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• 17Mmt in 2009
• UP & MAH most
important
• TN max. yield
• UP max area under
cultivation
• UP – Gur & Khandsari
Up cycle
2-3 years
Down cycle
4-5 years
M o st i–n te g ra te d
su g a r p ro d u ce r
–
in In d ia
re su –ltin g in
h ig h –
er
re a liza tio n p e r
u n it o f ca n e
Power Cogeneration
Bagasse
Molasses
Distillery
Total Sugar
Manufacturing
Performance
• Cane prices have increased
Operational
Raw materialPerf
• Mfg. labor cost ratio is low –
automation
• Fixed asset turnover ratio has
Fixed Assets Tu
consumption ra
reduced due to new projects
GMP - Section B - Group 9 17
Working Capital
Management
Working Capital
Management
• SRSL enjoys a longer creditor
collection period
Debtors Collecti
• Also maintains low debtor collection
period – an industry standard
Profitability
Operating Profit
Return on Opera
Capital Employe
GMP - Section B - Group 9 19
Capital Structure
Capital Structure 2004-05 2005-06 2006-07 2007-08 2008-09 Trend Graph
Debt-Equity Ratio 2.35 2.67 2.93 2.54 2.03 2.94
Retention Ratio 0.88 0.92 0.91 0.92 0.78 2.95
Altman's Z Score
T1 = Net Working C
• Z-score less than the industry
average
T2 = Retained Earn
• Low Sales/Total Assets
– Sales have not increased in
T3 = Earnings Befo
proportion with total assets
– Increased current assets
GMP - Section B - Group 9 21
SGR Analysis
SGR Analysis
SGR(t+1)
Actual Sales G
GMP - Section B - Group 9 22
Q&A
THANK
YOU
GMP - Section B - Group 9 23