Zuari Industries Ltd

₹ 249 -5.20%

04 Apr 3:26 p.m.

About

Zuari Global Ltd is the holding company of the well-established and diversified Adventz Group. The group comprises 23 companies in four industry verticals- Agriculture, Engineering & Infra, Lifestyle & Real Estate and Services. The Co.’s primary business activity is real estate, investment services, engineering services, management services, manufacturing and trading of furniture, manufacturing and sale of sugar and its by-products, ethanol and generation of power. ^[1]^[2]^[3]

Key Points

Real Estate^[1]
As of FY24, company has 5 large real estate projects. Out of this 1 was completed in 2023, with the other 4 under development. The company's projects are in Goa, Mysore and Dubai.

Website BSE NSE

Market Cap ₹ 740 Cr.
Current Price ₹ 249
High / Low ₹ 423 / 231
Stock P/E 40.6
Book Value ₹ 1,228
Dividend Yield 0.38 %
ROCE 3.97 %
ROE 0.25 %
Face Value ₹ 10.0

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Pros

Stock is trading at 0.21 times its book value
Market value of investments Rs.2,358 Cr. is more than the Market Cap Rs.750 Cr.
Company has been maintaining a healthy dividend payout of 29.2%

Cons

Company has low interest coverage ratio.
Company has a low return on equity of -0.08% over last 3 years.
Contingent liabilities of Rs.390 Cr.
Earnings include an other income of Rs.57.3 Cr.

* 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.

Peer comparison

Sector: Sugar Industry: Sugar

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Detailed Comparison with:

Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024
	113.52	190.07	217.61	155.08	166.02	274.18	163.69	214.63	100.77	234.63	214.52	207.38	204.83
	111.33	154.25	214.56	156.33	167.47	213.00	155.87	217.73	104.86	185.78	191.01	203.85	211.74
Operating Profit	2.19	35.82	3.05	-1.25	-1.45	61.18	7.82	-3.10	-4.09	48.85	23.51	3.53	-6.91
OPM %	1.93%	18.85%	1.40%	-0.81%	-0.87%	22.31%	4.78%	-1.44%	-4.06%	20.82%	10.96%	1.70%	-3.37%
	27.17	69.04	26.06	40.40	21.97	51.19	82.10	37.07	7.99	9.12	0.48	9.47	38.22
Interest	39.77	44.22	39.37	39.03	39.36	38.80	37.08	35.62	33.31	28.81	32.94	30.56	28.86
Depreciation	7.00	3.21	5.76	5.82	6.97	5.33	5.86	6.05	6.05	5.99	5.92	6.11	6.19
Profit before tax	-17.41	57.43	-16.02	-5.70	-25.81	68.24	46.98	-7.70	-35.46	23.17	-14.87	-23.67	-3.74
Tax %	-24.24%	21.43%	-22.28%	-13.86%	-22.63%	18.13%	-6.56%	-23.90%	-2.99%	30.77%	2.49%	0.80%	96.79%
	-13.19	45.12	-12.45	-4.91	-19.97	55.87	50.06	-5.87	-34.40	16.04	-15.24	-23.86	-7.36
EPS in Rs	-4.49	15.35	-4.18	-1.65	-6.71	18.76	16.81	-1.97	-11.55	5.39	-5.12	-8.01	-2.47
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Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	TTM
	99	170	39	0	0	17	2	57	776	610	814	715	861
	111	170	35	9	10	20	10	48	684	595	754	665	792
Operating Profit	-12	0	5	-9	-10	-3	-7	9	93	16	60	49	69
OPM %	-12%	0%	12%			-21%	-291%	16%	12%	3%	7%	7%	8%
	46	58	41	43	34	24	48	52	144	211	129	132	57
Interest	1	2	11	0	0	1	8	44	161	196	158	135	121
Depreciation	0	0	0	0	0	0	0	0	26	24	24	24	24
Profit before tax	33	56	34	34	24	20	33	17	50	7	8	23	-19
Tax %	19%	53%	21%	14%	14%	11%	-23%	26%	-38%	-112%	29%	0%
	27	26	27	29	20	18	40	13	69	15	5	23	-30
EPS in Rs	9.17	8.89	9.11	10.00	6.97	6.11	13.70	4.39	23.62	5.20	1.81	7.61	-10.21
Dividend Payout %	22%	11%	11%	10%	14%	16%	7%	23%	8%	19%	55%	13%

Compounded Sales Growth
10 Years:	15%
5 Years:	210%
3 Years:	-3%
TTM:	14%

Compounded Profit Growth
10 Years:	8%
5 Years:	-32%
3 Years:	-58%
TTM:	-83%

Stock Price CAGR
10 Years:	10%
5 Years:	58%
3 Years:	9%
1 Year:	-25%

Return on Equity
10 Years:	1%
5 Years:	1%
3 Years:	0%
Last Year:	0%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Sep 2024
Equity Capital	29	29	29	29	29	29	29	29	29	29	30	30	30
Reserves	568	591	614	986	1,419	2,035	1,811	1,281	2,154	3,083	2,067	2,681	3,627
	0	110	80	80	0	25	118	456	1,391	1,293	1,225	1,061	1,045
	130	145	142	126	53	84	104	98	482	502	349	347	369
Total Liabilities	728	875	866	1,221	1,502	2,173	2,062	1,865	4,056	4,908	3,670	4,118	5,071
	13	13	14	2	4	4	4	4	519	501	494	473	462
CWIP	0	0	0	0	0	0	0	0	2	7	1	6	7
Investments	503	435	435	819	1,165	1,779	1,562	990	1,857	2,994	2,011	2,556	3,770
	211	427	417	400	333	390	497	872	1,678	1,405	1,164	1,084	831
Total Assets	728	875	866	1,221	1,502	2,173	2,062	1,865	4,056	4,908	3,670	4,118	5,071

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024
	14	-127	-84	-13	13	-7	27	14	148	42	55	51
	-9	31	127	23	84	-7	-116	-307	-169	270	195	252
	-8	92	-46	-12	-94	20	82	294	24	-305	-248	-314
Net Cash Flow	-2	-4	-3	-3	3	6	-8	1	3	7	2	-10

Ratios

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024
Debtor Days	103	101	2			7	7	11	22	13	30	10
Inventory Days	57	455	2,842						407	510	290	428
Days Payable	60	254	13						199	238	120	155
Cash Conversion Cycle	100	302	2,831			7	7	11	229	285	200	284
Working Capital Days	54	327	2,103			6,201	46,142	1,696	169	205	286	205
ROCE %	3%	4%	6%	4%	2%	1%	2%	5%	8%	4%	4%	4%

Shareholding Pattern

Numbers in percentages

	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024
	56.95%	56.81%	56.81%	56.81%	56.81%	56.81%	56.81%	56.81%	56.81%	56.81%	56.71%	56.71%
	1.39%	1.20%	1.41%	1.31%	1.30%	1.30%	1.36%	1.49%	1.55%	1.60%	1.46%	1.41%
	0.20%	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	0.26%	0.33%	0.87%	0.85%
	0.04%	0.04%	0.04%	0.04%	0.04%	0.04%	0.04%	0.04%	0.04%	0.04%	0.04%	0.04%
	41.42%	41.94%	41.73%	41.84%	41.85%	41.86%	41.78%	41.67%	41.35%	41.24%	40.93%	41.00%
No. of Shareholders	28,673	29,029	28,336	28,143	27,940	27,698	27,487	26,417	27,248	27,786	29,133	31,338

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Dec 2024
	56.31%	56.31%	54.83%	54.83%	55.61%	56.95%	56.81%	56.81%	56.71%
	0.00%	0.25%	0.74%	1.21%	1.21%	1.39%	1.30%	1.55%	1.41%
	13.48%	14.21%	11.58%	10.66%	7.82%	0.20%	0.01%	0.26%	0.85%
	0.00%	0.00%	0.00%	0.00%	0.03%	0.04%	0.04%	0.04%	0.04%
	30.21%	29.23%	32.85%	33.29%	35.32%	41.42%	41.85%	41.35%	41.00%
No. of Shareholders	32,928	22,665	22,444	22,790	25,627	28,673	27,940	27,248	31,338

* The classifications might have changed from Sep'2022 onwards. The new XBRL format added more details from Sep'22 onwards.

Classifications such as banks and foreign portfolio investors were not available earlier. The sudden changes in FII or DII can be because of these changes.

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