Dalmia Bharat Sugar Declares 150% Dividend, Net Profit Surges 15% In Q3
Premium- A small-cap business with a market valuation of ₹2,688.40 Cr, Dalmia Bharat Sugar And Industries Ltd operates in the Fast Moving Consumer Goods (FMCG) industry.
A small-cap business with a market valuation of ₹2,688.40 Cr, Dalmia Bharat Sugar And Industries Ltd operates in the Fast Moving Consumer Goods (FMCG) industry. With a total cane crushing capacity of 35500 TCD, Dalmia Bharat Sugar and Industries Limited is one of India's fastest-growing sugar companies and one of the nation's top sugar producers. The company is a preferred sugar supplier to giants such as Coca-Cola, PepsiCo, Mondelez, Perfetti, Britannia, Wal-Mart India, Dabur, D-Mart, India Glycols Allied Blenders & Distillers, United Breweries, Carlsberg, SABMiller and many others.
The company has said today in a stock exchange filing that “the Board has declared an interim dividend of Rs. 3/- (150%) per equity share of Rs. 2/- for the financial year 2022-2023. Pursuant to ‘Regulation 42 of SEBI Listing Regulations, the Board of Directors has fixed Wednesday, February 15, 2023 as the Record Date for the purpose of determining the members to make payment of said interim dividend."
The company posted a net income of ₹623 Cr in Q3FY23 as compared to ₹636 Cr in Q3FY22, registering a fall of 2% YoY. The company's EBIDTA reached ₹135 Cr Q3FY23 against ₹116 Cr in the year-ago quarter, registering a growth of 17%. Dalmia Bharat Sugar posted a profit before tax (PBT) of ₹93 Cr in the quarter ended December 2022 as compared to ₹80 Cr in the quarter ended December 2021, registering a growth of 17% YoY, whereas the company's net profit or profit after tax (PAT) reached ₹65 Cr in Q3FY23 as compared to ₹57 Cr posted in the year-ago quarter, recording a growth of 15% YoY. The EPS of Dalmia Bharat Sugar And Industries Ltd reached ₹8.02 in Q3FY23 as compared to ₹6.99 in Q3FY22.
The company's sugar sales volume reached 0.79 lakhs MT in Q3FY23 compared to 1.14 lakhs MT in Q3FY22, registering a fall of 30%, and distillery sales volume stood at 3.87 Cr litres compared to 2.81 Cr litres in Q3 of FY22, registering a growth of 38%. The company’s cogen sales volume was down 8% YoY from 7.39 Cr Units in Q3FY22 to 6.79 Cr Units in Q3FY23. The company's long-term loan as of 31st Dec 2022 stood at Rs. 419 Cr, which is entirely under interest subvention scheme/subsidized loan with a long-term debt-to-equity ratio of 0.16x.
Dalmia Bharat Sugar And Industries Ltd said in a stock exchange filing that “After subdued first half, this quarter is much better on the back of higher value accretion from ethanol. However, EBIDTA for nine months was impacted mainly on account of reduction in margins due to higher carrying value of inventory (due to cane price increase in last season) not fully compensated by increase in sugar prices, lower sugar sales volumes, impact of increase in employee cost due to retrospective wage rate revision and increase in levy molasses obligation in UP."
On the NSE, the shares of Dalmia Bharat Sugar and Industries Limited closed today at ₹331.00 apiece, down by 0.72% from the previous close of ₹333.40.
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