Advanced Enzyme Technologies Ltd

Advanced Enzyme Technologies is engaged in business of manufacturing and sale of enzymes.

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Pros:

Company has reduced debt.

Company is virtually debt free.

Cons:

Promoter's stake has decreased

The company has delivered a poor growth of 11.94% over past five years.

Peer Comparison Sector: Chemicals // Industry: Chemicals

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Detailed Comparison with:

	Sep 2016	Dec 2016	Mar 2017	Jun 2017	Sep 2017	Dec 2017	Mar 2018	Jun 2018	Sep 2018	Dec 2018	Mar 2019	Jun 2019
	90	59	85	75	99	108	109	104	103	102	110	110
	42	41	52	46	58	63	60	56	61	60	61	57
Operating Profit	48	19	34	30	41	45	48	48	42	42	50	53
OPM %	53%	31%	40%	39%	42%	42%	45%	46%	41%	41%	45%	48%
Other Income	1	1	1	0	0	0	1	0	2	0	3	1
Interest	1	0	1	1	1	1	4	1	2	-0	1	1
Depreciation	3	3	4	4	5	5	5	5	5	5	5	6
Profit before tax	45	16	30	25	36	39	40	42	37	37	46	47
Tax %	35%	9%	28%	34%	37%	32%	29%	26%	29%	31%	28%	28%
Net Profit	29	14	22	16	22	27	27	30	25	25	32	33
	Notes	Notes	Notes	Notes	Notes	Notes	Notes	Notes	Notes	Notes	Notes	Notes

	Mar 2011	Mar 2012	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	TTM
	116	171	219	239	222	293	329	391	420	426
	93	109	130	189	131	155	177	226	236	239
Operating Profit	23	62	90	50	91	138	152	165	184	187
OPM %	20%	36%	41%	21%	41%	47%	46%	42%	44%	44%
Other Income	4	3	4	1	1	-3	3	1	5	6
Interest	3	12	10	13	9	8	4	9	5	3
Depreciation	5	6	8	10	9	9	13	18	21	22
Profit before tax	19	48	76	28	74	118	137	139	162	167
Tax %	10%	29%	34%	23%	31%	35%	32%	33%	28%
Net Profit	17	33	49	20	50	76	92	90	111	116
EPS in Rs							8.20	8.07	9.95
Dividend Payout %	6%	1%	7%	6%	4%	3%	5%	6%	6%

* Sales is net of excise duty and discounts

	Mar 2011	Mar 2012	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019
	21	21	22	22	22	22	22	22	22
Reserves	42	75	140	145	188	256	442	537	657
Borrowings	64	207	186	167	115	101	54	67	35
	26	48	49	75	93	72	71	106	97
Total Liabilities	153	350	396	408	418	452	589	732	811
	51	204	287	287	287	285	421	491	495
CWIP	19	60	2	2	5	7	8	11	10
Investments	0	0	0	0	0	0	0	0	111
	82	86	108	119	126	159	160	230	194
Total Assets	153	350	396	408	418	452	589	732	811

	Mar 2011	Mar 2012	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019
	16	49	41	43	54	93	107	116	129
	-30	-187	-40	-25	-15	-10	-60	-60	-124
	27	128	-3	-20	-37	-63	-65	-2	-43
Net Cash Flow	13	-10	-2	-1	2	21	-18	54	-38

	Mar 2011	Mar 2012	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019
ROCE %		28%	26%	12%	25%	37%	32%	26%	25%
Debtor Days	70	70	65	49	61	52	55	55	51
Inventory Turnover		7.28	5.95	5.05	4.32	5.18	5.10	5.43	5.50