PINC maintains buy on Dwarikesh Sugar Ind

Dwarikesh Sugar Ind CMP: Rs 28

It is a mid-sized sugar mfg company with operations across three units in UP. Its capacities for sugarcane crushing stand at 21,500 TCD, distillery at 30 KLPD and cogeneration at 56 MW. Its profitability will come primarily from its 56 MW (saleable) cogen power plants.

This, coupled with firm sugar prices, is likely to boost cash flows.