Axtel Industries Ltd

About

Axtel Industries is engaged in the business of Manufacturing of food processing plant & machinery.

Key Points

Key business lines: [1]
Manufacturing of specialized food processing plants and machinery for large food processors & pharmaceutical companies with mostly one-time revenues(no AMC for now). Axtel does not cater to liquid food processing (highly commoditized) and primarily focuses on powder, solid and semi-solid food processing with 3 sub-segment - a) Snack food b) Spices and c) Confectionary. The company’s manufacturing is based out of a single factory (Halol), while it has collaborations with Wenger Inc. (USA) and Anutec GmbH (Switzerland for Western Europe)

See full details
  • Market Cap 533 Cr.
  • Current Price 330
  • High / Low 404 / 205
  • Stock P/E 32.9
  • Book Value 44.2
  • Dividend Yield 1.82 %
  • ROCE 42.6 %
  • ROE 32.7 %
  • Face Value 10.0

Pros

  • Company has reduced debt.
  • Company is almost debt free.
  • Company is expected to give good quarter
  • Company has delivered good profit growth of 33.87% CAGR over last 5 years
  • Company has a good return on equity (ROE) track record: 3 Years ROE 27.55%
  • Company has been maintaining a healthy dividend payout of 33.76%

Cons

  • Stock is trading at 7.47 times its book value

Peer comparison

Sector: Trading Industry: Trading

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Quarterly Results

Figures in Rs. Crores

Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021
30.28 28.97 30.13 17.83 30.83 27.55 23.44 31.26 40.16 44.39 37.58 24.20
24.86 23.19 23.96 16.54 26.10 21.63 21.00 22.44 32.12 35.67 34.10 22.12
Operating Profit 5.42 5.78 6.17 1.29 4.73 5.92 2.44 8.82 8.04 8.72 3.48 2.08
OPM % 17.90% 19.95% 20.48% 7.23% 15.34% 21.49% 10.41% 28.21% 20.02% 19.64% 9.26% 8.60%
Other Income 0.84 0.63 -0.12 0.41 0.92 1.01 1.55 0.89 0.02 1.50 0.72 2.69
Interest 0.15 0.13 0.13 0.10 0.13 0.24 0.24 0.20 0.22 0.17 0.14 0.07
Depreciation 0.70 0.72 0.71 0.60 0.66 0.70 0.72 0.56 0.61 0.70 0.72 0.66
Profit before tax 5.41 5.56 5.21 1.00 4.86 5.99 3.03 8.95 7.23 9.35 3.34 4.04
Tax % 0.00% 0.00% 28.79% 29.00% 29.22% 25.71% 24.42% 25.14% 25.31% 25.13% 34.43% 25.00%
Net Profit 5.41 5.56 3.71 0.71 3.44 4.45 2.29 6.71 5.40 7.00 2.19 3.02
EPS in Rs 3.35 3.44 2.30 0.44 2.13 2.75 1.42 4.15 3.34 4.33 1.36 1.87

Profit & Loss

Figures in Rs. Crores

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 TTM
27 54 58 60 48 39 67 76 82 111 100 153 146
25 49 52 53 39 42 57 65 71 91 85 124 124
Operating Profit 2 5 6 7 9 -2 10 11 10 20 14 29 22
OPM % 7% 10% 11% 11% 19% -6% 15% 14% 12% 18% 14% 19% 15%
Other Income 0 0 0 0 0 0 0 1 1 2 4 3 5
Interest 0 0 1 1 2 2 1 1 0 0 1 1 1
Depreciation 1 1 1 1 3 4 3 3 2 3 3 3 3
Profit before tax 1 4 4 5 4 -8 6 8 8 18 15 29 24
Tax % 38% 44% 32% 33% 34% 4% 16% 18% 25% 29% 27% 26%
Net Profit 1 2 3 3 3 -8 5 7 6 13 11 21 18
EPS in Rs 0.66 2.42 3.02 3.38 2.76 -4.67 2.97 4.23 3.67 8.02 6.74 13.18 10.90
Dividend Payout % 0% 0% 0% 0% 0% 0% 0% 0% 41% 19% 37% 46%
Compounded Sales Growth
10 Years:11%
5 Years:18%
3 Years:23%
TTM:29%
Compounded Profit Growth
10 Years:24%
5 Years:34%
3 Years:52%
TTM:-4%
Stock Price CAGR
10 Years:42%
5 Years:37%
3 Years:77%
1 Year:48%
Return on Equity
10 Years:18%
5 Years:24%
3 Years:28%
Last Year:33%

Balance Sheet

Figures in Rs. Crores

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
10 10 10 10 10 16 16 16 16 16 16 16
Reserves 6 8 11 15 17 10 14 21 27 36 39 55
Borrowings 2 7 8 15 17 12 10 5 4 1 8 1
12 21 19 23 23 31 21 23 36 31 40 36
Total Liabilities 30 47 48 62 67 69 61 64 83 84 103 108
6 7 7 17 24 21 19 17 17 16 16 16
CWIP 0 1 3 3 0 0 0 0 0 0 1 0
Investments 0 0 0 0 0 0 0 4 14 15 26 34
23 39 37 42 42 47 43 44 52 53 60 59
Total Assets 30 47 48 62 67 69 61 64 83 84 103 108

Cash Flows

Figures in Rs. Crores

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
2 -2 5 1 8 7 -1 15 12 9 12 25
-0 -2 -3 -11 -8 -1 -1 -4 -13 -2 -11 -8
-1 5 2 6 -0 -1 -4 -6 -1 -6 -2 -13
Net Cash Flow 0 1 3 -3 0 5 -5 5 -3 1 -1 4

Ratios

Figures in Rs. Crores

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
Debtor Days 62 110 79 105 134 121 99 86 90 64 43 48
Inventory Days 271 146 117 78 191 327 158 123 161 146 235 101
Days Payable 97 111 57 90 164 233 97 116 172 93 132 86
Cash Conversion Cycle 237 146 140 92 160 216 160 93 78 117 147 62
Working Capital Days 140 98 100 125 155 97 113 67 46 51 54 34
ROCE % 8% 22% 20% 17% 15% -14% 18% 22% 19% 39% 27% 43%

Shareholding Pattern

Numbers in percentages

Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021 Sep 2021
49.95 49.95 49.95 49.95 49.95 49.95 49.95 49.95 49.95 49.95 49.95 49.95
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.19 0.19 0.19
0.00 0.00 0.00 0.00 0.02 0.00 0.00 0.00 0.00 0.00 0.00 0.00
50.05 50.05 50.05 50.05 50.03 50.05 50.05 50.05 50.05 49.86 49.86 49.86

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