ICICI Direct's research report on Dwarikesh Sugar
Dwarikesh Sugar (DSL) is a UP based sugar company with sugar crushing capacity of 21500 TCD, distillery capacity of 163 KLD & co-generation capacity of 91 MW. It is undertaking a distillery capacity addition of 170 KLD with investment of Rs 230 crore. The distillery will be commissioned by June-2022. • The company would be able to increase distillery volumes to 11 crore litre in FY24 from 5.6 crore litre in FY22.
We maintain our BUY rating on the stock. We value the stock at Rs 145, valuing the business at 10x FY24 PE.
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