Avanti Feeds Ltd

Avanti Feeds is engaged in the business of exporting Shrimp. AFL, AFFPL and SEIPL are hereinafter referred to as the Group.(Source : 201903 Annual Report Page No:171)

Pros:
Company is virtually debt free.
Promoter's stake has increased
Company has a good return on equity (ROE) track record: 3 Years ROE 36.25%
Company has been maintaining a healthy dividend payout of 19.44%
Cons:

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

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Quarterly Results Standalone Figures in Rs. Crores / View Consolidated

Dec 2016 Mar 2017 Jun 2017 Sep 2017 Dec 2017 Mar 2018 Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019
437 607 882 654 552 727 916 554 607 662 907 833
377 483 668 501 414 622 801 510 531 589 795 728
Operating Profit 60 124 214 153 137 105 115 44 76 73 113 105
OPM % 14% 20% 24% 23% 25% 14% 13% 8% 13% 11% 12% 13%
Other Income 4 5 7 8 10 11 13 10 13 13 14 17
Interest 0 1 0 1 0 0 0 0 0 1 0 0
Depreciation 3 3 3 3 4 4 5 5 5 5 5 6
Profit before tax 60 125 217 157 143 112 122 49 84 80 122 116
Tax % 34% 35% 34% 34% 34% 32% 35% 33% 34% 31% 34% 10%
Net Profit 40 81 142 103 94 75 79 33 56 56 80 105
EPS in Rs 2.91 5.96 10.44 2.52 6.87 5.54 5.83 2.39 4.09 4.09 5.88 7.72
Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes

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

Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 TTM
97 68 90 204 383 626 1,093 1,709 1,935 2,231 2,815 2,738 3,009
96 72 97 195 337 575 982 1,526 1,711 1,934 2,205 2,431 2,643
Operating Profit 1 -4 -7 8 45 52 111 182 224 297 610 308 367
OPM % 1% -6% -8% 4% 12% 8% 10% 11% 12% 13% 22% 11% 12%
Other Income 9 4 11 4 3 1 4 9 21 14 36 50 58
Interest 5 7 3 4 4 4 4 3 3 4 2 2 1
Depreciation 4 3 3 3 4 5 6 9 9 12 15 20 21
Profit before tax 1 -10 -2 5 40 44 105 180 233 296 629 336 403
Tax % 33% 29% 47% 33% 30% 32% 34% 35% 33% 34% 34% 33%
Net Profit 1 -7 -1 3 28 30 70 117 155 196 415 223 297
EPS in Rs 0.08 0.00 0.00 0.27 2.26 2.14 4.95 8.18 11.02 14.42 30.46 16.40 21.78
Dividend Payout % 74% -0% -0% 23% 19% 20% 20% 21% 20% 21% 13% 24%
* Sales is net of excise duty and discounts
Compounded Sales Growth
10 Years:44.71%
5 Years:20.16%
3 Years:12.27%
TTM:9.53%
Compounded Profit Growth
10 Years:41.34%
5 Years:24.55%
3 Years:10.07%
TTM:6.46%
Stock Price CAGR
10 Years:82.18%
5 Years:34.81%
3 Years:48.71%
1 Year:46.84%
Return on Equity
10 Years:37.10%
5 Years:38.74%
3 Years:36.25%
Last Year:20.90%

Balance Sheet Standalone Figures in Rs. Crores / View Consolidated

Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Sep 2019
7 8 8 8 9 9 9 9 9 9 9 14 14
Reserves 65 62 61 63 87 111 165 251 406 564 929 1,049 1,167
Borrowings 39 37 33 49 49 60 56 58 10 3 0 0 0
11 14 16 24 40 63 164 154 180 285 330 215 316
Total Liabilities 122 121 118 144 184 243 394 473 606 862 1,268 1,277 1,497
33 30 28 27 43 51 78 90 79 134 171 156 148
CWIP 0 0 0 0 2 2 5 0 35 0 0 8 15
Investments 29 28 32 39 46 29 34 105 112 373 654 698 969
59 62 58 78 94 162 278 278 380 355 442 415 365
Total Assets 122 121 118 144 184 243 394 473 606 862 1,268 1,277 1,497

Cash Flows Standalone Figures in Rs. Crores / View Consolidated

Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019
17 9 4 -8 50 -21 56 90 174 288 328 124
0 1 -2 -7 -17 5 -39 -84 -35 -279 -301 -15
-21 -5 -7 15 -14 1 -13 -12 -74 -48 -52 -103
Net Cash Flow -3 5 -6 1 19 -14 4 -6 66 -39 -26 6

Ratios Standalone Figures in Rs. Crores / View Consolidated

Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019
ROCE % 5% -3% 1% 9% 34% 30% 53% 65% 64% 60% 83% 32%
Debtor Days 51 83 36 41 15 23 15 7 3 2 2 2
Inventory Turnover 3.11 2.89 3.77 6.14 9.43 8.99 7.38 8.11 8.67 8.63 8.28 8.94