Flex Foods Ltd

Flex Foods is engaged mainly in the business of cultivation and processing of Mushrooms, Herbs, Fruits & Vegetables in Freeze Dried, Air Dried and Individually Quick Frozen form.(Source : 201903 Annual Report Page No: 45)

Pros:
Company has reduced debt.
Stock is trading at 0.56 times its book value
Cons:
The company has delivered a poor growth of 5.01% over past five years.
Tax rate seems low
Company has a low return on equity of 10.93% for last 3 years.
** Remarks:
Some businesses are provided tax benefits to encourage their development

Peer Comparison Sector: FMCG // Industry: Food - Processing - Indian

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Quarterly Results Figures in Rs. Crores

Dec 2016 Mar 2017 Jun 2017 Sep 2017 Dec 2017 Mar 2018 Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019
18.73 24.69 22.39 23.86 22.19 22.74 23.13 23.90 18.35 19.99 20.55 23.95
16.39 16.10 18.07 19.59 18.15 18.49 17.76 19.23 16.15 14.32 15.89 21.66
Operating Profit 2.34 8.59 4.32 4.27 4.04 4.25 5.37 4.67 2.20 5.67 4.66 2.29
OPM % 12.49% 34.79% 19.29% 17.90% 18.21% 18.69% 23.22% 19.54% 11.99% 28.36% 22.68% 9.56%
Other Income 0.36 0.46 0.54 0.81 0.35 0.75 0.36 0.83 0.16 0.29 0.38 0.46
Interest 1.20 1.21 1.00 0.98 0.81 0.85 0.71 0.87 0.75 0.98 0.62 0.76
Depreciation 1.22 1.22 1.24 1.26 1.26 1.24 1.27 1.28 1.37 1.33 1.34 1.37
Profit before tax 0.28 6.62 2.62 2.84 2.32 2.91 3.75 3.35 0.24 3.65 3.08 0.62
Tax % -14.29% 34.89% 33.59% 32.39% 40.52% 39.18% 22.93% 20.90% -62.50% -39.73% 4.55% -4.84%
Net Profit 0.32 4.31 1.74 1.92 1.38 1.77 2.89 2.65 0.39 5.10 2.94 0.65
EPS in Rs 0.26 3.46 1.40 1.54 1.11 1.42 2.33 2.13 0.31 4.10 2.36 0.52
Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes

Profit & Loss Figures in Rs. Crores

Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 TTM
40.02 42.36 35.69 45.98 50.32 52.81 66.15 72.43 82.69 85.15 90.71 84.46 82.84
28.90 31.52 29.02 38.76 41.56 43.29 50.12 53.73 64.22 66.07 73.85 66.53 68.02
Operating Profit 11.12 10.84 6.67 7.22 8.76 9.52 16.03 18.70 18.47 19.08 16.86 17.93 14.82
OPM % 27.79% 25.59% 18.69% 15.70% 17.41% 18.03% 24.23% 25.82% 22.34% 22.41% 18.59% 21.23% 17.89%
Other Income 2.21 3.93 4.00 2.35 2.76 2.93 3.12 2.46 2.41 1.83 2.46 1.62 1.29
Interest 2.84 2.48 1.87 1.43 1.44 1.65 2.01 2.86 3.66 4.83 3.63 3.31 3.11
Depreciation 3.21 3.29 3.35 3.39 3.36 3.40 3.57 3.89 4.31 4.86 5.00 5.25 5.41
Profit before tax 7.28 9.00 5.45 4.75 6.72 7.40 13.57 14.41 12.91 11.22 10.69 10.99 7.59
Tax % 3.02% 6.78% 29.72% 27.58% 37.80% 24.46% 23.66% 34.70% 36.72% 30.12% 36.30% -0.36%
Net Profit 7.06 8.39 3.83 3.44 4.18 5.58 10.35 9.41 8.17 7.85 6.81 11.03 9.08
EPS in Rs 5.34 6.41 2.74 2.77 3.04 4.49 7.93 7.10 6.56 6.30 5.47 8.86 7.29
Dividend Payout % 35.24% 29.65% 64.96% 72.33% 59.52% 44.59% 27.07% 29.77% 38.10% 39.65% 0.00% 11.29%
* Sales is net of excise duty and discounts
Compounded Sales Growth
10 Years:7.14%
5 Years:5.01%
3 Years:0.71%
TTM:-9.92%
Compounded Profit Growth
10 Years:2.80%
5 Years:1.30%
3 Years:10.62%
TTM:4.49%
Stock Price CAGR
10 Years:3.65%
5 Years:-9.46%
3 Years:-27.07%
1 Year:-41.44%
Return on Equity
10 Years:11.42%
5 Years:11.84%
3 Years:10.93%
Last Year:13.12%

Balance Sheet Figures in Rs. Crores

Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Sep 2019
12.44 12.44 12.44 12.44 12.44 12.44 12.45 12.45 12.45 12.45 12.45 12.45 12.45
Reserves 28.96 34.37 35.23 35.71 36.93 39.55 47.55 51.33 59.70 63.66 66.50 77.21 79.29
Borrowings 23.88 19.05 14.09 10.93 14.16 14.03 25.90 24.64 40.01 36.44 31.38 26.86 21.85
13.66 14.38 13.64 15.05 17.43 17.68 21.09 25.16 29.01 30.31 31.04 26.34 28.11
Total Liabilities 78.94 80.24 75.40 74.13 80.96 83.70 106.99 113.58 141.17 142.86 141.37 142.86 141.70
42.71 41.75 38.69 37.34 41.59 40.11 51.66 55.01 75.51 74.79 81.16 82.89 82.58
CWIP 0.15 0.03 0.13 0.11 0.04 0.53 0.67 2.36 0.17 0.84 0.20 0.76 0.66
Investments 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
36.08 38.46 36.58 36.68 39.33 43.06 54.66 56.21 65.49 67.23 60.01 59.21 58.46
Total Assets 78.94 80.24 75.40 74.13 80.96 83.70 106.99 113.58 141.17 142.86 141.37 142.86 141.70

Cash Flows Figures in Rs. Crores

Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019
14.70 -4.53 7.84 9.69 8.39 5.80 12.40 10.60 26.09 9.93 17.54 16.74
0.30 -0.70 1.51 -2.56 -5.93 -0.71 -13.41 -7.09 -21.05 -3.88 -10.51 -7.41
-6.61 -7.31 -9.31 -7.50 -1.41 -4.78 5.16 -7.38 4.10 -12.14 -12.33 -7.77
Net Cash Flow 8.39 -12.54 0.04 -0.37 1.05 0.31 4.15 -3.86 9.14 -6.09 -5.30 1.56

Ratios Figures in Rs. Crores

Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019
ROCE % 15.61% 17.51% 11.50% 9.33% 13.31% 13.97% 20.55% 19.77% 16.53% 14.35% 12.86% 12.64%
Debtor Days 78.89 61.35 63.71 69.22 60.57 65.80 92.92 61.83 82.37 86.72 82.41 72.56
Inventory Turnover 5.09 5.76 4.08 5.15 5.51 5.11 6.30 5.38 4.78 4.41 4.73 4.36