Dwarikesh Sugar Industries Ltd.

Financial

	Dwarikesh Sugar Inds	Piccadily Agro Inds	Uttam Sugar Mills
Operational Metrics
Sugar Sector
Sugar Recovery	8.12 %	10.05 %	10.57 %
Realization / Litre - Distillery	64.0 Rs/L	n/a	58.98 Rs/L
Realization / Unit - Cogeneration	3.4 Rs/Unit	n/a	4.02 Rs/Unit
Realization / Kg - Sugar	36.92 Rs/Kg	n/a	35.92 Rs/Kg
Capacity Utilization - Cogeneration	7.32 %	n/a	n/a
Financials
5 yr Average ROE	17.75 %	9.24 %	22.24 %
5yr average Equity Multiplier	2.65	2.75	4.97
5yr Average Asset Turnover Ratio	1.12	0.94	1.05
5yr Avg Net Profit Margin	6.41 %	3.56 %	4.76 %
Price to Book	1.63	19.45	2.21
P/E	16.03	60.21	8.48
5yr Avg Cash Conversion Cycle	106.28 Days	7.95 Days	87.11 Days
Inventory Days	180.79 Days	117.87 Days	190.95 Days
Days Receivable	9.21 Days	34.33 Days	9.64 Days
Days Payable	53.79 Days	161.09 Days	120.95 Days
5yr Average Interest Coverage Ratio	5.54	2.63	2.76
5yr Avg ROCE	19.45 %	16.12 %	31.04 %
5yr Avg Operating Profit Margin	12.58 %	10.66 %	13.02 %
5 yr average Debt to Equity	1.1	0.72	2.16
5yr CAGR Net Profit	1.96 %	59.99 %	16.29 %
5yr Average Return on Assets	6.97 %	3.47 %	5.16 %
Shareholdings
Promoter Holding	42.09 %	70.97 %	73.7 %
Share Pledged by Promoters	0.0	0.0	0.0
Change in Promoter Holding (3 Yrs)	0.01 %	0.07 %	-1.3 %
Change in Mutual Fund Holding (3 Yrs)	-3.91 %	0.0	0.0

Business

	Dwarikesh Sugar Inds	Piccadily Agro Inds	Uttam Sugar Mills
Segment Break-Up	Segment Break-Up Sugar 78.04 Distillery 21.96 Co-Generation 0	-	-
Product Wise Break-Up	Product Wise Break-Up Sugar 69.59 Power 2.31 Molasses 0.3 Distillery 0 Others 27.8	Product Wise Break-Up Molasses 0 Distillery 65.4 Sugar 34.39 Power 0 Others 0.21	Product Wise Break-Up Molasses 0 Distillery 10.33 Sugar 83.34 Power 6.33
Location Wise Break-Up	Location Wise Break-Up India 83.13 Rest of the World 16.87	-	Location Wise Break-Up India 67.0 Rest of the World 0 Others 33.0
Capex	Capex Distillery 58.86 Co-Generation 29.28 Sugar 11.86 Cogeneration 0	-	Capex Distillery 34.21 Sugar 63.67 Co-Generation 0 Cogeneration 1.02 Others 1.1
Operating Profit Break-Up	Operating Profit Break-Up Distillery 61.8 Sugar 38.2 Cogeneration 0	Operating Profit Break-Up Distillery 90.56 Processed Sugar 9.44 Cogeneration 0	Operating Profit Break-Up Distillery 6.17 Sugar 80.05 Co-Generation 13.78
Customer Wise Break-Up	Customer Wise Break-Up Others 100	-	-
Asset Break-Up	Asset Break-Up Distillery 0 Sugar 0 Cogeneration 0 Others 100	Asset Break-Up Distillery 81.74 Processed Sugar 18.26 Cogeneration 0	Asset Break-Up Distillery 25.14 Sugar 67.95 Cogeneration 5.42 Others 1.49