DWARIKESH SUGAR 2020-21 Annual Report Analysis

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DWARIKESH SUGAR 2020-21 Annual Report Analysis
Fri, 29 Oct

DWARIKESH SUGAR 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.

DWARIKESH SUGAR Income Statement Analysis

  • Operating income during the year rose 37.6% on a year-on-year (YoY) basis.
  • The company's operating profit increased by 47.9% YoY during the fiscal. Operating profit margins witnessed a fall and down at 10.9% in FY21 as against 10.2% in FY20.
  • Depreciation charges increased by 10.9% and finance costs increased by 44.3% YoY, respectively.
  • Other income grew by 31.4% YoY.
  • Net profit for the year grew by 24.6% YoY.
  • Net profit margins during the year declined from 5.5% in FY20 to 5.0% in FY21.

DWARIKESH SUGAR Income Statement 2020-21

No. of Mths Year Ending 12 Mar-20* 12 Mar-21* % Change
Net Sales Rs m 13,361 18,388 37.6%
Other income Rs m 54 71 31.4%
Total Revenues Rs m 13,415 18,459 37.6%
Gross profit Rs m 1,361 2,013 47.9%
Depreciation Rs m 369 409 10.9%
Interest Rs m 330 477 44.3%
Profit before tax Rs m 716 1,198 67.4%
Tax Rs m -19 283 -1,603.4%
Profit after tax Rs m 735 915 24.6%
Gross profit margin % 10.2 10.9
Effective tax rate % -2.6 23.6
Net profit margin % 5.5 5.0
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



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DWARIKESH SUGAR Balance Sheet Analysis

  • The company's current liabilities during FY21 down at Rs 7 billion as compared to Rs 9 billion in FY20, thereby witnessing an decrease of -22.5%.
  • Long-term debt down at Rs 1 billion as compared to Rs 2 billion during FY20, a fall of 24.1%.
  • Current assets fell 10% and stood at Rs 10 billion, while fixed assets fell 4% and stood at Rs 5 billion in FY21.
  • Overall, the total assets and liabilities for FY21 stood at Rs 15 billion as against Rs 17 billion during FY20, thereby witnessing a fall of 8%.

DWARIKESH SUGAR Balance Sheet as on March 2021

No. of Mths Year Ending 12 Mar-20* 12 Mar-21* % Change
Networth Rs m 4,837 5,789 19.7
 
Current Liabilities Rs m 9,179 7,109 -22.5
Long-term Debt Rs m 1,932 1,468 -24.1
Total Liabilities Rs m 16,521 15,147 -8.3
 
Current assets Rs m 11,098 9,968 -10.2
Fixed Assets Rs m 5,422 5,179 -4.5
Total Assets Rs m 16,521 15,147 -8.3
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



DWARIKESH SUGAR Cash Flow Statement Analysis

  • DWARIKESH SUGAR's cash flow from operating activities (CFO) during FY21 stood at Rs 3 billion, an improvement of 2,516.2% on a YoY basis.
  • Cash flow from investing activities (CFI) during FY21 stood at Rs -176 million on a YoY basis.
  • Cash flow from financial activities (CFF) during FY21 stood at Rs -3 billion on a YoY basis.
  • Overall, net cash flows for the company during FY21 stood at Rs -18 million from the Rs 14 million net cash flows seen during FY20.

DWARIKESH SUGAR 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 113 2,956 2,516.2%
Cash Flow from Investing Activities Rs m -1,114 -176 -
Cash Flow from Financing Activities Rs m 1,015 -2,798 -
Net Cash Flow Rs m 14 -18 -
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



Current Valuations for DWARIKESH SUGAR

  • The trailing twelve-month earnings per share (EPS) of the company stands at Rs 4.9, an improvement from the EPS of Rs 3.9 recorded last year.
  • The price to earnings (P/E) ratio, at the current price of Rs 70.9, stands at 10.9 times its trailing twelve months earnings.
  • The price to book value (P/BV) ratio at current price levels stands at 0.9 times, while the price to sales ratio stands at 0.3 times.
  • The company's price to cash flow (P/CF) ratio stood at 10.1 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 71.0 97.7
TTM Earnings per share Rs 3.9 4.9
Diluted earnings per share Rs 3.9 4.9
Price to Cash Flow x 12.1 10.1
TTM P/E ratio x 10.9 10.9
Price / Book Value ratio x 1.1 0.9
Market Cap Rs m 13,341 13,341
Dividends per share (Unadj.) Rs 0.0 1.3
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



Ratio Analysis for DWARIKESH SUGAR

  • Solvency Ratios
  • Current Ratio: The company's current ratio improved and stood at 1.4x during FY21, from 1.2x 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 3.5x during FY21, from 3.2x 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 improved and stood at 15.8% during FY21, from 15.2% 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 23.1% during FY21, from 15.5% 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 9.2% during FY21, from 6.4% 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 1.2 1.4
Debtors’ Days Days 268 135
Interest coverage x 3.2 3.5
Debt to equity ratio x 0.4 0.3
Return on assets % 6.4 9.2
Return on equity % 15.2 15.8
Return on capital employed % 15.5 23.1
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



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

DWARIKESH SUGAR Share Price Performance

Over the last one year, DWARIKESH SUGAR share price has moved up from Rs 28.9 to Rs 70.9, registering a gain of Rs 42.0 or around 145.6%.

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

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

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