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Dwarikesh Sugars records PAT at Rs59.61 crore in Q4FY22

The company reported profit before tax (PBT) of Rs. 85.74 crore and profit after tax (PAT) of Rs.59.61 crore thus registering 35% growth in its PBT and 24% growth in PAT as compared to the corresponding quarter last year.

May 16, 2022 10:27 IST | India Infoline News Service
Dwarikesh Sugar Industries announced its audited financial results for the quarter and year ended March 31, 2021. In Q4 FY22, the company reported profit before tax (PBT) of Rs. 85.74 crore and profit after tax (PAT) of Rs.59.61 crore thus registering 35% growth in its PBT and 24% growth in PAT as compared to the corresponding quarter last year.

In FY 22, the company reported PBT of Rs. 218.67 crore and PAT of Rs. 155.22 crore, clocking 83% growth in PBT and 70% growth in PAT as compared to FY 21.

Company’s net worth at 31st March, 2022 stood at Rs.673.29 crore vis-à-vis Rs. 578.91 crore as at 31st March, 2021

Estimated domestic sugar production during the current season 2021-22 is estimated around 35.0 million tons after considering 3.4 million tons of sugar sacrifice in favor of ethanol. Execution of our 175 KLPD distillery project at DD unit is on schedule. The plant is likely to be commissioned in June, 2022.

Key Numbers of P&L statement of P&L Statement:

                                                       Figures in INR crore except EPS
Q4FY22 Q4FY21 FY22 FY21
Total Income 475.48 601.31 1,977.23 1,845.94
EBIDTA 102.96 83.76 293.96 208.35
Finance cost 5.45 10.12 31.66 47.65
EBDT 97.51 73.64 262.30 160.70
PBT 85.74 63.28 218.67 119.80
Tax 26.13 15.05 63.45 28.26
PAT 59.61 48.23 155.22 91.54
Other Comprehensive Income 0.59 0.35 0.35 3.66
Total Comprehensive Income 60.20 48.58 155.57 95.20
EPS Rs. Per share 3.17 2.56 8.24 4.86
 
*    During Q4FY22 Company’s EBIDTA margin (EBIDTA /Revenue from operations) is 21.7% as compared to 14.0% during corresponding quarter last year.
 
*    During FY22 Company’s EBIDTA margin (EBIDTA /Revenue from operations) is 14.9% as compared to 11.3% during FY 21.
 
*    Sugar sold during Q4FY22 is 10.11 lakhs quintals (all domestic) as compared to 15.23 lakh quintals sale of sugar (including export of 7.95 lakh quintals export) during corresponding quarter last year.
 
*    Sugar sold during FY22 is 45.99 lakhs quintals (including export of 2.50 lakh quintals) as compared to 49.49 lakh quintals (including 15.99 lakh quintals of sugar exported during FY 21.
 
*    Sugar stock as on 31st March 2022 was 19.63 lakh quintals as compared to stock of 26.02 lakh quintal as on 31st March 2021.
 
*    Industrial Alcohol sold during Q4FY22 and FY22 is 16,526 KL and 55,728 KL respectively as compared to 12,833 KL and 31,732 KL industrial alcohol sold during corresponding periods last year.

*    On 31st March, 2022, the company had outstanding long-term loans of Rs.252.40 crore including SEFASU 2018 loan of Rs.60.52 crore. Balance amount of Rs.191.88 crore is the loan availed for the distillery projects including Rs. 104.22 Crore loan for ongoing distillery project at DD unit (under disbursal). All the outstanding long-term loans are at concessional rate of interest.

*    Long term rating accorded by ICRA is reaffirmed at A+. However, the rating outlook is revised to ‘positive’ from ‘stable’. Short-term rating accorded to the Company by ICRA for CP program of Rs.300 Crore is also reaffirmed at A1+
 
*    Whereas DD Unit of the company closed its crushing operations of SS 2021-22 on 20th April, 2022, DP & DD units likely to close in mid- May.
 
*    The project execution work at DD distillery unit is on schedule and the distillery unit is likely to commence production in June, 2022. The setting up of the distillery will be significant milestone in the journey of company as the setting up of the distillery will result in more broad-based & remunerative revenue stream for the future

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