Andhra Sugars

₹105.1 -1.1 | 1%

WEBSITE BSE:590062 NSE : ANDHRA SUGAR 18 May, 12:50

Market Cap ₹1424 Cr.

Stock P/E 17.3

P/B 0.9

Current Price ₹105.1

Book Value ₹ 114.7

Face Value 2

52W High ₹128.5

Dividend Yield 1.9%

52W Low ₹ 92.1

Edit Ratio

Andhra Sugars Research see more...

Overview Inc. Year: 1947Industry: Chemicals

The Andhra Sugars Ltd is engaged in the manufacture and sale of sugar and caustic soda. The Company's segments consist of Sugars, Caustic Soda, Power Generation, Industrial Chemicals, Soap and Others. The Others section consists of fertilizers, bulk pills, edible oils and transportation receipts, amongst others. It offers Sugars, which include Grade M31 and Grade S31; Alcohol and Alco Chemicals, which consist of Industrial Alcohol and Ethanol; Aspirin merchandise, which comprises Aspirin Starch Granules and Pure Salicylic Acid, Aspirin IP, Aspirin BP, Aspirin USP, and Chloro Alkali products, which include Caustic Soda Flakes, Caustic Potash Lye, Caustic Soda Lye, Caustic Potash Flakes, Potassium Carbonate (Powder/Granules), Liquid Chlorine, Hydrochloric Acid and Sodium Hypochlorite. It also provides Sulphuric Acid and Super Phosphate. Its production devices are placed at Tanuku, Kovvur, Guntur, Taduvai, Saggonda and Bhimadole. Its wind power units are placed at Andhra Pradesh and Tamil Nadu.

Andhra Sugars Share Price

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Peer Comparison

Andhra Sugars Quarterly Results

#(Fig in Cr.)	Sep 2021	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023
Net Sales	471	509	568	660	610	559	539	492	518	451
Other Income	6	4	24	3	10	7	9	7	13	9
Total Income	477	514	592	663	620	566	548	499	531	460
Total Expenditure	420	445	479	557	533	493	486	452	490	436
Operating Profit	57	69	112	106	86	73	62	47	41	24
Interest	3	3	3	1	1	1	1	0	0	1
Depreciation	16	16	17	16	17	17	17	18	19	19
Exceptional Income / Expenses	0	0	0	0	-6	-2	-2	0	0	0
Profit Before Tax	38	50	93	88	62	53	42	29	22	4
Provision for Tax	10	13	21	22	17	13	10	8	5	-1
Profit After Tax	28	37	72	66	46	40	32	21	17	5
Adjustments	28	18	7	9	-6	-1	1	-0	2	5
Profit After Adjustments	56	55	80	75	39	39	32	21	19	10
Adjusted Earnings Per Share	4.2	4.1	5.9	5.6	2.9	2.9	2.4	1.6	1.4	0.7

Andhra Sugars Profit & Loss

#(Fig in Cr.)	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	TTM
Net Sales	1232	1099	1107	1258	1279	1308	1376	1477	1509	1962	2368	2000
Other Income	15	16	14	28	27	28	38	39	26	38	29	38
Total Income	1248	1115	1121	1286	1305	1336	1414	1516	1535	2000	2396	2038
Total Expenditure	1013	946	1028	1100	1058	1096	1073	1199	1293	1700	2068	1864
Operating Profit	235	169	93	186	247	240	341	318	242	300	328	174
Interest	24	22	24	29	27	33	31	29	27	13	4	2
Depreciation	51	54	42	56	51	55	55	62	61	64	67	73
Exceptional Income / Expenses	-18	0	0	0	0	0	0	0	-10	0	-11	-2
Profit Before Tax	142	93	27	101	169	152	254	226	144	222	246	97
Provision for Tax	53	27	11	36	42	49	86	20	29	54	62	22
Profit After Tax	89	65	16	64	127	103	168	206	115	168	184	75
Adjustments	-6	-14	-21	-16	-6	14	22	-3	20	74	2	8
Profit After Adjustments	84	52	-5	48	121	117	190	203	135	242	186	82
Adjusted Earnings Per Share	6.2	3.8	-0.4	3.6	9	8.6	14.1	15	10	17.9	13.7	6.1

Growth Rates

#	1 Year	3 Year	5 Year	10 Year
Sales CAGR	21%	17%	13%	7%
Operating Profit CAGR	9%	1%	6%	3%
PAT CAGR	10%	-4%	12%	8%

#	1 Year	3 Year	5 Year	10 Year
Share Price CAGR	-10%	8%	9%	16%
ROE Average	12%	11%	13%	12%
ROCE Average	16%	14%	17%	15%

Andhra Sugars Balance Sheet

#(Fig in Cr.)	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023
Shareholder's Funds	636	669	649	783	945	987	1131	1154	1298	1519	1541
Minority's Interest	65	67	70	72	76	78	79	84	91	94	96
Borrowings	136	158	148	153	232	145	175	136	49	8	4
Other Non-Current Liabilities	170	162	155	169	167	187	205	167	173	194	192
Total Current Liabilities	392	427	427	340	434	386	432	415	373	384	323
Total Liabilities	1398	1482	1449	1517	1854	1783	2021	1955	1983	2199	2156
Fixed Assets	577	541	527	511	658	650	700	711	716	712	806
Other Non-Current Assets	136	170	171	329	364	366	333	225	283	413	355
Total Current Assets	685	771	751	677	832	767	989	1019	984	1074	994
Total Assets	1398	1482	1449	1517	1854	1783	2021	1955	1983	2199	2156

Andhra Sugars Cash Flow

#(Fig in Cr.)	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023
Opening Cash & Cash Equivalents	25	32	30	32	13	25	35	39	38	17	18
Cash Flow from Operating Activities	164	89	29	178	245	202	114	181	253	176	286
Cash Flow from Investing Activities	-49	-56	-44	-71	-259	-17	-133	-15	-141	-27	-204
Cash Flow from Financing Activities	-107	-35	16	-113	24	-175	23	-167	-132	-148	-91
Net Cash Inflow / Outflow	7	-2	2	-6	10	11	4	-1	-21	2	-10
Closing Cash & Cash Equivalent	32	30	32	26	23	35	39	38	17	18	8

Andhra Sugars Ratios

#	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023
Earnings Per Share (Rs)	6.17	3.81	-0.36	3.55	8.96	8.6	14.05	14.98	9.96	17.87	13.72
CEPS(Rs)	10.36	8.78	4.32	8.88	13.17	11.64	16.49	19.8	13.01	17.11	18.5
DPS(Rs)	1.2	1	0.6	1	2	2	2	4	2	4	2
Book NAV/Share(Rs)	46.91	49.37	47.86	57.8	69.71	72.86	83.43	85.11	95.73	112.04	113.72
Core EBITDA Margin(%)	16.36	12.71	6.64	11.66	15.99	15.9	22.04	18.86	14.33	13.33	12.63
EBIT Margin(%)	12.36	9.56	4.23	9.59	14.2	13.89	20.75	17.27	11.36	12.01	10.55
Pre Tax Margin(%)	10.57	7.71	2.24	7.42	12.27	11.4	18.49	15.32	9.55	11.33	10.38
PAT Margin (%)	6.64	5.44	1.35	4.74	9.23	7.7	12.21	13.93	7.63	8.56	7.75
Cash Profit Margin (%)	10.47	9.9	4.87	8.86	12.94	11.84	16.24	18.16	11.69	11.82	10.59
ROA(%)	6.45	4.54	1.1	4.34	7.55	5.64	8.83	10.36	5.85	8.03	8.43
ROE(%)	14.73	10.02	2.46	8.98	14.73	10.62	15.87	18.03	9.39	11.93	12
ROCE(%)	18.15	12.25	5.23	12.75	16.52	14.47	21.35	17.93	11.94	15.56	15.93
Receivable days	39.17	42.93	42.61	39.94	44.58	49.48	47.81	49.02	52.05	42.58	36.34
Inventory Days	95.39	116.53	123.97	99.18	85.11	79.78	93.94	107.56	104.75	82.92	67.94
Payable days	15.04	19.27	20.14	17.15	32.78	35.92	28.22	26.49	32.89	31.89	25.69
PER(x)	4.35	5.14	0	7.76	6.91	9.51	4.98	2.38	5.85	8.58	7.89
Price/Book(x)	0.57	0.4	0.38	0.48	0.89	1.12	0.84	0.42	0.61	1.37	0.95
Dividend Yield(%)	4.47	5.11	3.26	3.63	3.23	2.45	2.86	11.2	3.43	2.61	1.85
EV/Net Sales(x)	0.5	0.48	0.5	0.49	0.91	1	0.87	0.46	0.61	1.07	0.6
EV/Core EBITDA(x)	2.6	3.13	5.93	3.34	4.72	5.47	3.49	2.15	3.8	6.99	4.36
Net Sales Growth(%)	7.79	-10.81	0.76	13.64	1.6	2.26	5.26	7.35	2.14	29.99	20.69
EBIT Growth(%)	-8.25	-30.69	-55.7	155.68	50.44	-5.51	54.36	-10.64	-32.84	37.49	6.02
PAT Growth(%)	-15.73	-26.64	-75.23	297.15	97.92	-19.37	63.72	22.52	-44.09	45.89	9.32
EPS Growth(%)	-23.48	-38.25	-109.43	1088.12	152.33	-4.01	63.45	6.61	-33.54	79.46	-23.22
Debt/Equity(x)	0.44	0.44	0.52	0.35	0.39	0.26	0.27	0.23	0.12	0.04	0.02
Current Ratio(x)	1.75	1.81	1.76	1.99	1.92	1.99	2.29	2.46	2.64	2.8	3.08
Quick Ratio(x)	0.86	0.82	0.83	0.99	1.22	1.26	1.3	1.39	1.5	1.58	1.8
Interest Cover(x)	6.93	5.17	2.12	4.43	7.37	5.58	9.17	8.82	6.26	17.5	60.59
Total Debt/Mcap(x)	0.77	1.1	1.35	0.73	0.44	0.23	0.32	0.54	0.2	0.03	0.02

Andhra Sugars Shareholding Pattern

#	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024
Promoter	46.92	46.94	46.94	46.96	47.08	47.08	47.08	47.08	47.08	47.19
FII	2.6	2.84	3.24	3.42	3.56	3.52	3.55	3.38	3.28	3.02
DII	0.02	0	0	0	0	0	0	0.05	0	0
Public	50.46	50.22	49.82	49.61	49.36	49.4	49.37	49.5	49.64	49.79
Others	0	0	0	0	0	0	0	0	0	0
Total	100	100	100	100	100	100	100	100	100	100

#	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024
Promoter	1.27	6.36	6.36	6.36	6.38	6.38	6.38	6.38	6.38	6.4
FII	0.07	0.38	0.44	0.46	0.48	0.48	0.48	0.46	0.44	0.41
DII	0	0	0	0	0	0	0	0.01	0	0
Public	1.37	6.81	6.75	6.72	6.69	6.7	6.69	6.71	6.73	6.75
Others	0	0	0	0	0	0	0	0	0	0
Total	2.71	13.55	13.55	13.55	13.55	13.55	13.55	13.55	13.55	13.55

Pros

Stock is trading at 0.9 times its book value
Debtor days have improved from 31.89 to 25.69days.
Company has reduced debt.
Company is almost debt free.

Cons

Promoter holding is low: 47.19%.
Company has a low return on equity of 11% over the last 3 years.

* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.