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DWARIKESH SUGAR 2021-22 Annual Report Analysis
Tue, 31 May

DWARIKESH SUGAR has announced its results for the year ended March 2022. Let us have a look at the detailed performance review of the company during FY21-22.

DWARIKESH SUGAR Income Statement Analysis

  • Operating income during the year rose 7.4% on a year-on-year (YoY) basis.
  • The company's operating profit increased by 44.5% YoY during the fiscal. Operating profit margins witnessed a fall and down at 14.7% in FY22 as against 10.9% in FY21.
  • Depreciation charges increased by 6.7% and finance costs decreased by 33.6% YoY, respectively.
  • Other income declined by 55.4% YoY.
  • Net profit for the year grew by 69.6% YoY.
  • Net profit margins during the year grew from 5.0% in FY21 to 7.9% in FY22.

DWARIKESH SUGAR Income Statement 2021-22

No. of Mths Year Ending 12 Mar-21* 12 Mar-22* % Change
Net Sales Rs m 18,388 19,741 7.4%
Other income Rs m 71 32 -55.4%
Total Revenues Rs m 18,459 19,772 7.1%
Gross profit Rs m 2,013 2,908 44.5%
Depreciation Rs m 409 436 6.7%
Interest Rs m 477 317 -33.6%
Profit before tax Rs m 1,198 2,187 82.5%
Tax Rs m 283 635 124.5%
Profit after tax Rs m 915 1,552 69.6%
Gross profit margin % 10.9 14.7
Effective tax rate % 23.6 29.0
Net profit margin % 5.0 7.9
* 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 FY22 down at Rs 6 billion as compared to Rs 7 billion in FY21, thereby witnessing an decrease of -22.2%.
  • Long-term debt stood at Rs 2 billion as compared to Rs 1 billion during FY21, a growth of 36.9%.
  • Current assets fell 12% and stood at Rs 9 billion, while fixed assets rose 30% and stood at Rs 7 billion in FY22.
  • Overall, the total assets and liabilities for FY22 stood at Rs 16 billion as against Rs 15 billion during FY21, thereby witnessing a growth of 2%.

DWARIKESH SUGAR Balance Sheet as on March 2022

No. of Mths Year Ending 12 Mar-21* 12 Mar-22* % Change
Networth Rs m 5,789 6,733 16.3
 
Current Liabilities Rs m 7,109 5,529 -22.2
Long-term Debt Rs m 1,468 2,009 36.9
Total Liabilities Rs m 15,147 15,520 2.5
 
Current assets Rs m 9,968 8,782 -11.9
Fixed Assets Rs m 5,179 6,738 30.1
Total Assets Rs m 15,147 15,520 2.5
* 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 FY22 stood at Rs 4 billion, an improvement of 19.2% on a YoY basis.
  • Cash flow from investing activities (CFI) during FY22 stood at Rs -2 billion, an improvement of 891.0% on a YoY basis.
  • Cash flow from financial activities (CFF) during FY22 stood at Rs -2 billion, an improvement of 36% on a YoY basis.
  • Overall, net cash flows for the company during FY22 stood at Rs 1 million from the Rs -18 million net cash flows seen during FY21.

DWARIKESH SUGAR Cash Flow Statement 2021-22

Particulars No. of months 12 12 % Change
Year Ending Mar-21 Mar-22
Cash Flow from Operating Activities Rs m 2,956 3,525 19.2%
Cash Flow from Investing Activities Rs m -176 -1,747 -
Cash Flow from Financing Activities Rs m -2,798 -1,777 -
Net Cash Flow Rs m -18 1 -
* 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 8.2, an improvement from the EPS of Rs 4.9 recorded last year.
  • The price to earnings (P/E) ratio, at the current price of Rs 110.2, stands at 13.4 times its trailing twelve months earnings.
  • The price to book value (P/BV) ratio at current price levels stands at 3.1 times, while the price to sales ratio stands at 1.1 times.
  • The company's price to cash flow (P/CF) ratio stood at 8.0 times its end-of-year operating cash flow earnings.

Per Share Data/Valuations

No. of Mths Year Ending 12 Mar-21* 12 Mar-22*
Sales per share (Unadj.) Rs 97.7 104.8
TTM Earnings per share Rs 4.9 8.2
Diluted earnings per share Rs 4.9 8.2
Price to Cash Flow x 4.4 8.0
TTM P/E ratio x 6.3 13.4
Price / Book Value ratio x 0.9 2.4
Market Cap Rs m 5,197 15,874
Dividends per share (Unadj.) Rs 1.3 2.0
* 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 1.6x during FY22, from 1.4x during FY21. 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 7.9x during FY22, from 3.5x during FY21. 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 23.1% during FY22, from 15.8% during FY22. 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 28.6% during FY22, from 23.1% during FY21. 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 12.0% during FY22, from 9.2% during FY21. The ROA measures how efficiently the company uses its assets to generate earnings.

Key Ratio Analysis

No. of Mths Year Ending 12 Mar-21* 12 Mar-22*
Current ratio x 1.4 1.6
Debtors’ Days Days 135 64
Interest coverage x 3.5 7.9
Debt to equity ratio x 0.3 0.3
Return on assets % 9.2 12.0
Return on equity % 15.8 23.1
Return on capital employed % 23.1 28.6
* 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 53.9 to Rs 110.2, registering a gain of Rs 56.4 or around 104.6%.

Overall, the S&P BSE SENSEX is up 9.3% over the year.

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

Annual Report FAQs

What is the current share price of DWARIKESH SUGAR?

DWARIKESH SUGAR currently trades at Rs 69.5 per share. You can check out the latest share price performance of DWARIKESH SUGAR here...

What was the revenue of DWARIKESH SUGAR in FY22? How does it compare to earlier years?

The revenues of DWARIKESH SUGAR stood at Rs 19,772 m in FY22, which was up 7.1% compared to Rs 18,459 m reported in FY21.

DWARIKESH SUGAR's revenue has grown from Rs 14,191 m in FY18 to Rs 19,772 m in FY22.

Over the past 5 years, the revenue of DWARIKESH SUGAR has grown at a CAGR of 8.6%.

What was the net profit of DWARIKESH SUGAR in FY22? How does it compare to earlier years?

The net profit of DWARIKESH SUGAR stood at Rs 1,552 m in FY22, which was up 69.6% compared to Rs 915 m reported in FY21.

This compares to a net profit of Rs 735 m in FY20 and a net profit of Rs 951 m in FY19.

Over the past 5 years, DWARIKESH SUGAR net profit has grown at a CAGR of 11.2%.

What does the cash flow statement of DWARIKESH SUGAR reveal?

The cash flow statement is the financial statement that presents the cash inflows and outflows of a company during a given period of time.

This statement is one of the most useful tools for judging a company's liquidity position. The ratios and parameters in this statement helps test a company's financial health.

The cash flow statement of DWARIKESH SUGAR reveals:

  • Cash flow from operations increased in FY22 and stood at Rs 3,525 m as compared to Rs 2,956 m in FY21.
  • Cash flow from investments decreased in FY22 and stood at Rs -1,747 m as compared to Rs -176 m in FY21.
  • Cash flow from financial activity increased in FY22 and stood at Rs -1,777 m as compared to Rs -2,798 m in FY21.

Here's the cash flow statement of DWARIKESH SUGAR for the past 5 years.

(Rs m)FY18FY19FY20FY21FY22
From Operations2,982-2,5041132,9563,525
From Investments-407-439-1,114-176-1,747
From Financial Activity-2,5582,9231,015-2,798-1,777
Net Cashflow17-2014-181

What does the Key Ratio analysis of DWARIKESH SUGAR reveal?

Be it the company's profitability, operations effectiveness or utilization of funds, ratio analysis is an important tool which helps in making investment decisions.

The ratio/financial analysis of DWARIKESH SUGAR reveals:

  • Operating profit margins witnessed a fall and down at 14.7% in FY22 as against 10.9% in FY21.
  • Net profit margins grew from 5.0% in FY21 to 7.9% in FY22.
  • Debt to Equity ratio for FY22 stood at 0.3 as compared to 0.3 in FY21.

Here's the ratio/financial analysis of DWARIKESH SUGAR for the past 5 years.

 FY18FY19FY20FY21FY22
Operating Profit Margin (%)10.211.910.210.914.7
Net Profit Margin (%)7.28.85.55.07.9
Debt to Equity Ratio (x)0.10.30.40.30.3

Read: Latest Annual Report Analysis of DWARIKESH SUGAR

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