Avanti Feeds Ltd

Avanti Feeds Ltd

₹ 484 -1.06%
28 Mar - 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 6,598 Cr.
  • Current Price 484
  • High / Low 599 / 328
  • Stock P/E 22.0
  • Book Value 134
  • Dividend Yield 1.29 %
  • ROCE 16.7 %
  • ROE 12.6 %
  • Face Value 1.00

Pros

  • Company has reduced debt.
  • Company is almost debt free.
  • Company has been maintaining a healthy dividend payout of 35.7%
  • Company's median sales growth is 15.3% of last 10 years

Cons

  • The company has delivered a poor sales growth of 7.50% over past five years.

* 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.

Peer comparison

Sector: FMCG Industry: Food - Processing - Indian

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Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

Dec 2020 Mar 2021 Jun 2021 Sep 2021 Dec 2021 Mar 2022 Jun 2022 Sep 2022 Dec 2022 Mar 2023 Jun 2023 Sep 2023 Dec 2023
677 891 1,241 961 808 1,039 1,307 1,021 858 856 1,327 1,034 933
614 803 1,158 956 764 944 1,229 983 802 760 1,218 970 873
Operating Profit 64 87 83 5 44 95 78 38 56 96 109 64 60
OPM % 9% 10% 7% 0% 5% 9% 6% 4% 7% 11% 8% 6% 6%
20 9 16 21 11 12 5 19 20 19 24 30 25
Interest 0 0 0 1 0 0 0 0 0 0 0 0 0
Depreciation 5 6 5 5 5 5 5 5 6 7 8 8 8
Profit before tax 78 91 93 20 50 102 77 52 70 107 125 86 76
Tax % 24% 24% 25% 21% 23% 26% 25% 23% 26% 22% 25% 24% 26%
59 69 70 16 38 75 58 40 52 83 94 66 57
EPS in Rs 4.31 5.05 5.16 1.14 2.80 5.53 4.24 2.95 3.80 6.10 6.87 4.84 4.17
Raw PDF

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 TTM
383 626 1,093 1,709 1,935 2,231 2,815 2,738 3,163 3,243 4,048 4,041 4,149
337 575 982 1,530 1,704 1,935 2,204 2,430 2,824 2,880 3,821 3,773 3,821
Operating Profit 45 52 112 179 232 296 611 308 339 363 227 269 329
OPM % 12% 8% 10% 10% 12% 13% 22% 11% 11% 11% 6% 7% 8%
3 1 4 12 14 16 35 50 61 64 60 63 99
Interest 4 4 4 3 3 4 2 2 2 1 2 2 0
Depreciation 4 5 6 9 9 12 15 20 21 21 21 23 32
Profit before tax 40 44 105 180 233 296 629 336 376 404 264 307 395
Tax % 30% 32% 34% 35% 33% 34% 34% 33% 24% 24% 25% 24%
28 30 70 117 155 196 415 223 286 305 199 233 300
EPS in Rs 2.34 2.22 5.13 8.57 11.40 14.42 30.47 16.40 20.99 22.41 14.63 17.09 21.98
Dividend Payout % 19% 20% 20% 21% 20% 21% 13% 24% 24% 28% 43% 37%
Compounded Sales Growth
10 Years: 21%
5 Years: 8%
3 Years: 9%
TTM: -2%
Compounded Profit Growth
10 Years: 21%
5 Years: -12%
3 Years: -9%
TTM: 33%
Stock Price CAGR
10 Years: 30%
5 Years: 3%
3 Years: 5%
1 Year: 46%
Return on Equity
10 Years: 24%
5 Years: 17%
3 Years: 14%
Last Year: 13%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Sep 2023
Equity Capital 8 9 9 9 9 9 9 14 14 14 14 14 14
Reserves 87 111 165 251 406 564 929 1,049 1,186 1,490 1,602 1,750 1,809
49 60 56 58 10 3 -0 -0 0 1 2 1 1
39 62 163 154 180 285 330 215 253 265 321 300 422
Total Liabilities 183 242 392 472 606 862 1,268 1,277 1,453 1,769 1,939 2,065 2,245
43 51 78 90 79 134 171 156 146 157 148 236 267
CWIP 2 2 5 -0 35 -0 0 8 23 0 23 20 1
Investments 46 29 34 105 112 373 654 698 683 1,192 929 909 855
93 161 277 278 380 355 442 415 601 419 839 899 1,122
Total Assets 183 242 392 472 606 862 1,268 1,277 1,453 1,769 1,939 2,065 2,245

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023
50 -21 56 90 174 288 328 124 131 340 -179 288
-17 5 -39 -84 -35 -279 -301 -15 13 -314 280 -229
-14 1 -13 -12 -74 -48 -52 -103 -149 1 -86 -84
Net Cash Flow 19 -14 4 -6 66 -39 -26 6 -6 27 16 -24

Ratios

Standalone Figures in Rs. Crores / View Consolidated

Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023
Debtor Days 15 23 15 7 3 2 2 2 4 2 2 6
Inventory Days 57 73 84 59 54 60 71 37 52 44 73 59
Days Payable 32 15 51 24 32 49 50 26 28 30 26 26
Cash Conversion Cycle 39 82 48 42 24 14 24 13 28 16 49 39
Working Capital Days 31 50 33 26 23 7 14 8 21 12 40 33
ROCE % 34% 30% 53% 65% 64% 60% 83% 32% 33% 26% 15% 17%

Shareholding Pattern

Numbers in percentages

8 Recently
Mar 2021Jun 2021Sep 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023
43.69% 43.69% 43.68% 43.68% 43.68% 43.68% 43.28% 43.28% 43.28% 43.28% 43.28% 43.28%
17.65% 17.57% 17.37% 17.11% 15.16% 14.02% 14.06% 12.67% 12.71% 13.06% 13.50% 13.47%
3.13% 4.35% 5.23% 6.14% 8.18% 8.73% 8.62% 8.75% 9.54% 9.08% 8.81% 8.64%
2.72% 2.72% 2.72% 2.72% 2.72% 2.72% 2.72% 2.72% 2.72% 2.72% 2.72% 2.72%
32.81% 31.66% 30.99% 30.34% 30.26% 30.85% 31.33% 32.57% 31.73% 31.87% 31.70% 31.88%
No. of Shareholders 1,15,0191,12,0041,15,8681,07,7451,05,5481,09,0891,05,5671,15,1761,13,7301,12,3441,09,2951,08,983

* The classifications might have changed from Sep'2022 onwards. The new XBRL format added more details from Sep'22 onwards.

Classifications such as banks and foreign portfolio investors were not available earlier. The sudden changes in FII or DII can be because of these changes.

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