India's Dalmia Bharat Sugar posts flat Q3 profit due to weak sales

DWARIKESH SUGAR INDUSTRIES

02/02/2024 13:37

BENGALURU, Feb 2 (Reuters) - India's Dalmia Bharat Sugar and Industries  DLMI.NS  reported a flat third-quarter profit on Friday as
weak sales of its mainstay - refined sugar - offset strong demand in the distillery business. 
    Consolidated net profit came in at 649.2 million rupees ($7.83 million) for the quarter ended Dec. 31, compared with 649.1 million rupees a
year earlier. 
    The company, which counts Britannia  BRIT.NS , Dabur  DABU.NS  and United Breweries  UBBW.NS  among its clients, said its revenue from
operations slipped 2.7% to 5.84 billion rupees. 
    For further results highlights, click (nFWN3EN10N) 
    
    KEY CONTEXT 
    
    India, the world's second-largest sugar producer, witnessed sugar output and supply disruptions in November and December last year due to
unseasonal rainfall in key cane-growing states of Maharashtra and Karnataka. 
    This hit sales of refined sugar makers, including Dalmia Bharat Sugar and its peers Dwarikesh Sugar  DWAR.NS  and Dhampur Sugar Mills
 DAMS.NS . 
    
    PEER COMPARISON 
 
                                          Valuation (next 12 months)   Estimates (next 12 months)     Analysts' sentiment              
                              RIC         PE     EV/EBITDA     Price/  Revenue     Profit growth      Mean     No. of   Stock to       Div
                                                               Sales   growth                         rating*  analyst  price          yield
                                                                                                               s        target**       (%)
 Dalmia Bharat Sugar and       DLMI.NS    9.26   4.70          NULL    12.48       NULL               Buy      1        0.74           1.00
 Industries                                                                                                                            
 Balrampur Chini Mills         BACH.NS    13.53  8.72          3.59    11.92       6.32               Buy      4        0.80           1.09
 Dwarikesh Sugar Industries    DWAR.NS    12.87  5.54          NULL    -0.13       -0.59              Buy      3        0.79           2.37
 Dhampur Sugar Mills           DAMS.NS    8.18   NaN           3.60    NULL        NULL               Null     0        0.76           1.92
 * Mean of analysts' ratings standardised to a scale of Strong Buy, Buy, Hold, Sell, and Strong Sell
** Ratio of the stock's last close to analysts' mean price target; a ratio above 1 means the stock is trading above the PT
    
    OCTOBER-DECEMBER STOCK PERFORMANCE 
    
    
    -- All data from LSEG
    -- $1 = 82.88 rupees

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 (Reporting by Manvi Pant and Hritam Mukherjee in Bengaluru; Editing by Sohini Goswami)
 ((Manvi.Pant@thomsonreuters.com; +918447554364;))