|---|---|---|
| Return on Equity % ⓘ | 19.8 | 20.3 | 37.9 | 31.7 | 14.5 |
| Op. Profit Mgn % ⓘ | 11.7 | 7.7 | 9.2 | 9.2 | 8.2 |
| Net Profit Mgn % ⓘ | 4.4 | 3.1 | 5.1 | 5.6 | 6.3 |
| Debt to Equity ⓘ | 3.1 | 1.7 | 0.9 | 0.6 | 0 |
| Working Cap Days ⓘ | 0 | 46 | 39 | 68 | 66 |
| Cash Conv. Cycle ⓘ | 0 | 21 | 15 | 27 | 57 |
Sales growth is growing at healthy rate in last 3 years 50.10%
Net Profit is growing at healthy rate in last 3 years 66.34%
Debt to equity has declined versus last 3 years average to 0.59
Return on Equity has declined versus last 3 years average to 14.50%
Sales growth is not so good in last 4 quarters at -6.48%
| Standalone | Consolidated | |
|---|---|---|
| TTM EPS (₹) | 3.7 | 3.7 |
| TTM Sales (₹ Cr.) | 1,067 | 1,067 |
| BVPS (₹.) ⓘ | 35 | 13.3 |
| Reserves (₹ Cr.) ⓘ | 602 | 206 |
| P/BV ⓘ | 3.26 | 8.60 |
| PE ⓘ | 31.21 | 31.21 |
| From the Market | |
|---|---|
| 52 Week Low / High (₹) | 104.85 / 158.80 |
| All Time Low / High (₹) | 104.85 / 158.80 |
| Market Cap (₹ Cr.) | 2,084 |
| Equity (₹ Cr.) | 36.5 |
| Face Value (₹) | 2 |
| Industry PE ⓘ | 64.4 |
| Pledged * | 0.00 |
| PARTICULARS | Mar'21 | Mar'22 | Mar'23 | Mar'24 |
|---|---|---|---|---|
| Sales | 316 | 515 | 780 | 1,067 |
| Operating Expenses ⓘ | 279 | 475 | 708 | 969 |
| Manufacturing Costs | 43 | 64 | 70 | 111 |
| Material Costs | 222 | 387 | 604 | 826 |
| Employee Cost | 5 | 9 | 9 | 20 |
| Other Costs ⓘ | 8 | 16 | 25 | 12 |
| Operating Profit ⓘ | 37 | 40 | 71 | 98 |
| Operating Profit Margin (%) | 11.7% | 7.7% | 9.2% | 9.2% |
| Other Income ⓘ | 0 | 0 | 1 | 14 |
| Interest ⓘ | 12 | 9 | 9 | 11 |
| Depreciation ⓘ | 9 | 9 | 9 | 12 |
| Exceptional Items ⓘ | 0 | 0 | 0 | 0 |
| Profit Before Tax ⓘ | 16 | 22 | 54 | 90 |
| Tax ⓘ | 2 | 6 | 13 | 23 |
| Profit After Tax | 14 | 16 | 41 | 67 |
| PAT Margin (%) | 4.4% | 3.1% | 5.2% | 6.3% |
| Adjusted EPS (₹) | 0.9 | 1.1 | 2.8 | 4.8 |
| Dividend Payout Ratio (%) | 0% | 0% | 0% | 0% |
| PARTICULARS | Mar'21 | Mar'22 | Mar'23 | Mar'24 | ||||||
|---|---|---|---|---|---|---|---|---|---|---|
Equity and Liabilities | ||||||||||
| Shareholders Fund | 69 | 85 | 126 | 254 | ||||||
| Share Capital ⓘ | 30 | 30 | 30 | 28 | ||||||
| Reserves ⓘ | 40 | 56 | 96 | 226 | ||||||
| Minority Interest | 0 | 0 | 0 | 0 | ||||||
| Debt | 88 | 72 | 65 | 110 | ||||||
| Long Term Debt | 79 | 58 | 45 | 31 | ||||||
| Short Term Debt | 8 | 15 | 20 | 79 | ||||||
| Trade Payables | 9 | 18 | 20 | 96 | ||||||
| Others Liabilities ⓘ | 30 | 37 | 49 | 75 | ||||||
| Total Liabilities ⓘ | 197 | 212 | 261 | 535 | ||||||
Fixed Assets | ||||||||||
| Gross Block | 149 | 151 | 188 | 248 | ||||||
| Accumulated Depreciation | 9 | 18 | 27 | 46 | ||||||
| Net Fixed Assetsⓘ | 140 | 133 | 160 | 202 | ||||||
| CWIP ⓘ | 1 | 3 | 1 | 20 | ||||||
| Investmentsⓘ | 0 | 0 | 0 | 0 | ||||||
| Inventories | 15 | 13 | 13 | 114 | ||||||
| Trade Receivables | 21 | 40 | 41 | 118 | ||||||
| Cash Equivalents | 0 | 2 | 6 | 5 | ||||||
| Others Assetsⓘ | 20 | 21 | 39 | 76 | ||||||
| Total Assets ⓘ | 197 | 212 | 261 | 535 | ||||||
| PARTICULARS | Mar'21 | Mar'22 | Mar'23 | Mar'24 |
|---|---|---|---|---|
| Cash Flow From Operating Activity ⓘ | 23 | 30 | 53 | 28 |
| PBT ⓘ | 16 | 22 | 54 | 90 |
| Adjustment ⓘ | 21 | 18 | 18 | 22 |
| Changes in Working Capital ⓘ | -14 | -4 | -14 | -66 |
| Tax Paid ⓘ | 0 | -6 | -5 | -17 |
| Cash Flow From Investing Activity ⓘ | -2 | -4 | -34 | -37 |
| Capex | -1 | -2 | -37 | -38 |
| Net Investments | 0 | 0 | 0 | 0 |
| Others ⓘ | 0 | -3 | 2 | 1 |
| Cash Flow From Financing Activityⓘ | -22 | -25 | -13 | 5 |
| Net Proceeds from Shares ⓘ | 0 | 0 | 0 | 0 |
| Net Proceeds from Borrowing ⓘ | 4 | -22 | -13 | -3 |
| Interest Paid ⓘ | -12 | -9 | -9 | -11 |
| Dividend Paid ⓘ | 0 | 0 | 0 | 0 |
| Others ⓘ | -15 | 6 | 9 | 19 |
| Net Cash Flow ⓘ | -1 | 0 | 5 | -3 |
| PARTICULARS | Mar'21 | Mar'22 | Mar'23 | Mar'24 | ||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Ratios | ||||||||||
| ROE (%) | 42.19 | 38.84 | 58.74 | 43.46 | ||||||
| ROCE (%) | 21.13 | 23.12 | 41.42 | 38.93 | ||||||
| Asset Turnover Ratio | 1.6 | 2.52 | 3.3 | 2.68 | ||||||
| PAT to CFO Conversion(x) | 1.64 | 1.88 | 1.29 | 0.42 | Working Capital Days | |||||
| Receivable Days | 24 | 22 | 19 | 27 | ||||||
| Inventory Days | 17 | 10 | 6 | 22 | ||||||
| Payable Days | 16 | 13 | 12 | 26 | ||||||
The company was originally incorporated as ‘Continental Papers Limited’ under the Companies Act, 1956, as a public limited company, pursuant to the certificate of incorporation dated February 26, 1982 issued by the Registrar of Companies, Delhi & Haryana. The name of the company was subsequently changed to ‘Sanstar Limited’, pursuant to resolution passed by the board of directors on March 9, 2012 and approved by the shareholders in their EGM held on March 16, 2012 and a fresh certificate of incorporation dated April 2, 2012, consequent upon change of name was issued by the Registrar of Companies, Delhi & Haryana.
Sanstar is one of the major manufacturers of plant-based speciality products and ingredient solutions in India for food, animal nutrition and other industrial applications. Its products include liquid glucose, dried glucose solids, maltodextrin powder, dextrose monohydrate, native maize starches, modified maize starches and co-products like germs, gluten, fiber and enriched protein, amongst others. Its speciality products and ingredients solutions add taste, texture, nutrients and increased functionality to (i) foods as ingredients, thickening agents, stabilizers, sweeteners, emulsifiers and additives (in bakery products, confectionery, pastas, soups, ketchups, sauces, creams, deserts, amongst others), (ii) animal nutrition products as nutritional ingredients, and (iii) other industrial products as disintegrants, excipients, supplements, coating agents, binders, smoothing & flattering agents, finishing agents, among others.
The company’s two manufacturing facilities are located at Dhule in the state of Maharashtra and Kutch in the state of Gujarat. Its Dhule Facility is the latest, sustainability focused, state of the art, automated facility. Its manufacturing facilities are strategically located in terms of both proximity to its raw material sources i.e. maize harvesting belts as well as seaports of Mundra, Kandla, Hazira and Nhava Sheva, for exports of its finished products. Its Dhule Unit has been duly certified in accordance with FSSAI, FSSC 22000:2018, Kosher, HALAL, International Standards for Quality Management Systems as per ISO 9001:2015 and SGS’s Certificate for India’s National Programme for Organic Production Standards, amongst others. Similarly, its Kutch unit is registered with United States Food and Drug Administration (USFDA) and also hold certifications like FSSAI, HACCP, HALAL, ISO 9001:2015.
Business area of the company
Sanstar is one of the major manufacturers of plant based speciality products and ingredient solutions in India for food, animal nutrition and other industrial applications. Through complex, multi-step value addition and manufacturing process, it turns maize into ingredients and solutions that add taste, texture, nutrients and increased functionality to (i) foods as ingredients, thickening agents, stabilizers, sweeteners, emulsifiers and additives in food products (bakery products, confectionery, pastas, soups, ketchups, sauces, creams, deserts, amongst others), (ii) animal nutrition products as nutritional ingredients, and (iii) other industrial products as disintegrants, excipients, supplements, coating agents, binders, smoothing & flattering agents, finishing agents, among others. It is the third largest manufacturer of maize based speciality products and ingredient solutions in India. Its products include liquid glucose, dried glucose solids, maltodextrin powder, dextrose monohydrate, native starches, modified starches and co-products like germs, gluten, fiber and enriched protein, amongst others.
Key Awards, Accreditations and Recognition:
Major events and milestones
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