Avanti Feeds Ltd

About [ edit ]

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.

Key Points [ edit ]

AFL is the largest shrimp feed producer in India with an installed feed manufacturing capacity of 600,000 tonnes per annum (tpa). The company commands a market share of about 45% in the domestic feed business. The company’s shrimp processing subsidiary, AFFPL, has an installed processing capacity of 22,000 mtpa across two state-of-the-art processing facilities and is one of the leading shrimp exporters in the country.

Capacities:
Shrimp Feed - 600,000 MT capacity (5 plants)
Shrimp Processing - 22,000 MT capacity (2 plants)
Shrimp Hatchery - 400 mn PL (post larvae) capacity

  • Market Cap 7,033 Cr.
  • Current Price 516
  • High / Low 770 / 250
  • Stock P/E 25.2
  • Book Value 101
  • Dividend Yield 0.99 %
  • ROCE 32.6 %
  • ROE 24.7 %
  • Face Value 1.00

Pros

  • Company is almost debt free.
  • Company has a good return on equity (ROE) track record: 3 Years ROE 31.15%
  • Company has been maintaining a healthy dividend payout of 20.60%
  • Company's median sales growth is 26.20% of last 10 years

Cons

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Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

Dec 2017 Mar 2018 Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020
552 727 916 554 607 662 907 833 658 765 778 897
414 622 801 510 531 589 795 728 626 676 678 786
Operating Profit 137 105 115 44 76 73 113 105 32 88 100 111
OPM % 25% 14% 13% 8% 13% 11% 12% 13% 5% 12% 13% 12%
Other Income 10 11 13 10 13 13 14 17 16 13 18 18
Interest 0 0 0 0 0 1 0 0 0 1 0 0
Depreciation 4 4 5 5 5 5 5 6 5 5 5 5
Profit before tax 143 112 122 49 84 80 122 116 43 96 112 123
Tax % 34% 32% 35% 33% 34% 31% 34% 10% 26% 28% 24% 25%
Net Profit 94 75 79 33 56 56 80 105 31 69 86 92
EPS in Rs 6.91 5.54 5.83 2.39 4.09 4.09 5.88 7.72 2.31 5.08 6.31 6.75
Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 TTM
68 90 204 383 626 1,093 1,709 1,935 2,231 2,815 2,738 3,163 3,097
72 97 195 337 575 982 1,526 1,711 1,934 2,205 2,431 2,824 2,766
Operating Profit -4 -7 8 45 52 111 182 224 297 610 308 339 331
OPM % -6% -8% 4% 12% 8% 10% 11% 12% 13% 22% 11% 11% 11%
Other Income 4 11 4 3 1 4 9 21 14 36 50 61 65
Interest 7 3 4 4 4 4 3 3 4 2 2 2 1
Depreciation 3 3 3 4 5 6 9 9 12 15 20 21 21
Profit before tax -10 -2 5 40 44 105 180 233 296 629 336 376 374
Tax % 29% 47% 33% 30% 32% 34% 35% 33% 34% 34% 33% 24%
Net Profit -7 -1 3 28 30 70 117 155 196 415 223 286 279
EPS in Rs -0.59 -0.10 0.28 2.34 2.22 5.13 8.57 11.40 14.42 30.47 16.40 20.99 20.45
Dividend Payout % 0% 0% 23% 19% 20% 20% 21% 20% 21% 13% 24% 24%
Compounded Sales Growth
10 Years:43%
5 Years:13%
3 Years:12%
TTM:3%
Compounded Profit Growth
10 Years:73%
5 Years:20%
3 Years:13%
TTM:-6%
Stock Price CAGR
10 Years:71%
5 Years:35%
3 Years:-15%
1 Year:-29%
Return on Equity
10 Years:34%
5 Years:34%
3 Years:31%
Last Year:25%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Sep 2020
8 8 8 9 9 9 9 9 9 9 14 14 14
Reserves 62 61 63 87 111 165 251 406 564 929 1,049 1,186 1,362
Borrowings 37 33 49 49 60 56 58 10 3 0 0 0 0
12 14 22 39 62 163 154 180 285 330 215 253 324
Total Liabilities 119 116 143 183 242 392 472 606 862 1,268 1,277 1,453 1,700
30 28 27 43 51 78 90 79 134 171 156 146 137
CWIP 0 0 0 2 2 5 0 35 0 0 8 23 25
Investments 28 32 39 46 29 34 105 112 373 654 698 662 1,223
60 55 77 93 161 277 278 380 355 442 415 622 315
Total Assets 119 116 143 183 242 392 472 606 862 1,268 1,277 1,453 1,700

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020
9 4 -8 50 -21 56 90 174 288 328 124 79
1 -2 -7 -17 5 -39 -84 -35 -279 -301 -15 65
-5 -7 15 -14 1 -13 -12 -74 -48 -52 -103 -149
Net Cash Flow 5 -6 1 19 -14 4 -6 66 -39 -26 6 -6

Ratios

Standalone Figures in Rs. Crores / View Consolidated

Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020
ROCE % -3% 1% 9% 34% 30% 53% 65% 64% 60% 83% 32% 33%
Debtor Days 83 36 41 15 23 15 7 3 2 2 2 4
Inventory Turnover 2.39 3.37 5.10 6.95 7.21 6.05 6.63 6.96 6.96 5.99 7.41 8.83

Shareholding Pattern

Numbers in percentages

Dec 2017 Mar 2018 Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020
43.79 43.78 43.78 43.76 43.76 43.76 43.76 43.72 43.67 43.69 43.69 43.69
3.68 14.14 12.98 13.34 13.83 13.42 13.70 13.93 15.69 17.83 17.28 16.40
26.61 17.06 16.47 16.71 17.55 3.03 2.49 2.85 3.62 2.22 2.98 4.06
2.72 2.72 2.72 2.72 2.72 2.72 2.72 2.72 2.72 2.72 2.72 2.72
23.20 22.29 24.04 23.47 22.14 37.06 37.32 36.78 34.29 33.54 33.33 33.13

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