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×

rydak syndicate Limited

516.00
+ 0.19 %
Scrip Name
Rydak Syndicate
ISIN No.
INE826F01019
PAN No.
AABCR2656P
Face Value
10
No. of Outstanding Shares
973,128
Market Capitalization
50.21 Crore

RYDAK SYNDICATE LIMITED

About the Company

Rydak, the brand name tea experts swear by, is one of the last proud torch-bearers of the rich legacy, regal art, and life philosophies that defined the tea landscape of India in the 19th and 20th centuries. Sold in select packets in teasingly small lots, the company brings the freshness and fragrance of the parent bush to your tables. Born ourselves in the tempestuous albeit regal and memorable years of our Independence struggle, in 1898, our mammoth family now combines inclusions of over 3 quarters of the last century, with mergers of the Baradighi, Mangaldai, Central Cachar, Rydak, and other tea companies from 1940 to 1960, to produce what the corporates call conglomerates. In 1948, they joined the ever-expanding neighborhoods of the Jardine Henderson group of companies and become the greatest pride of their many diverse businesses.

At the foothills of the Darjeeling Hills and far north in Bengal, two twin estates, Kartick, and the title estate, Rydak, produce some of the sub-continent’s most heartening cups, having dominated the corporate landscape for years as a mean no. 1 at auctions. A little to the south, Baradighi Estate, the firm’s aesthetic pride, is a breath-taking, lush and memorable expanse of 600 acres, producing some the strongest teas for pan-India consumers, with gleaming black grains that delight the eyes as much as the heart.

On the banks of the Majuli river in Assam, the Duklingia Tea Estate is host to sheer corporate pride. The industry’s own manna dew, Duklingia’s teas are a kill-for, and its prices are teasingly ahead of the rest in its pool, much as its humbling reception by our guests and customers makes it the most gratifying experience for planters. Duklingia, the heart of many tales of war, agriculture, the Raj, the company and tribal life and economy, also hosts perhaps Asia’s richest living experience in its colonial-style bungalows and is the standing pride of the region due to its unending expanse of over 700 acres, quality, palatial houses, and aromatic teas.

Further south in Assam, Kopati Tea Estate’s teas put traditional teas to shame. A craze in its local area, Kopati’s fine cultural practices in production are much applauded, and make way for some of the most personified cups for our drinkers- with tastes, sights, and aromas that last.

Rydak Syndicate Limited was originally incorporated on the 24th of February, 1898 under the Indian Companies Act as Rydak Tea Syndicate Limited. It was rechristened as Rydak Syndicate Limited on 24th September 1979 having its registered office at 4, Dr. Rajendra Prasad Sarani, Kolkata- 700 001

Rydak Syndicate Limited currently has six tea estates which are located both in Assam and in the West Bengal’s Dooars region.

INCORPORATION DETAILS


CIN

L65993WB1900PLC001417

Registration Date

24 July 1900.

Category/Sub-category of the Company

Company Limited By Shares

Address of the Registered office and contact details

4, Dr. Rajendra Prasad Sarani ForRydak Syndicate Limited Kolkata- 700001

Name, Address and Contact Details of

Registrar and Transfer Agent, if any

Niche Technologies Pvt. Ltd. 3A, Auckland Place, 7th Floor, Room No. 7A & 7B Kolkata - 700 017 Phone : (033) 2280 6616 / 17 / 18 Fax : (033) 2280 6619 Email : nichtechpl@nichtechpl.com Website : www.nichetechpl.com


BOARD OF DIRECTORS

Mr. Rajvinder Singh Managing Director

Mr. Subir Das Non-Executive Independent Director

Ms. Suparna Charkrabortti Non-Executive Independent Director

Dr. Gyan Dutt Gautama Non-Executive Independent Director

Mr. Prabir Kumar Bhattacharjee Non-Executive Independent Director

 

PARTICULARS OF SUBSIDIARY AND ASSOCIATE COMPANIES

Name of the Company

Subsidiary/Associate

% of shares held


Sangam Investments Limited

Subsidiary

24.15%



Shareholders holding more than 5 % shares in the company as of 31 March 2021

Particulars

No. of shares

% of holding

Jardine Henderson, Limited

4,85,366

49.88

Sripadam Investments Ltd.

81,100

8.33

Kant & Co. Ltd.

1,00,687

10.35

Monet Securities Private Limited

58,990

6.06



INDUSTRY OUTLOOK

The year 2020 saw the tea production and export touch a nadir as coronavirus pandemic swept the country disrupting all activities

But the first few months of this year have not produced any relief with production in North India, which accounts for majority of output, showing a decline. The months of March and April recorded a 35% and 25% drop in production respectively as compared to the same period in 2019. The production cycle in North India normally starts in February.

The industry reckons 2020 as an abnormal year because of the pandemic. In May, a 25% fall in output is anticipated. "By the time the rains came towards the end of May, the damage has been already been done by the drought. We expect a loss of 60 million kg for the period March to May," said Sujit Patra, secretary of the Indian Tea Association.

In the case of South India, the tea production during January-April 2021 was higher by 16.87 million kgs, compared to the corresponding period of the previous year given the better agro-climatic conditions prevailing in the tea growing regions. But Prashant Bhansali, president of The United Planters’ Association of Southern India (UPASI) said comparing the crop with the previous year will be misleading as the production during 2020 was affected by the COVID-19 pandemic.

"If the current production trend sustains, we may see South Indian production reviving back to the levels achieved in 2014 & 2015. However, due to the second wave of pandemic and its impact in plantations, it is anticipated that the crop to be lower in Kerala in the month of May and Tamil Nadu in June," he said.

Though a normal monsoon has been predicted, the production in the second half of the year will depend on how the weather will sustain. `` But many plantations are reporting an improvement in quality of tea produced now. Hence, we expect a better crop after June-July,’’ Patra said.

Last year too, the second half of the year saw output improve. Overall tea production stood at 1257.53 million kg in 2020, a nearly 10% decline year-on-year, as per Tea Board figures.

The crop shortage has pushed up the Indian tea prices thus nullifying its competitive edge in the global market where Kenya with bumper production and low prices is currently dominating. The crop shortage has caused the Indian CTC tea prices to harden, according to Anshuman Kanoria, chairman of the Indian Tea Exporters Association.

The average Indian tea price rose by over 30% in 2020 to Rs184.69 per kg with the pandemic devastating the industry.

FINANCIALS AT GLANCE


STANDALONE STATEMENT OF PROFIT AND LOSS                                                                                                               (All amounts in INR hundreds, unless otherwise stated)







Particulars

2021

2020

2019



Revenue from Operations

1,28,30,895

1,02,70,055

90,05,514



Other Income

1,07,902

1,57,236

1,05,017



Total Revenue

1,29,38,797

1,04,27,291

91,10,531



 change %






EBITDA

2361335.00

920887.00

773918.00



Change %

156.42%

18.99%




EBITDA Margin

18.25%

8.83%

8.49%



EBIT

1769819.00

632811.00

497272.00



EBIT Margin

14%

6%

5%



DEP

5,91,516

2,88,076

2,76,646



FINANCE COST

2,66,207

4,78,757

4,06,347



Profit before tax

15,03,612

1,54,054

90,925



Tax Expense I Current Taxes

1,05,403

28,522

28,066



Deferred tax

-62,458

9,308

1,600



Total  Tax Expense

42,945

37,830

29,666



PAT

14,60,667

1,16,224

61,259



Profit Margin

11.29%

1.11%

0.67%



EPS( in Rs.)

150.1

11.94

6.30



 

STANDALONE BALANCE SHEET AS AT 31st March 2021                                                                      (All amounts in INR hundreds, unless otherwise stated)





Particulars

2021

2020



ASSETS





Non-current assets





Property, plant and equipment

60,68,775

51,19,253



Capital work-in-progress

3,17,305

11,98,330



Investment in associate

1,232

1,232



Financial assets





Investments

50,577

93,497



Non current tax asset (net)

2,46,182

2,21,168



Deferred tax assets (net)

2,73,699

1,43,921



Other non-current asset

68,884

1,17,670



Total non-current assets

70,26,654

68,95,071



Current assets





Inventories

24,06,321

23,60,866



Biological assets other than bearer plants

33,930

17,698



Financial assets





(i) Trade receivables

1,62,746

3,58,878



(ii) Cash and cash equivalents

70,834

71,230



(iii) Other financial assets

21,789

21,789



Other current assets

3,97,282

4,08,468



Total current assets

30,92,902

32,38,929



Total assets

1,01,19,556

1,01,34,000



EQUITY AND LIABILITIES





Equity share capital

97,313

97,313



 Other equity

33,02,808

20,17,829



Total equity

34,00,121

21,15,142



Liabilities





Non-current liabilities





Financial liabilities





Borrowings

3,00,247

56,892



Provisions

10,20,055

7,91,094



Total non-current liabilities

13,20,302

8,47,986



Current liabilities





Financial liabilities





(i) Borrowings

14,72,380

27,97,030



(ii) Trade payables

19,78,488

25,70,665



(iii) Other financial liabilities

16,21,180

11,87,432



 Other current liabilities

1,10,165

4,13,823



Provisions

2,16,920

2,01,923



Total current liabilities

53,99,133

71,70,872



Total equity and liabilities

1,01,19,556

1,01,34,000




                                                                                        

CONSOLIDATED BALANCE SHEET AS AT 31st March 2021                                                                      (All amounts in INR hundreds, unless otherwise stated)






Particulars

2021

2020




ASSETS






Non-current assets






Property, plant and equipment

60,68,775

51,19,253




Capital work-in-progress

3,17,305

11,98,330




Investment in associate






Financial assets






Investments

50,577

93,497




Non current tax asset (net)

2,46,182

2,21,168




Deferred tax assets (net)

2,74,404

1,43,921




Other non-current asset

1,43,921

1,17,670




Total non-current assets

71,01,164

68,93,839




Current assets






Inventories

24,06,321

23,60,866




Biological assets other than bearer plants

33,930

17,698




Financial assets






(i) Trade receivables

1,62,746

3,58,878




(ii) Cash and cash equivalents

70,834

71,230




(iii) Other financial assets

21,789

21,789




Other current assets

3,97,282

4,08,468




Total current assets

30,92,902

32,38,929




Total assets

1,01,19,029

1,01,32,768




EQUITY AND LIABILITIES






Equity share capital

97,313

97,313




 Other equity

33,02,281

20,16,597




Total equity

33,99,594

21,13,910




Liabilities






Non-current liabilities






Financial liabilities






Borrowings

3,00,247

56,892




Provisions

10,20,055

7,91,094




Total non-current liabilities

13,20,302

8,47,986




Current liabilities






Financial liabilities






(i) Borrowings

14,72,380

27,97,030




(ii) Trade payables

19,78,488

25,70,665




(iii) Other financial liabilities

16,21,180

11,87,432




 Other current liabilities

1,10,165

4,13,823




Provisions

2,16,920

2,01,923




Total current liabilities

53,99,133

71,70,873




Total equity and liabilities

1,01,19,029

1,01,32,769




CONSOLIDATED STATEMENT OF PROFIT AND LOSS                                                                                                               (All amounts in INR hundreds, unless otherwise stated)







Particulars

2021

2020

2019



Revenue from Operations

1,28,30,895

1,02,70,055

90,05,514



Other Income

1,07,902

1,57,236

1,05,017



Total Revenue

1,29,38,797

1,04,27,291

91,10,531



 change %

24.09%

14.45%




EBITDA

2361335.00

920887.00

785348.00



Change %

156.42%

17.26%




EBITDA Margin

18.25%

8.83%

8.62%



EBIT

1769819.00

632811.00

497272.00



EBIT Margin

14%

6%

5%



DEP

5,91,516

2,88,076

2,88,076



FINANCE COST

2,66,207

4,78,757

4,06,347



Profit before tax

15,03,612

1,54,054

90,925



Tax Expense I Current Taxes

1,05,403

28,522

28,066



Deferred tax

-63,164

9,308

1,600



Total Tax Expense

42,239

37,830

29,666



PAT

14,61,373

1,16,224

61,259



Profit Margin

11.29%

1.11%

0.67%



No. Of Shares

9,73,128

9,73,128

9,73,128



EPS( in Rs.)

150.1

11.94

6.30













 

PERFORMANCE OF THE COMPANY

Revenue of the company has increased by 24%Further the revenue from core operation has increased but the revenue from other sources has decreased in comparison to previous years.


EBITDA of the company has increased by 156% in FY 2021. EBITDA margins have increased from 8.83% in FY 2020 to 18.25%in FY 2021.


Profit after Tax of the company has significantly risen from Rs. 1164.22 lakhs in FY 2020 to Rs. 1461.373 lakhs in the year FY 2021. And also the profit margin has increased 11.29% from 1.11%



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