Avanti Feeds Ltd

Avanti Feeds Limited is a manufacturer of prawn and fish feeds, and shrimp processor and exporter. The Company's principal products/services are shrimp feed and processed shrimp. Its segments are Shrimp Feed and Wind Mills.

Pros:
Company has reduced debt.
Company is virtually debt free.
Company has good consistent profit growth of 67.71% over 5 years
Company has a good return on equity (ROE) track record: 3 Years ROE 48.08%
Company has been maintaining a healthy dividend payout of 18.13%
Cons:

Peer Comparison Sector: Miscellaneous // Industry: Food - Processing - Indian

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Quarterly Results Standalone Figures in Rs. Crores / View Consolidated

Mar 2016 Jun 2016 Sep 2016 Dec 2016 Mar 2017 Jun 2017 Sep 2017 Dec 2017 Mar 2018 Jun 2018 Sep 2018 Dec 2018
469 632 556 437 607 882 654 552 727 916 554 607
421 561 514 377 483 668 501 414 622 801 510 531
Operating Profit 48 70 42 60 124 214 153 137 105 115 44 76
OPM % 10% 11% 8% 14% 20% 24% 23% 25% 14% 13% 8% 13%
Other Income -2 2 3 4 5 7 8 10 11 13 10 13
Interest 1 0 1 0 1 0 1 0 0 0 0 0
Depreciation 2 2 3 3 3 3 3 4 4 5 5 5
Profit before tax 43 70 41 60 125 217 157 143 112 122 49 84
Tax % 32% 34% 29% 34% 35% 34% 34% 34% 32% 35% 33% 34%
Net Profit 30 46 29 40 81 142 103 94 75 79 33 56
Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes

Profit & Loss Standalone Figures in Rs. Crores / View Consolidated

Mar 2007 Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 TTM
119 97 68 90 204 383 626 1,093 1,709 1,935 2,231 2,815 2,803
113 96 72 97 195 337 575 982 1,526 1,711 1,934 2,205 2,463
Operating Profit 6 1 -4 -7 8 45 52 111 182 224 297 610 340
OPM % 5% 1% -6% -8% 4% 12% 8% 10% 11% 12% 13% 22% 12%
Other Income 4 9 4 11 4 3 1 4 9 21 14 36 47
Interest 4 5 7 3 4 4 4 4 3 3 4 2 1
Depreciation 4 4 3 3 3 4 5 6 9 9 12 15 19
Profit before tax 2 1 -10 -2 5 40 44 105 180 233 296 629 367
Tax % 11% 33% 29% 47% 33% 30% 32% 34% 35% 33% 34% 34%
Net Profit 2 1 -7 -1 3 28 30 70 117 155 196 415 243
EPS in Rs 0.15 0.08 0.00 0.00 0.27 2.26 2.14 4.95 8.18 11.02 14.42 30.46
Dividend Payout % 59% 74% -0% -0% 23% 19% 20% 20% 21% 20% 21% 13%
* Sales is net of excise duty and discounts
Compounded Sales Growth
10 Years:39.99%
5 Years:35.07%
3 Years:18.11%
TTM:4.01%
Compounded Profit Growth
10 Years:85.76%
5 Years:67.71%
3 Years:53.23%
TTM:-42.18%
Return on Equity
10 Years:42.58%
5 Years:48.55%
3 Years:48.08%
Last Year:54.40%

Balance Sheet Standalone Figures in Rs. Crores / View Consolidated

Mar 2007 Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Sep 2018
7 7 8 8 8 9 9 9 9 9 9 9 14
Reserves 64 65 62 61 63 87 111 165 251 406 564 929 938
Borrowings 54 39 37 33 49 49 60 56 58 10 3 0 0
15 11 14 16 24 40 63 164 154 180 285 330 262
Total Liabilities 141 122 121 118 144 184 243 394 473 606 862 1,268 1,213
37 33 30 28 27 43 51 78 90 79 134 171 165
CWIP 0 0 0 0 0 2 2 5 0 35 0 0 2
Investments 29 29 28 32 39 46 29 34 105 112 373 654 787
74 59 62 58 78 94 162 278 278 380 355 442 260
Total Assets 141 122 121 118 144 184 243 394 473 606 862 1,268 1,213

Cash Flows Standalone Figures in Rs. Crores / View Consolidated

Mar 2007 Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018
4 17 9 4 -8 50 -21 56 90 174 288 328
-5 0 1 -2 -7 -17 5 -39 -84 -35 -279 -301
1 -21 -5 -7 15 -14 1 -13 -12 -74 -48 -52
Net Cash Flow -1 -3 5 -6 1 19 -14 4 -6 66 -39 -26

Ratios Standalone / View Consolidated

Mar 2007 Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018
ROCE % 5% 5% -3% 1% 9% 34% 30% 53% 65% 64% 60% 83%
Debtor Days 48 51 83 36 41 15 23 15 7 3 2 2
Inventory Turnover 4.16 3.11 2.89 3.77 6.14 9.43 8.99 7.38 8.11 8.67 8.63 8.28