DHAMPUR SUGAR MILLS 2020-21 Annual Report Analysis

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DHAMPUR SUGAR MILLS 2020-21 Annual Report Analysis
Fri, 29 Oct

DHAMPUR SUGAR MILLS has announced its results for the year ended March 2021. Let us have a look at the detailed performance review of the company during FY20-21.

DHAMPUR SUGAR MILLS Income Statement Analysis

  • Operating income during the year rose 18.1% on a year-on-year (YoY) basis.
  • The company's operating profit increased by 29.9% YoY during the fiscal. Operating profit margins witnessed a fall and down at 11.1% in FY21 as against 10.1% in FY20.
  • Depreciation charges increased by 2.2% and finance costs decreased by 26.8% YoY, respectively.
  • Other income declined by 50.1% YoY.
  • Net profit for the year grew by 6.2% YoY.
  • Net profit margins during the year declined from 6.1% in FY20 to 5.6% in FY21.

DHAMPUR SUGAR MILLS Income Statement 2020-21

No. of Mths Year Ending 12 Mar-20* 12 Mar-21* % Change
Net Sales Rs m 34,568 40,827 18.1%
Other income Rs m 541 270 -50.1%
Total Revenues Rs m 35,109 41,097 17.1%
Gross profit Rs m 3,494 4,538 29.9%
Depreciation Rs m 760 777 2.2%
Interest Rs m 1,202 880 -26.8%
Profit before tax Rs m 2,073 3,151 52.1%
Tax Rs m -84 862 -1,129.5%
Profit after tax Rs m 2,156 2,290 6.2%
Gross profit margin % 10.1 11.1
Effective tax rate % -4.0 27.3
Net profit margin % 6.1 5.6
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



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DHAMPUR SUGAR MILLS Balance Sheet Analysis

  • The company's current liabilities during FY21 down at Rs 16 billion as compared to Rs 21 billion in FY20, thereby witnessing an decrease of -24.7%.
  • Long-term debt down at Rs 3 billion as compared to Rs 4 billion during FY20, a fall of 23.2%.
  • Current assets fell 17% and stood at Rs 19 billion, while fixed assets fell 0% and stood at Rs 17 billion in FY21.
  • Overall, the total assets and liabilities for FY21 stood at Rs 35 billion as against Rs 39 billion during FY20, thereby witnessing a fall of 10%.

DHAMPUR SUGAR MILLS Balance Sheet as on March 2021

No. of Mths Year Ending 12 Mar-20* 12 Mar-21* % Change
Networth Rs m 13,617 15,601 14.6
 
Current Liabilities Rs m 20,615 15,524 -24.7
Long-term Debt Rs m 4,166 3,201 -23.2
Total Liabilities Rs m 38,985 35,193 -9.7
 
Current assets Rs m 22,259 18,542 -16.7
Fixed Assets Rs m 16,727 16,651 -0.5
Total Assets Rs m 38,985 35,193 -9.7
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



DHAMPUR SUGAR MILLS Cash Flow Statement Analysis

  • DHAMPUR SUGAR MILLS's cash flow from operating activities (CFO) during FY21 stood at Rs 9 billion, an improvement of 160.3% on a YoY basis.
  • Cash flow from investing activities (CFI) during FY21 stood at Rs -800 million, an improvement of 65.0% on a YoY basis.
  • Cash flow from financial activities (CFF) during FY21 stood at Rs -7 billion on a YoY basis.
  • Overall, net cash flows for the company during FY21 stood at Rs 625 million from the Rs -33 million net cash flows seen during FY20.

DHAMPUR SUGAR MILLS Cash Flow Statement 2020-21

Particulars No. of months 12 12 % Change
Year Ending Mar-20 Mar-21
Cash Flow from Operating Activities Rs m 3,382 8,803 160.3%
Cash Flow from Investing Activities Rs m -485 -800 -
Cash Flow from Financing Activities Rs m -2,929 -7,377 -
Net Cash Flow Rs m -33 625 -
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



Current Valuations for DHAMPUR SUGAR MILLS

  • The trailing twelve-month earnings per share (EPS) of the company stands at Rs 34.5, an improvement from the EPS of Rs 32.5 recorded last year.
  • The price to earnings (P/E) ratio, at the current price of Rs 295.6, stands at 9.0 times its trailing twelve months earnings.
  • The price to book value (P/BV) ratio at current price levels stands at 0.6 times, while the price to sales ratio stands at 0.2 times.
  • The company's price to cash flow (P/CF) ratio stood at 6.4 times its end-of-year operating cash flow earnings.

Per Share Data/Valuations

No. of Mths Year Ending 12 Mar-20* 12 Mar-21*
Sales per share (Unadj.) Rs 520.7 615.0
TTM Earnings per share Rs 32.5 34.5
Diluted earnings per share Rs 32.5 34.5
Price to Cash Flow x 6.7 6.4
TTM P/E ratio x 9.0 9.0
Price / Book Value ratio x 0.8 0.6
Market Cap Rs m 19,621 19,621
Dividends per share (Unadj.) Rs 6.0 6.0
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



Ratio Analysis for DHAMPUR SUGAR MILLS

  • Solvency Ratios
  • Current Ratio: The company's current ratio improved and stood at 1.2x during FY21, from 1.1x during FY20. The current ratio measures the company's ability to pay short-term and long-term obligations.

    Interest Coverage Ratio: The company's interest coverage ratio improved and stood at 4.6x during FY21, from 2.7x during FY20. The interest coverage ratio of a company states how easily a company can pay its interest expense on outstanding debt. A higher ratio is preferable.

  • Profitability Ratios
  • Return on Equity (ROE): The ROE for the company declined and down at 14.7% during FY21, from 15.8% during FY21. The ROE measures the ability of a firm to generate profits from its shareholders capital in the company.

    Return on Capital Employed (ROCE): The ROCE for the company improved and stood at 21.4% during FY21, from 18.4% during FY20. The ROCE measures the ability of a firm to generate profits from its total capital (shareholder capital plus debt capital) employed in the company.

    Return on Assets (ROA): The ROA of the company improved and stood at 9.0% during FY21, from 8.6% during FY20. The ROA measures how efficiently the company uses its assets to generate earnings.

Key Ratio Analysis

No. of Mths Year Ending 12 Mar-20* 12 Mar-21*
Current ratio x 1.1 1.2
Debtors’ Days Days 4 3
Interest coverage x 2.7 4.6
Debt to equity ratio x 0.3 0.2
Return on assets % 8.6 9.0
Return on equity % 15.8 14.7
Return on capital employed % 18.4 21.4
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



To see how DHAMPUR SUGAR MILLS has performed over the last 5 years, please visit here.

DHAMPUR SUGAR MILLS Share Price Performance

Over the last one year, DHAMPUR SUGAR MILLS share price has moved up from Rs 145.7 to Rs 295.6, registering a gain of Rs 149.9 or around 102.9%.

Overall, the S&P BSE SENSEX is up 48.6% over the year.

(To know more, check out historical annual results for DHAMPUR SUGAR MILLS and quarterly results for DHAMPUR SUGAR MILLS)

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