Any current/future new fundraising through debt or equity?

As of the call in October 2022, Dhampur Sugar Mills Limited did not specifically mention any new fundraising plans through debt or equity. The company discussed ongoing expansion plans, including a 130 KL ethanol capacity expansion expected by January-March 2023. There was mention of finalizing Capex plans for FY 23-24 around January 2023, indicating possible future investment plans. No explicit mention was made of raising funds via equity or debt during the call. The company had long-term debt standing at INR 250.8 crores as of September 30, 2022, with an improving debt-to-equity ratio of 0.3

Future growth expectations in sales/revenue/volumes?

Ethanol capacity expansion of 130 KL is expected to start between January to March 2023, potentially boosting ethanol volumes. Sugarcane crushed volumes expected to rise by about 7-8%, with Dhampur plant projecting 248 lakh quintals (up from 244 lakh) and Rajpura 128-132 lakh quintals (up from 122 lakh). Ethanol production expected to increase with focus on syrup and B-Heavy routes, supported by potential government syrup price hikes and favorable ethanol policies. Sugar export orders likely soon, with anticipated exports of 7-8 million tonnes till March 2023, supported by global shortages and

Future growth expectations in earnings/operating earnings/profits/EPS?

Ethanol business is expanding with a 130 KL capacity addition expected to be operational between January to March 2023, potentially increasing revenue from ethanol. Sugar production is expected to rise by about 7-8% this season, with Dhampur crushing 248 lakh quintals vs. 244 lakh last year; Rajpura increasing to 128-132 lakh quintals. Sugar prices are expected to remain stable around INR 35-36 per kg next year as export policies are implemented. Recovery in cane sucrose content is anticipated to improve marginally by 0.1%-0.2% over last year. The company aims to increase syrup ethanol product

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Dhampur Sugar Mills LtdQ3 FY22Agricultural Food & other Products

Dhampur Sugar Mills Ltd Q3 FY22 Earnings Call Analysis

Revenue, margin, capex, fundraise and order book outlook from management commentary.

Price: ₹140P/E: 14.2Market Cap: ₹973 CrSector: Agricultural Food & other Products

Management growth scorecard

Revenue

Category 3

Margin

Category 3

Fundraise

N/A

Order

N/A

Capex

Yes

1 of 3 growth signals are positive — mixed outlook.

Full analysis

Revenue guidance

Category 3

→Ethanol capacity expansion of 130 KL is expected to start between January to March 2023, potentially boosting ethanol volumes.
→Sugarcane crushed volumes expected to rise by about 7-8%, with Dhampur plant projecting 248 lakh quintals (up from 244 lakh) and Rajpura 128-132 lakh quintals (up from 122 lakh).
→Ethanol production expected to increase with focus on syrup and B-Heavy routes, supported by potential government syrup price hikes and favorable ethanol policies.
→Sugar export orders likely soon, with anticipated exports of 7-8 million tonnes till March 2023, supported by global shortages and favorable dollar rates, supporting sugar sales.
→Post-expansion ethanol capacity to reach around 480 KL.
→Possible further capex plans and capacity expansion decisions expected by January 2023 for FY24.
→Sugar prices expected to remain stable around INR 35-36 per kg next year, maintaining revenue stability.

Margin guidance

Category 3

→Ethanol business is expanding with a 130 KL capacity addition expected to be operational between January to March 2023, potentially increasing revenue from ethanol.
→Sugar production is expected to rise by about 7-8% this season, with Dhampur crushing 248 lakh quintals vs. 244 lakh last year; Rajpura increasing to 128-132 lakh quintals.
→Sugar prices are expected to remain stable around INR 35-36 per kg next year as export policies are implemented.
→Recovery in cane sucrose content is anticipated to improve marginally by 0.1%-0.2% over last year.
→The company aims to increase syrup ethanol production, expecting government price hikes to improve margins.
→Wage and molasses levy impacts are being monitored; rationalization sought to protect profitability.
→Export potential up to 7-8 million tonnes of sugar exports planned till April 2023, which supports revenues.
→Overall, moderate growth in earnings is expected, driven by ethanol expansion, stable sugar prices, and improved crop yields.

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Fundraise plans

→As of the call in October 2022, Dhampur Sugar Mills Limited did not specifically mention any new fundraising plans through debt or equity.
→The company discussed ongoing expansion plans, including a 130 KL ethanol capacity expansion expected by January-March 2023.
→There was mention of finalizing Capex plans for FY 23-24 around January 2023, indicating possible future investment plans.
→No explicit mention was made of raising funds via equity or debt during the call.
→The company had long-term debt standing at INR 250.8 crores as of September 30, 2022, with an improving debt-to-equity ratio of 0.32.
→Any future fundraising decisions might be communicated closer to the finalization of Capex plans for FY 23-24.

Order book

The transcript does not explicitly mention the current or expected orderbook or pending orders for Dhampur Sugar Mills Limited. However, some related points can be inferred: - The company is awaiting the government's export order for sugar exports, expected possibly next week (October 2022), which will allow the industry to export about 7 to 8 million tonnes. - The company is working on expansion plans for ethanol capacity expected to be completed by January-March 2023. - There are ongoing discussions with the government regarding liquor contracts and levy rationalization, which may impact future orders. - The company is actively engaging with government tenders for ethanol, syrup, and B-Heavy supplies for the sugar season 2022-23. No direct numerical orderbook or pending order figures were disclosed in the call.

Capex plans

Yes

- Dhampur Sugar Mills is undertaking a 130 KL expansion in ethanol capacity, expected to start in Q4 FY'23 (January to March 2023). - This expansion will provide flexibility to produce ethanol from multiple feedstocks—C, B, syrup, and grain (with an option of 100 KL grain-based ethanol). - The expansion targets increasing capacity from the current 416 KL (on B-Heavy route) to around 480 KL. - Post this, the company is evaluating further Capex plans for FY 2023-24, expected to be finalized by January 2023. - No concrete plans shared yet for strategic investments beyond this; discussions and planning are ongoing. In summary, the company has a near-term ethanol capacity expansion underway and is considering additional Capex for FY'24, with details to be finalized early next year.

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