Avanti Feeds Ltd

₹ 456 1.47%
May 17 - close price
About

Avanti Feeds is a leading provider of high quality shrimp feed, best technical support to the farmer and caters to the quality standards of global shrimp customers.[1]

Key Points

Shrimp Feed Business (78% of revenues)[1]
The company is the largest producer of shrimp feed in India with a market share of ~45% in the domestic feed business.[2]
It sold ~485,000 Tonnes of shrimp feed in FY20 which translates to ~81% capacity utilization.[3]
The feed is sold in India and Bangladesh.[1]

  • Market Cap 6,211 Cr.
  • Current Price 456
  • High / Low 675 / 384
  • Stock P/E 31.2
  • Book Value 119
  • Dividend Yield 1.37 %
  • ROCE 17.0 %
  • ROE 12.8 %
  • Face Value 1.00

Pros

  • Company is almost debt free.
  • Company has been maintaining a healthy dividend payout of 31.63%
  • Company's median sales growth is 15.49% of last 10 years

Cons

* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.

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Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021 Sep 2021 Dec 2021 Mar 2022
907 833 658 765 778 897 677 891 1,241 961 808 1,039
795 728 626 676 678 786 614 803 1,158 956 764 944
Operating Profit 113 105 32 88 100 111 64 87 83 5 44 95
OPM % 12% 13% 5% 12% 13% 12% 9% 10% 7% 0% 5% 9%
14 17 16 13 18 18 20 9 16 21 11 12
Interest 0 0 0 1 0 0 0 0 0 1 0 0
Depreciation 5 6 5 5 5 5 5 6 5 5 5 5
Profit before tax 122 116 43 96 112 123 78 91 93 20 50 102
Tax % 34% 10% 26% 28% 24% 25% 24% 24% 25% 21% 23% 26%
Net Profit 80 105 31 69 86 92 59 69 70 16 38 75
EPS in Rs 5.88 7.72 2.31 5.08 6.31 6.75 4.31 5.05 5.16 1.14 2.80 5.53

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022
204 383 626 1,093 1,709 1,935 2,231 2,815 2,738 3,163 3,243 4,048
195 337 575 982 1,530 1,704 1,935 2,204 2,430 2,824 2,880 3,821
Operating Profit 8 45 52 112 179 232 296 611 308 339 363 226
OPM % 4% 12% 8% 10% 10% 12% 13% 22% 11% 11% 11% 6%
4 3 1 4 12 14 16 35 50 61 64 60
Interest 4 4 4 4 3 3 4 2 2 2 1 1
Depreciation 3 4 5 6 9 9 12 15 20 21 21 21
Profit before tax 5 40 44 105 180 233 296 629 336 376 404 264
Tax % 33% 30% 32% 34% 35% 33% 34% 34% 33% 24% 24% 25%
Net Profit 3 28 30 70 117 155 196 415 223 286 305 199
EPS in Rs 0.28 2.34 2.22 5.13 8.57 11.40 14.42 30.47 16.40 20.99 22.41 14.63
Dividend Payout % 23% 19% 20% 20% 21% 20% 21% 13% 24% 24% 28% 43%
Compounded Sales Growth
10 Years: 27%
5 Years: 13%
3 Years: 14%
TTM: 25%
Compounded Profit Growth
10 Years: 21%
5 Years: 0%
3 Years: -2%
TTM: -26%
Stock Price CAGR
10 Years: 51%
5 Years: 0%
3 Years: 12%
1 Year: -16%
Return on Equity
10 Years: 27%
5 Years: 24%
3 Years: 18%
Last Year: 13%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022
8 9 9 9 9 9 9 9 14 14 14 14
Reserves 63 87 111 165 251 406 564 929 1,049 1,186 1,490 1,602
Borrowings 49 49 60 56 58 10 3 0 0 0 1 2
22 39 62 163 154 180 285 330 215 253 265 321
Total Liabilities 143 183 242 392 472 606 862 1,268 1,277 1,453 1,769 1,939
27 43 51 78 90 79 134 171 156 146 157 148
CWIP 0 2 2 5 0 35 0 0 8 23 0 23
Investments 39 46 29 34 105 112 373 654 698 683 1,192 929
77 93 161 277 278 380 355 442 415 601 419 839
Total Assets 143 183 242 392 472 606 862 1,268 1,277 1,453 1,769 1,939

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022
-8 50 -21 56 90 174 288 328 124 131 340 -173
-7 -17 5 -39 -84 -35 -279 -301 -15 13 -314 275
15 -14 1 -13 -12 -74 -48 -52 -103 -149 1 -86
Net Cash Flow 1 19 -14 4 -6 66 -39 -26 6 -6 27 16

Ratios

Standalone Figures in Rs. Crores / View Consolidated

Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022
Debtor Days 41 15 23 15 7 3 2 2 2 4 2 2
Inventory Days 88 57 73 84 59 54 60 71 37 52 44 73
Days Payable 30 32 15 51 24 32 49 50 26 28 30 26
Cash Conversion Cycle 99 39 82 48 42 24 14 24 13 28 16 49
Working Capital Days 89 33 52 34 27 24 7 14 8 21 12 105
ROCE % 9% 34% 30% 53% 65% 64% 60% 83% 32% 33% 26% 17%

Shareholding Pattern

Numbers in percentages

Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021 Sep 2021 Dec 2021 Mar 2022
43.76 43.72 43.67 43.69 43.69 43.69 43.69 43.69 43.69 43.68 43.68 43.68
13.70 13.93 15.69 17.83 17.28 16.40 17.20 17.65 17.57 17.37 17.11 15.16
2.49 2.85 3.62 2.22 2.98 4.06 3.75 3.13 4.35 5.23 6.14 8.18
2.72 2.72 2.72 2.72 2.72 2.72 2.72 2.72 2.72 2.72 2.72 2.72
37.32 36.78 34.29 33.54 33.33 33.13 32.64 32.81 31.66 30.99 30.34 30.26

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