ICICI Direct values the stock at 10x FY23E earnings with a target price of Rs 385 a share (earlier Rs 285) and maintains the “buy” recommendation.
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var titStr=”;var editw=”; var typevar=”; var pparr= new Array(‘Monitoring your investments regularly is important.’,’Add your transaction details to monitor your stock`s performance.’,’You can also track your Transaction History and Capital Gains.’); var phead =’Why add to Portfolio?’; if(secglbVar ==1) { var stkdtxt=’this stock’; var fltxt=’ it ‘; typevar =’Stock ‘; if(lastRsrs.length>1){ stkdtxt=’these stocks’; typevar =’Stocks ‘;fltxt=’ them ‘; } } //var popretStr =lvPOPRHS(phead,pparr); //$ (‘#poprhsAdd’).html(popretStr); //$ (‘.btmbgnwr’).show(); var tickTxt =’‘; if(typparam1==1) { var modalContent = ‘Watchlist has been updated successfully.’; var modalStatus = ‘success’; //if error, use ‘error’ $ (‘.mc-modal-content’).text(modalContent); $ (‘.mc-modal-wrap’).css(‘display’,’flex’); $ (‘.mc-modal’).addClass(modalStatus); //var existsFlag=$ .inArray(‘added’,newappndStr[1]); //$ (‘#toptitleTXT’).html(tickTxt+typevar+’ to your watchlist’); //if(existsFlag == -1) //{ // if(lastRsrs.length > 1) // $ (‘#toptitleTXT’).html(tickTxt+typevar+’already exist in your watchlist’); 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//$ .each(d.ac,function(i,v) //{ // accStr+=”+v.nm+”; //}); $ .each(d.data,function(i,v) { if(v.flg == ‘0’) { var modalContent = ‘Scheme added to your portfolio.’; var modalStatus = ‘success’; //if error, use ‘error’ $ (‘.mc-modal-content’).text(modalContent); $ (‘.mc-modal-wrap’).css(‘display’,’flex’); $ (‘.mc-modal’).addClass(modalStatus); //$ (‘#acc_sel_port’).html(accStr); //$ (‘#mcpcp_addportfolio .form_field, .form_btn’).removeClass(‘disabled’); //$ (‘#mcpcp_addportfolio .form_field input, .form_field select, .form_btn input’).attr(‘disabled’, false); // //if(call_pg == “2”) //{ // adtxt =’ Scheme added to your portfolio We recommend you add transactional details to evaluate your investment better. x‘; //} //else //{ // adtxt =’ Stock added to your portfolio We recommend you add transactional details to evaluate your investment better. x‘; //} //$ (‘#mcpcp_addprof_info’).css(‘background-color’,’#eeffc8′); //$ (‘#mcpcp_addprof_info’).html(adtxt); //$ (‘#mcpcp_addprof_info’).show(); 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Balrampur Chini Mills share price gained over 5 percent intraday on June 3, a day after the company reported a 2.46 percent year-on-year decline in consolidated profit during the quarter ending March 31 at Rs 235.50 crore.
The company’s consolidated profit stood at Rs 241.44 crore during the same quarter of FY20, Balrampur Chini Mills said in a BSE filing.
Revenue from operations declined by 41.41 percent to Rs 1,019.35 crore from Rs 1,740.04 crore in the corresponding quarter of the previous fiscal.
For the year 2020-21, the company’s profit declined by 7.61 percent to Rs 479.79 crore. Revenue from operations during 2020-21 dipped 1.48 percent to Rs 4,811.65 crore from Rs 4,741.29 crore in FY20.
The stock was trading at Rs 318.65, up Rs 15.80, or 5.22 percent at 0948 hours. It touched an intraday high of Rs 325.85 and an intraday low of Rs 314.
Sugar stocks are in focus as the government brought forward the target date for achieving 20 percent ethanol-blending with petrol by two years to 2023 to help reduce the country’s dependence on costly oil imports.
This would encourage sugar companies to further add sugarcane juice and grain-based ethanol capacities, ICICI Securities said. The government is also setting up stiff timelines for auto OEMs to comply with blending requirements. This would be positive for sugar companies, the brokerage said in a report.
Talking about Balrampur Chini’s March quarter numbers, brokerage firm ICICI Direct is said profit after tax (PAT) saw a drop of 2.5 percent to Rs 235.5 crore due to tax write back in the base quarter. The company’s debt declined by aroundRs 250 crore, whereas it generated an operating cash flow of Rs 648.9 crore in FY21 with strong profitability.
“The company is the most efficient sugar company with sustainable earnings and strong cash flow generation. We believe the company would increase shareholder’s payout (buybacks, dividend) to ~60 percent from current 40 percent payout,” it said.
“We value the stock at 10x FY23E earnings with a target price of Rs 385 per share (earlier Rs 285) and maintain our buy recommendation,” it added.
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