Avantel Ltd

Avantel is a company engaged in manufacturing of wireless front-end, Satellite Communication, Embedded systems, Signal Processing, Network management and Software development and rendering related customer support services, and having R&D facility at Vishakhapatnam, Andhra Pradesh.(Source : 201903 Annual Report Page No: 78)

Pros:
Company is virtually debt free.
Company has good consistent profit growth of 65.87% over 5 years
Company has been maintaining a healthy dividend payout of 41.00%
Cons:
Debtor days have increased from 102.24 to 139.18 days

Peer Comparison Sector: Telecomm Equipment & Infra Services // Industry: Telecommunications - Equipment

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Quarterly Results Standalone Figures in Rs. Crores / View Consolidated

Dec 2016 Mar 2017 Jun 2017 Sep 2017 Dec 2017 Mar 2018 Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019
8.30 10.04 9.48 11.67 16.39 14.26 12.18 10.08 14.05 14.48 8.68 8.06
7.27 9.22 8.10 7.16 11.78 13.48 8.55 8.54 9.24 10.40 6.68 4.92
Operating Profit 1.03 0.82 1.38 4.51 4.61 0.78 3.63 1.54 4.81 4.08 2.00 3.14
OPM % 12.41% 8.17% 14.56% 38.65% 28.13% 5.47% 29.80% 15.28% 34.23% 28.18% 23.04% 38.96%
Other Income 0.15 0.09 15.13 0.06 0.05 0.20 0.04 0.26 0.06 0.54 0.35 0.35
Interest 0.41 0.34 0.31 0.08 0.24 0.25 0.12 0.12 0.12 0.22 0.11 0.11
Depreciation 0.43 0.55 0.37 0.35 0.44 0.49 0.47 0.51 0.53 0.54 0.51 0.58
Profit before tax 0.34 0.02 15.83 4.14 3.98 0.24 3.08 1.17 4.22 3.86 1.73 2.80
Tax % 0.00% 850.00% 22.93% 21.26% 21.36% 633.33% 21.43% 47.01% 21.56% 18.39% 21.39% 15.00%
Net Profit 0.34 -0.15 12.20 3.25 3.13 -1.29 2.42 0.62 3.31 3.15 1.36 2.38
EPS in Rs 0.85 -0.38 30.10 8.03 7.72 -3.18 5.96 1.54 8.17 7.78 3.35 5.87
Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes

Profit & Loss Standalone Figures in Rs. Crores / View Consolidated

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
24.04 25.75 21.48 22.26 26.01 42.95 13.00 25.28 24.63 33.58 51.70 50.51 45.27
17.14 21.32 18.91 17.65 19.75 32.70 11.07 21.21 20.70 29.72 40.44 36.46 31.24
Operating Profit 6.90 4.43 2.57 4.61 6.26 10.25 1.93 4.07 3.93 3.86 11.26 14.05 14.03
OPM % 28.70% 17.20% 11.96% 20.71% 24.07% 23.86% 14.85% 16.10% 15.96% 11.49% 21.78% 27.82% 30.99%
Other Income -0.06 0.24 0.28 0.08 0.07 0.20 0.05 0.79 0.40 0.51 15.44 0.91 1.30
Interest 0.20 0.21 0.28 0.41 0.49 0.99 1.14 1.76 1.94 1.52 0.87 0.58 0.56
Depreciation 1.46 1.14 1.23 1.15 1.19 1.26 1.99 1.89 1.74 1.79 1.64 2.05 2.16
Profit before tax 5.18 3.32 1.34 3.13 4.65 8.20 -1.15 1.21 0.65 1.06 24.19 12.33 12.61
Tax % 41.70% 26.20% 8.21% 21.41% 16.34% 20.49% 10.43% 26.45% 9.23% 16.04% 28.44% 22.95%
Net Profit 3.02 2.45 1.23 2.46 3.89 6.52 -1.03 0.89 0.59 0.88 17.30 9.51 10.20
EPS in Rs 5.61 4.56 2.44 4.97 8.35 14.12 0.00 1.90 1.46 2.18 42.67 23.45 25.17
Dividend Payout % 25.58% 26.28% 38.29% 28.72% 23.03% 17.18% -0.00% 68.43% 68.81% 92.27% 9.39% 21.35%
* Sales is net of excise duty and discounts
Compounded Sales Growth
10 Years:6.97%
5 Years:31.19%
3 Years:27.05%
TTM:-14.44%
Compounded Profit Growth
10 Years:14.24%
5 Years:65.87%
3 Years:153.96%
TTM:109.02%
Stock Price CAGR
10 Years:14.03%
5 Years:12.86%
3 Years:21.35%
1 Year:-17.59%
Return on Equity
10 Years:13.96%
5 Years:14.01%
3 Years:18.96%
Last Year:23.75%

Balance Sheet Standalone Figures in Rs. Crores / View Consolidated

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
5.15 5.15 4.71 4.71 4.48 4.48 4.18 4.06 4.06 4.06 4.06 4.06 4.06
Reserves 10.58 12.26 11.12 12.67 14.23 19.36 16.53 15.66 15.69 16.57 32.90 38.99 41.75
Borrowings 0.13 0.14 0.00 2.31 2.61 3.76 10.53 9.29 9.47 10.44 0.00 0.00 0.00
6.61 6.81 3.14 3.47 3.96 5.35 2.57 2.68 3.08 2.78 6.26 4.40 4.13
Total Liabilities 22.47 24.36 18.97 23.16 25.28 32.95 33.81 31.69 32.30 33.85 43.22 47.45 49.94
6.55 6.27 5.54 8.63 8.76 16.37 15.39 13.69 13.39 13.30 12.10 11.66 11.66
CWIP 0.00 0.00 0.00 0.33 2.58 0.00 0.00 0.00 0.00 0.00 0.00 0.08 0.00
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
15.92 18.09 13.43 14.20 13.94 16.58 18.42 18.00 18.91 20.55 31.12 35.71 38.28
Total Assets 22.47 24.36 18.97 23.16 25.28 32.95 33.81 31.69 32.30 33.85 43.22 47.45 49.94

Cash Flows Standalone Figures in Rs. Crores / View Consolidated

Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019
2.69 1.35 4.09 2.56 5.91 7.78 -1.53 3.80 3.58 1.78 9.12 4.21
-0.07 -0.61 -2.13 -4.56 -3.58 -6.16 -0.90 0.21 -1.44 -1.70 3.73 -0.51
-0.60 -1.10 -3.32 1.47 -2.52 -0.69 1.53 -3.96 -2.14 -0.09 -12.27 -4.00
Net Cash Flow 2.02 -0.36 -1.36 -0.53 -0.19 0.93 -0.90 0.05 0.00 -0.02 0.57 -0.30

Ratios Standalone Figures in Rs. Crores / View Consolidated

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 % 40.53% 21.61% 9.65% 19.76% 25.07% 37.61% 0.41% 8.60% 8.83% 8.53% 29.28% 32.22%
Debtor Days 102.18 115.52 113.17 140.03 100.20 99.09 121.01 66.56 60.61 104.57 62.97 139.18
Inventory Turnover 6.76 8.88 9.65 7.46 6.00 14.86 1.97 2.23 2.14 3.33 7.20 11.09