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Dwarikesh Sugar: Structural story at play with ethanol focus

Distillery segment expansion, better cane variety mix, and robust cash-flow generation augur well for this company

March 28, 2023 / 09:22 AM IST
Dwarikesh Sugar: Structural story at play with ethanol focus

PRO Only Highlights
Quarterly performance largely backed by improved realisations
Medium-term triggers China plus and protectionist measures for tyre industry
Valuations not inexpensive; but improved medium-term outlook

Highlights: Well-integrated business model Better sugar recovery and uptick in sugar prices expected Sugar production to drop as more cane is diverted to ethanol Alcohol sales volume continuously trending up, to boost margins Dwarikesh Sugars (Dwarikesh; CMP: Rs 82; Market cap: Rs 1,530 crore) is seeing a paradigm shift in its business model with an aggressive capacity build-up in distillery. It is well-positioned to benefit from the government’s push for ethanol blending. The company is focusing on sweating existing ethanol assets and better sugar recovery. On...

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