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SHARETIPSINFO >>Research Reports >>SANWARIA AGRO OIL LTD (21-08-2009)
LISTING |
|
|
Rs61 |
|
Rs13.25/Rs101.95 |
|
Rs10 |
PE RATIO |
20 |
AVERAGE VOLUME |
8965 |
MARKETCAP |
Rs1125 crore |
COMPNAY OVERVIEW:
Sanwaria Agro Oils Limited was incorporated on 22nd April, 1991 having its registered office at Itarsi and having corporate office at Bhopal. SAOL had set up a solvent extraction plant with crushing capacity of 200 Tons Per Day of Soyabean & other minor oil seeds at Industrial area , Kheda Itarsi and commenced commercial production from 5th Decembe,1993. .
In August 2001 the Company has setup a refinery with the capacity of 75 Tons per day . The Company had also received 'BEST CAPACITY UTILIZATION AWARD' from SOPA from financial year 98-99 to 2001-2002 as the company had achieved 103% capacity utilization as against the Industry average of 35 %. Subsequently the soya crushing/refining capacity of the company has been expanded further which is 1000/150 MT per day as on date. The expansion of the capacity was wholly financed by internal accruals.
PRODUCTS MIX:
PRODUCT |
SALES(In crore) |
% of Total Sales |
De-Oil Cakes |
Rs534.24 crore |
56.85% |
Oil Refined |
Rs184.73 crore |
19.65% |
Foddgrains |
Rs159.07 crore |
16.92% |
Oil Soya |
Rs46.8 crore |
4.98% |
Other |
Rs13.27 crore |
1.41% |
Power Generation |
Rs1.51 crore |
0.16% |
INVESTMENT RATIONAL:
A growing population and vastly varied dietary habit ensures thriving market for oil in the country.
Rising prices of agro product will ensure good margin.
Use of oil for bio fuel will also add to the increase in demand of soya oil.
SHAREHOLDING PATTERN:
|
|
NO.OF SHARE |
% OF TOTAL |
PROMOTER |
121880804 |
|
70.04% |
|
INSTITUTION |
610014 |
|
0.35% |
|
GENERAL PUBLIC |
51534182 |
|
29.61% |
|
GRAND TOTAL |
174025000 |
|
100.00% |
|
FINANCIAL:
|
|
31/03/06 |
31/03/07 |
31/03/08 |
31/03/09 |
TOTAL INCOME |
221.57 |
447.6 |
941.21 |
1115.64 |
EXPENDITURE |
-213.82 |
-423.7 |
-863.06 |
-1029.76 |
PBDITA |
|
7.75 |
23.9 |
78.15 |
85.88 |
DEPRECIATION |
-0.97 |
-1.78 |
-2.51 |
-5.6 |
PBIT |
|
6.78 |
22.12 |
75.64 |
80.28 |
INTEREST |
|
-2.02 |
-4.32 |
-11.26 |
-11.81 |
PBT |
|
4.76 |
17.8 |
64.38 |
68.47 |
TAX |
|
-0.76 |
-4.91 |
-10.07 |
-15.98 |
PAT |
|
4 |
13.61 |
54.31 |
52.49 |
Key Highlights:
CAGR IN TOTAL INCOME IS 71.3%.
CAGR IN PBDITA IS 123%.
CAGR IN NET PROFIT IS 135%.
RATIOS:
|
|
31/03/06 |
31/03/07 |
31/03/08 |
31/03/09 |
EPS |
|
0.229885 |
0.782184 |
3.121264 |
3.016667 |
PBDITA MARGIN |
3.497766 |
5.339589 |
8.303142 |
7.697824 |
NPM |
|
1.805299 |
3.040661 |
5.770232 |
4.704923 |
INTEREST COVER |
3.356436 |
5.12037 |
6.717584 |
6.797629 |
Key Highlights:
EPS has grown at CAGR of 135%.
PBDITA margin has shown consistent up move.
NPM too has shown up move.
Interest cover too has grown up showing less reliance on debt.
COMPARISION OF Q1FY2010 WITH Q1FY2009:
|
|
Q1FY2009 |
% CHANGE |
Q1FY2010 |
TOTAL INCOME |
274.61 |
-47.24 |
|
144.88 |
EXPENDITURE |
-250.11 |
|
|
-128.79 |
PBDITA |
|
24.5 |
-34.30% |
|
16.09 |
DEPRECIATION |
-1.32 |
|
|
-1.39 |
PBIT |
|
23.18 |
|
|
14.7 |
INTEREST |
|
-3.61 |
|
|
-2.66 |
PBT |
|
19.57 |
|
|
12.04 |
TAX |
|
-4.04 |
|
|
-1.96 |
PAT |
|
15.53 |
-35% |
|
10.08 |
KEY HIGHLIGHTS:
Total Income for Q1FY2010 fell by 47%.
PBDITA down for Q1FY2010 by 34%.
PAT down for Q1FY2010 by 35%.
Net sales declined due to the closure of two plants for annual maintenance.
VALUATION:
We expect the EPS for FY2010E to be around Rs4.Looking at the fundamental and the ongoing boom in the commodity, we value the company at 20X. The fair value we arrive at is Rs80. There is upside of 20% from the current level.
CONCLUSION:
Investor should start accumulating the counter at the current rate for upside of 20%. Downside risk seems to be limited. The investment horizon is 6 months.
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