Avanti Feeds Ltd

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]

See full details
  • Market Cap 7,404 Cr.
  • Current Price 543
  • High / Low 675 / 410
  • Stock P/E 25.6
  • Book Value 110
  • Dividend Yield 1.15 %
  • ROCE 26.3 %
  • ROE 19.8 %
  • Face Value 1.00

Pros

  • Company is almost debt free.
  • Company has a good return on equity (ROE) track record: 3 Years ROE 21.71%
  • Company has been maintaining a healthy dividend payout of 25.51%
  • Company's median sales growth is 15.49% of last 10 years

Cons

  • The company has delivered a poor sales growth of 10.87% over past five years.
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Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021
554 607 662 907 833 658 765 778 897 677 891 1,241
510 531 589 795 728 626 676 678 786 614 803 1,158
Operating Profit 44 76 73 113 105 32 88 100 111 64 87 83
OPM % 8% 13% 11% 12% 13% 5% 12% 13% 12% 9% 10% 7%
Other Income 10 13 13 14 17 16 13 18 18 20 9 16
Interest 0 0 1 0 0 0 1 0 0 0 0 0
Depreciation 5 5 5 5 6 5 5 5 5 5 6 5
Profit before tax 49 84 80 122 116 43 96 112 123 78 91 93
Tax % 33% 34% 31% 34% 10% 26% 28% 24% 25% 24% 24% 25%
Net Profit 33 56 56 80 105 31 69 86 92 59 69 70
EPS in Rs 2.39 4.09 4.09 5.88 7.72 2.31 5.08 6.31 6.75 4.31 5.05 5.16

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 TTM
90 204 383 626 1,093 1,709 1,935 2,231 2,815 2,738 3,163 3,243 3,705
97 195 337 575 982 1,530 1,704 1,935 2,204 2,430 2,824 2,880 3,361
Operating Profit -7 8 45 52 112 179 232 296 611 308 339 363 344
OPM % -8% 4% 12% 8% 10% 10% 12% 13% 22% 11% 11% 11% 9%
Other Income 11 4 3 1 4 12 14 16 35 50 61 64 63
Interest 3 4 4 4 4 3 3 4 2 2 2 1 1
Depreciation 3 3 4 5 6 9 9 12 15 20 21 21 22
Profit before tax -2 5 40 44 105 180 233 296 629 336 376 404 385
Tax % 47% 33% 30% 32% 34% 35% 33% 34% 34% 33% 24% 24%
Net Profit -1 3 28 30 70 117 155 196 415 223 286 305 290
EPS in Rs -0.10 0.28 2.34 2.22 5.13 8.57 11.40 14.42 30.47 16.40 20.99 22.41 21.27
Dividend Payout % 0% 23% 19% 20% 20% 21% 20% 21% 13% 24% 24% 28%
Compounded Sales Growth
10 Years: 32%
5 Years: 11%
3 Years: 5%
TTM: 22%
Compounded Profit Growth
10 Years: 55%
5 Years: 11%
3 Years: -13%
TTM: -1%
Stock Price CAGR
10 Years: 52%
5 Years: 22%
3 Years: 13%
1 Year: 10%
Return on Equity
10 Years: 31%
5 Years: 29%
3 Years: 22%
Last Year: 20%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
8 8 9 9 9 9 9 9 9 14 14 14
Reserves 61 63 87 111 165 251 406 564 929 1,049 1,186 1,490
Borrowings 33 49 49 60 56 58 10 3 0 0 0 1
14 22 39 62 163 154 180 285 330 215 253 265
Total Liabilities 116 143 183 242 392 472 606 862 1,268 1,277 1,453 1,769
28 27 43 51 78 90 79 134 171 156 146 157
CWIP 0 0 2 2 5 0 35 0 0 8 23 0
Investments 32 39 46 29 34 105 112 373 654 698 683 1,192
55 77 93 161 277 278 380 355 442 415 601 419
Total Assets 116 143 183 242 392 472 606 862 1,268 1,277 1,453 1,769

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
4 -8 50 -21 56 90 174 288 328 124 131 340
-2 -7 -17 5 -39 -84 -35 -279 -301 -15 13 -314
-7 15 -14 1 -13 -12 -74 -48 -52 -103 -149 1
Net Cash Flow -6 1 19 -14 4 -6 66 -39 -26 6 -6 27

Ratios

Standalone Figures in Rs. Crores / View Consolidated

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
Debtor Days 36 41 15 23 15 7 3 2 2 2 4 2
Inventory Days 130 88 57 73 84 59 54 60 71 37 52 44
Days Payable 44 30 32 15 51 24 32 49 50 26 28 30
Cash Conversion Cycle 122 99 39 82 48 42 24 14 24 13 28 16
Working Capital Days 147 89 33 52 34 27 24 7 14 8 21 12
ROCE % 1% 9% 34% 30% 53% 65% 64% 60% 83% 32% 33% 26%

Shareholding Pattern

Numbers in percentages

Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021 Sep 2021
43.76 43.76 43.76 43.72 43.67 43.69 43.69 43.69 43.69 43.69 43.69 43.68
13.83 13.42 13.70 13.93 15.69 17.83 17.28 16.40 17.20 17.65 17.57 17.37
17.55 3.03 2.49 2.85 3.62 2.22 2.98 4.06 3.75 3.13 4.35 5.23
2.72 2.72 2.72 2.72 2.72 2.72 2.72 2.72 2.72 2.72 2.72 2.72
22.14 37.06 37.32 36.78 34.29 33.54 33.33 33.13 32.64 32.81 31.66 30.99

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