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Systematix Research Report
Dwarikesh Sugar Industries Ltd. reported 7% YoY revenue growth in Q2 FY23 at Rs 5.4 billion, broadly in line with our estimate, on the back of healthy 41% growth in ethanol segment revenue, 25% growth in cogeneration revenue and 7% growth in sugar segment revenue.
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Dwarikesh Sugar's Ebitda fell 62% YoY to Rs 283 million, while Ebitda margin fell ~950 bps YoY to 5.2%, owing to higher costs of cane and molasses and lower recovery rate as well as certain one-time expenses.
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We have cut our Ebitda estimate by 17% each for FY23 and FY24E, to factor in higher costs and lower recovery in FY23. We cut our earnings per share by 23%/22% due to lower Ebitda and higher tax rate at 30% versus 26% earlier.
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