Advanced Enzyme Technologies Ltd

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

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Pros:

Company is virtually debt free.

Company is expected to give good quarter

Cons:

Promoters have pledged 30.10% of their holding

Peer Comparison

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Detailed Comparison with:

	Dec 2015	Mar 2016	Jun 2016	Sep 2016	Dec 2016	Mar 2017	Jun 2017	Sep 2017	Dec 2017	Mar 2018	Jun 2018	Sep 2018
	74.45	80.46	94.11	89.98	59.18	85.43	75.48	98.58	108.24	108.63	104.28	103.15
	35.84	40.94	43.45	41.92	40.63	51.68	45.92	57.63	63.09	60.23	55.92	61.03
Operating Profit	38.61	39.52	50.66	48.06	18.55	33.75	29.56	40.95	45.15	48.40	48.36	42.12
OPM %	51.86%	49.12%	53.83%	53.41%	31.35%	39.51%	39.16%	41.54%	41.71%	44.55%	46.38%	40.83%
Other Income	0.28	0.52	0.42	0.60	0.67	1.18	0.32	0.49	0.20	0.56	0.38	2.02
Interest	1.44	1.72	1.79	0.93	0.27	1.09	1.35	1.38	1.14	4.50	1.37	2.26
Depreciation	2.21	2.27	3.12	2.76	3.26	3.64	3.76	4.53	5.30	4.71	5.18	5.25
Profit before tax	35.24	36.05	46.17	44.97	15.69	30.20	24.77	35.53	38.91	39.75	42.19	36.63
Tax %	41.77%	36.95%	39.85%	35.31%	9.05%	27.85%	34.36%	36.84%	31.87%	28.70%	25.95%	29.40%
Net Profit	19.91	23.40	27.78	28.63	13.99	21.76	15.78	21.84	25.19	27.24	29.67	24.73

	Mar 2011	Mar 2012	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	TTM
	116	171	219	239	222	293	329	391	424
	93	109	130	189	131	155	177	227	240
Operating Profit	23	62	90	50	91	138	152	164	184
OPM %	20%	36%	41%	21%	41%	47%	46%	42%	43%
Other Income	4	3	4	1	1	-3	3	1	3
Interest	3	12	10	13	9	8	4	8	9
Depreciation	5	6	8	10	9	9	13	18	20
Profit before tax	19	48	76	28	74	118	137	139	157
Tax %	10%	29%	34%	23%	31%	35%	32%	33%
Net Profit	17	33	49	20	50	76	92	90	107
EPS in Rs							8.20	8.07
Dividend Payout %	6%	1%	7%	6%	4%	3%	5%	5%

* Sales is net of excise duty and discounts

	Mar 2011	Mar 2012	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Sep 2018
	21	21	22	22	22	22	22	22	22
Reserves	42	75	140	145	188	256	442	537	621
Borrowings	64	207	186	167	115	101	54	67	48
	26	48	49	75	93	72	71	106	131
Total Liabilities	153	350	396	408	418	452	589	732	822
	51	204	287	287	287	285	421	491	239
CWIP	19	60	2	2	5	7	8	11	4
Investments	0	0	0	0	0	0	0	0	73
	82	86	108	119	126	159	160	230	507
Total Assets	153	350	396	408	418	452	589	732	822

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

	Mar 2011	Mar 2012	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018
ROCE %		28%	26%	12%	25%	37%	32%	26%
Debtor Days	70	70	65	49	61	52	55	55
Inventory Turnover		7	6	5	4	5	5	5