ICICI Direct's research report on Dalmia Bharat Sugar
Dalmia Bharat sugar (DBS) is only sugar company present in UP as well as in Maharashtra. The company has sugar crushing capacity of 39000 TCD (5.5 lakh tonnes pa), distillery capacity of 600 KLD (18 crore litters pa) & co-generation capacity of 102 MW & Wind power of 16.5 MW (Total 30 crore units’ saleable power) • The company has expanded its distillery capacity from 8.5 crore litres to 18 crore litres. It would further increase its distillery capacity to 24 crore litres in next one year through one grain based & one molasses based distillery.
Outlook
We continue to maintain our Buy rating on the stock. We value the stock at Rs 490, ascribing a multiple of 10x FY24 earnings.
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