Shree Renuka Sugar

₹55 -0.6 | 1%

WEBSITE BSE:532670 NSE : RENUKA SUGAR 28 Sep, 16:01

Market Cap ₹11707 Cr.

Stock P/E -52.7

P/B -5.5

Current Price ₹55

Book Value ₹ -9.9

Face Value 1

52W High ₹68.7

Dividend Yield 0%

52W Low ₹ 39.4

Edit Ratio

Shree Renuka Sugar Research see more...

Equity Research Report: Shree Renuka Sugar

Overview Inc. Year: 1995Industry: Sugar

Shree Renuka Sugars Ltd is an India-based agri-business and bio-electricity company. The Company is engaged in the business of sugar production, sugar refining, sugar buying and selling, ethanol and co-technology. Its segments include Distillery, Co-generation, Trading, Sugar milling, Sugar refinery, and Other. The Company's products consist of sugar, ethanol, power and natural manure. The Sugar section produces white sugar, molasses and bagasse. The Trading segment is engaged within the trading of white and raw sugar, coal, molasses and MG alcohol. The Co-Generation segment produces power, steam, coal ash and bagasse ash. The Other section includes bio-compost and press mud. The Company has approximately 11 operational mills, together with 7 in South and West India and 4 in Centre-South Brazil, with integrated ethanol and electricity co-technology capability.

Shree Renuka Sugar Share Price

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Peer Comparison

Shree Renuka Sugar Quarterly Results

#(Fig in Cr.)	Mar 2021	Jun 2021	Sep 2021	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023
Net Sales	1320	831	1414	2014	2173	1953	2188	2552	2329	2284
Other Income	10	5	48	11	18	17	16	12	43	76
Total Income	1330	837	1462	2025	2191	1970	2203	2563	2372	2360
Total Expenditure	1073	919	1393	1843	1899	1901	2142	2345	2072	2218
Operating Profit	258	-82	69	183	292	69	61	219	300	141
Interest	100	105	97	91	100	124	134	144	190	214
Depreciation	53	54	54	48	52	59	60	60	60	64
Exceptional Income / Expenses	-140	0	0	0	0	0	0	0	0	0
Profit Before Tax	-35	-241	-82	44	141	-113	-132	15	50	-137
Provision for Tax	10	0	16	0	-18	1	10	1	6	2
Profit After Tax	-45	-241	-98	43	159	-114	-142	14	45	-139
Adjustments	1	1	1	-1	-3	1	1	0	-2	1
Profit After Adjustments	-44	-240	-97	43	156	-113	-141	14	43	-138
Adjusted Earnings Per Share	-0.2	-1.1	-0.5	0.2	0.7	-0.5	-0.7	0.1	0.2	-0.6

Shree Renuka Sugar 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	10358	11546	10088	9852	11844	6250	4508	4881	5649	6433	9021	9353
Other Income	58	65	56	81	377	29	256	59	106	74	91	147
Total Income	10416	11612	10143	9933	12222	6279	4764	4940	5755	6506	9111	9498
Total Expenditure	8852	10624	9667	10137	11474	7357	4258	4862	5114	6044	8462	8777
Operating Profit	1564	988	476	-204	747	-1078	506	78	641	462	649	721
Interest	868	959	922	976	958	519	560	511	384	393	591	682
Depreciation	887	1076	991	776	955	240	221	211	209	208	238	244
Exceptional Income / Expenses	-299	-632	-651	0	0	499	-99	289	3	0	0	0
Profit Before Tax	-490	-1679	-2089	-1956	-1166	-1338	-374	-355	52	-139	-180	-204
Provision for Tax	-116	-200	-275	-147	-14	-642	-9	212	168	-2	17	19
Profit After Tax	-374	-1479	-1814	-1809	-1152	-696	-365	-567	-117	-137	-197	-222
Adjustments	0	1	1	-0	0	-1008	-1083	2666	2	-2	-0	0
Profit After Adjustments	-374	-1478	-1813	-1809	-1152	-1704	-1448	2099	-115	-139	-197	-222
Adjusted Earnings Per Share	-5.6	-22	-19.5	-19.5	-12.2	-8.9	-7.6	11	-0.5	-0.7	-0.9	-1

Growth Rates

#	1 Year	3 Year	5 Year	10 Year
Sales CAGR	40%	23%	8%	-1%
Operating Profit CAGR	40%	103%	0%	-8%
PAT CAGR	0%	0%	0%	0%

#	1 Year	3 Year	5 Year	10 Year
Share Price CAGR	-5%	82%	36%	11%
ROE Average	0%	0%	0%	-30%
ROCE Average	12%	14%	10%	-0%

Shree Renuka Sugar 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	1460	-496	-2343	-1763	-3343	-1707	-3008	-883	-663	-608	-881
Minority's Interest	3	2	2	2	2	-1965	-2554	0	-2	0	1
Borrowings	5121	5020	3925	3481	5046	2906	2175	1892	2567	2756	3058
Other Non-Current Liabilities	379	231	-93	-208	565	479	-256	-117	71	203	228
Total Current Liabilities	8647	8008	9120	11512	10322	9932	5118	5624	4933	4751	5199
Total Liabilities	15610	12764	10612	13024	12592	9646	9314	6517	6907	7103	7604
Fixed Assets	8471	7970	6008	7702	7587	6192	4023	3886	3776	4004	4296
Other Non-Current Assets	1271	1000	800	1328	1357	872	311	233	140	365	252
Total Current Assets	5866	3793	3803	3994	3648	2581	2585	2398	2990	2734	3056
Total Assets	15610	12764	10612	13024	12592	9646	9314	6517	6907	7103	7604

Shree Renuka Sugar 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	73	317	133	60	51	58	54	36	71	39	22
Cash Flow from Operating Activities	3672	224	734	488	1118	-22	255	561	-1564	-134	926
Cash Flow from Investing Activities	-377	-0	91	-224	-864	-339	-114	-188	-144	-302	-354
Cash Flow from Financing Activities	-3051	-408	-898	-272	-246	26	-473	-665	1641	454	-332
Net Cash Inflow / Outflow	244	-185	-73	-9	7	-335	-333	-292	-67	19	240
Closing Cash & Cash Equivalent	317	133	60	51	58	54	36	71	39	22	167

Shree Renuka Sugar 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)	-5.57	-22.02	-19.52	-19.48	-12.19	-8.89	-7.56	10.95	-0.54	-0.65	-0.93
CEPS(Rs)	7.63	-6	-8.85	-11.13	-2.08	-2.38	-0.75	-1.86	0.43	0.33	0.19
DPS(Rs)	0.5	0	0	0	0	0	0	0	0	0	0
Book NAV/Share(Rs)	21.72	-7.41	-25.23	-41.14	-48.97	-15.13	-21.82	-10.29	-7.62	-8.34	-9.26
Core EBITDA Margin(%)	14.15	7.75	4.05	-2.86	3.1	-17.65	5.54	0.4	9.45	6.02	6.19
EBIT Margin(%)	3.55	-6.05	-11.22	-9.83	-1.74	-13.06	4.13	3.2	7.7	3.94	4.56
Pre Tax Margin(%)	-4.61	-14.11	-20.09	-19.63	-9.76	-21.35	-8.28	-7.26	0.91	-2.15	-1.99
PAT Margin (%)	-3.52	-12.43	-17.45	-18.15	-9.64	-11.1	-8.09	-11.59	-2.06	-2.12	-2.18
Cash Profit Margin (%)	4.82	-3.39	-7.91	-10.37	-1.65	-7.27	-3.2	-7.28	1.63	1.1	0.45
ROA(%)	-2.41	-10.42	-15.52	-15.31	-8.99	-6.26	-3.85	-7.16	-1.74	-1.95	-2.67
ROE(%)	-22.44	-308.04	0	0	0	0	0	0	0	0	0
ROCE(%)	3.44	-7.58	-14.94	-16.56	-3.95	-14.26	10.17	0	22.18	8.13	11.74
Receivable days	9.81	13.85	22.14	24.52	26.5	51.66	42.33	15.61	9.26	12.56	10.03
Inventory Days	126.66	97.52	79.18	79.23	53.81	71.62	111.69	127.32	132.89	127.81	87.89
Payable days	148.01	135.89	123.37	155.81	145.61	215.61	334.16	248.61	222.8	167.44	110.77
PER(x)	0	0	0	0	0	0	0	0.44	0	0	0
Price/Book(x)	1.03	-2.9	-0.51	-0.36	-0.3	-1.01	-0.47	-0.46	-1.21	-4.26	-4.76
Dividend Yield(%)	2.24	0	0	0	0	0	0	0	0	0	0
EV/Net Sales(x)	0.93	0.94	0.99	1.06	0.94	1.72	1.07	0.81	1.12	1.98	1.64
EV/Core EBITDA(x)	6.17	10.97	20.9	-50.98	14.98	-9.96	9.54	50.26	9.83	27.5	22.71
Net Sales Growth(%)	-16.26	11.48	-12.63	-2.34	20.23	-47.23	-27.87	8.28	15.72	13.88	40.23
EBIT Growth(%)	-61.07	-290.48	-62.02	16	78.79	-293.9	122.8	-16.21	178.86	-41.72	62.11
PAT Growth(%)	-1139.67	-295.07	-22.63	0.25	36.32	39.62	47.52	-55.2	79.43	-17.33	-43.85
EPS Growth(%)	-1105.71	-295.15	11.35	0.19	37.45	27.05	15	244.93	-104.92	-20.72	-42.17
Debt/Equity(x)	5.81	-19.21	-3.8	-2.38	-2.13	-2.71	-0.69	-1.57	-2.73	-2.94	-2.81
Current Ratio(x)	0.68	0.47	0.42	0.35	0.35	0.26	0.51	0.43	0.61	0.58	0.59
Quick Ratio(x)	0.21	0.19	0.17	0.17	0.22	0.16	0.17	0.13	0.11	0.14	0.15
Interest Cover(x)	0.44	-0.75	-1.26	-1	-0.22	-1.58	0.33	0.31	1.13	0.65	0.7
Total Debt/Mcap(x)	5.66	6.62	7.48	6.69	7.18	2.67	1.48	3.38	2.27	0.69	0.59

Shree Renuka Sugar Shareholding Pattern

#	Mar 2021	Jun 2021	Sep 2021	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023
Promoter	62.48	62.48	62.48	62.48	62.48	62.48	62.48	62.48	62.48	62.48
FII	0.04	0.46	0.23	0.68	0.74	1.28	2.7	2.81	2.96	2.93
DII	19.65	13.72	12.43	12.36	11.91	11.07	11.88	11.82	11.48	10.1
Public	17.83	23.34	24.86	24.48	24.87	25.18	22.94	22.89	23.08	24.48
Others	0	0	0	0	0	0	0	0	0	0
Total	100	100	100	100	100	100	100	100	100	100

#	Mar 2021	Jun 2021	Sep 2021	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023
Promoter	132.99	132.99	132.99	132.99	132.99	132.99	132.99	132.99	132.99	132.99
FII	0.09	0.99	0.49	1.45	1.58	2.72	5.76	5.97	6.3	6.24
DII	41.83	29.2	26.45	26.31	25.35	23.55	25.28	25.17	24.45	21.51
Public	37.94	49.67	52.92	52.1	52.93	53.59	48.82	48.72	49.12	52.12
Others	0	0	0	0	0	0	0	0	0	0
Total	212.85	212.85	212.85	212.85	212.85	212.85	212.85	212.85	212.85	212.85

Pros

Stock is trading at -5.5 times its book value
Debtor days have improved from 167.44 to 110.77days.
Company is almost debt free.

Cons

Company has a low return on equity of 0% 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.