ADF Foods Ltd

About

ADF Foods is engaged in the Business of manufacture and selling of food products like pickles, chutneys, ready to eat items, paste and sauces, frozen foods, spices etc.

Key Points

Brand portfolio; 95% from exports [1]
Company is leading manufacturer and exporter of processed food. They have 7 flagship brands [2]: "Truly Indian" (spices), Ashoka (pickles, chutneys, snacks), SOUL (health-conscious segment in India and UK), "PJ’s Organic" (Mexican flavoured Burritos), Nate’s (vegan segment; meatless meatballs, roti, wraps), Aeroplane (premium brand for pickles, pastes & powders primarily in Middle East), CAMEL (pickled, cooking pastes and curry powders specifically catering to the Middle East).

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  • Market Cap 1,624 Cr.
  • Current Price 810
  • High / Low 1,095 / 461
  • Stock P/E 31.0
  • Book Value 149
  • Dividend Yield 0.37 %
  • ROCE 27.9 %
  • ROE 21.6 %
  • Face Value 10.0

Pros

  • Company has reduced debt.
  • Company is almost debt free.
  • Company has delivered good profit growth of 49.70% CAGR over last 5 years

Cons

  • Promoter holding is low: 31.42%

Peer comparison

Sector: FMCG Industry: Food - Processing - Indian

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Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021 Sep 2021
59 64 66 60 74 82 74 94 99 103 86 109
52 52 56 49 61 66 61 78 80 82 74 91
Operating Profit 6 12 10 11 13 16 12 16 19 20 12 19
OPM % 10% 19% 15% 19% 17% 19% 17% 17% 19% 20% 14% 17%
Other Income 3 5 5 4 0 4 1 2 1 2 4 1
Interest 0 0 0 0 0 0 0 0 0 0 0 0
Depreciation 1 11 1 1 1 2 1 1 1 2 1 2
Profit before tax 7 6 13 13 11 17 11 17 18 20 14 18
Tax % 30% 51% 30% 30% 2% 23% 24% 25% 23% 27% 22% 29%
Net Profit 5 3 9 9 11 13 9 13 14 15 11 12
EPS in Rs 2.51 1.58 4.59 4.64 5.49 6.65 4.32 6.28 6.95 7.46 5.56 6.24

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

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
97 129 156 179 208 204 210 201 201 231 285 369 397
88 108 136 162 192 188 190 179 182 202 232 302 327
Operating Profit 9 21 20 17 16 16 20 22 19 29 53 68 70
OPM % 10% 16% 13% 9% 8% 8% 9% 11% 10% 13% 19% 18% 18%
Other Income 16 3 3 11 4 9 4 6 18 14 9 6 7
Interest 2 2 2 3 2 1 1 1 1 1 1 1 1
Depreciation 6 7 10 7 11 11 12 5 4 4 6 6 6
Profit before tax 17 16 10 17 7 12 11 23 32 38 55 67 70
Tax % 23% 9% 41% 21% 32% 24% 39% 36% 44% 33% 22% 25%
Net Profit 13 14 6 14 6 9 7 15 18 25 43 50 52
EPS in Rs 6.68 7.12 3.15 6.38 2.57 4.02 3.00 6.88 8.52 12.65 21.36 25.01 26.21
Dividend Payout % 23% 21% 48% 24% 59% 38% 0% 37% 0% 0% 14% 12%
Compounded Sales Growth
10 Years: 11%
5 Years: 12%
3 Years: 23%
TTM: 22%
Compounded Profit Growth
10 Years: 13%
5 Years: 50%
3 Years: 40%
TTM: 15%
Stock Price CAGR
10 Years: 31%
5 Years: 39%
3 Years: 44%
1 Year: 76%
Return on Equity
10 Years: 12%
5 Years: 16%
3 Years: 20%
Last Year: 22%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Sep 2021
20 20 21 22 22 22 22 22 22 20 20 20 20
Reserves 81 91 92 127 126 131 136 145 153 151 184 235 278
Borrowings 1 34 37 43 28 18 6 5 1 0 23 0 15
17 20 25 23 25 24 21 19 30 23 37 68 112
Total Liabilities 119 165 175 215 201 194 185 191 205 195 265 324 425
60 81 74 87 80 93 83 81 80 69 77 77 146
CWIP 1 1 1 0 9 2 0 1 0 1 2 0 3
Investments 0 9 18 30 21 8 8 8 0 0 18 17 9
59 75 83 98 91 92 94 100 125 125 167 229 267
Total Assets 119 165 175 215 201 194 185 191 205 195 265 324 425

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
16 20 8 2 18 6 15 17 24 20 31 36
-14 -27 -11 -23 5 18 1 -4 4 -1 -39 -9
4 13 2 18 -21 -21 -18 -12 -11 -32 14 -7
Net Cash Flow 6 6 -1 -3 3 3 -1 1 17 -14 6 20

Ratios

Consolidated Figures in Rs. Crores / View Standalone

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 38 87 67 76 53 58 63 62 78 69 68 64
Inventory Days 94 132 143 156 111 98 85 104 94 131 158 143
Days Payable 24 66 42 52 51 37 37 44 55 52 62 68
Cash Conversion Cycle 108 153 168 180 113 120 112 122 117 148 165 139
Working Capital Days 86 102 89 127 94 94 96 107 104 117 111 111
ROCE % 16% 14% 8% 7% 4% 6% 7% 14% 19% 23% 28% 28%

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
32.35 32.35 34.29 34.34 34.14 34.50 34.95 33.05 31.44 31.42 31.42 31.42
0.19 0.19 0.17 0.17 0.02 0.02 0.02 0.02 10.00 10.00 10.00 10.04
0.41 0.22 0.25 0.16 0.14 0.12 2.83 3.02 1.65 1.65 1.65 1.66
67.06 67.25 65.28 65.33 65.69 65.37 62.20 63.92 56.90 56.93 56.93 56.88

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