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 has reduced debt.
Company is virtually debt free.
Promoter's stake has increased
Company has a good return on equity (ROE) track record: 3 Years ROE 36.91%
Company has been maintaining a healthy dividend payout of 17.02%
Cons:

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

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Quarterly Results Consolidated Figures in Rs. Crores / View Standalone

Dec 2016 Mar 2017 Jun 2017 Sep 2017 Dec 2017 Mar 2018 Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019
535 672 998 854 706 834 1,040 755 835 858 1,093 1,064
466 545 773 667 553 717 909 682 726 764 957 935
Operating Profit 69 126 225 187 153 117 132 72 110 93 137 129
OPM % 13% 19% 23% 22% 22% 14% 13% 10% 13% 11% 13% 12%
Other Income 5 11 6 11 16 15 14 12 14 19 18 22
Interest 1 2 1 1 1 0 0 1 1 1 0 0
Depreciation 4 4 4 5 7 8 9 9 9 9 9 10
Profit before tax 69 131 227 191 161 124 137 75 114 103 145 141
Tax % 32% 32% 34% 34% 35% 31% 34% 26% 25% 26% 30% 9%
Net Profit 51 86 147 116 101 83 86 46 74 68 93 119
EPS in Rs 3.37 6.29 10.92 8.54 7.68 6.09 6.29 3.41 5.40 4.99 6.82 8.71
Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes

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

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 2,616 3,393 3,488 3,851
96 72 97 195 338 576 982 1,526 1,705 2,284 2,709 3,078 3,382
Operating Profit 1 -4 -7 9 45 50 111 182 230 332 684 410 469
OPM % 2% -6% -8% 4% 12% 8% 10% 11% 12% 13% 20% 12% 12%
Other Income 9 4 11 4 3 3 4 9 21 23 49 59 73
Interest 5 7 3 5 4 4 4 3 3 5 5 5 2
Depreciation 4 3 3 3 4 5 6 9 10 14 24 36 37
Profit before tax 1 -10 -2 5 40 44 105 180 238 337 704 428 503
Tax % 33% 30% 47% 33% 30% 32% 34% 35% 33% 33% 34% 28%
Net Profit 1 -7 -1 3 28 30 70 116 158 216 446 274 353
EPS in Rs 0.08 0.00 0.00 0.27 2.26 2.14 5.01 8.15 11.19 15.84 32.78 20.08 25.92
Dividend Payout % 73% -0% -0% 24% 19% 20% 19% 22% 20% 19% 12% 20%
* Sales is net of excise duty and discounts
Compounded Sales Growth
10 Years:48.26%
5 Years:26.11%
3 Years:21.69%
TTM:15.45%
Compounded Profit Growth
10 Years:44.26%
5 Years:29.73%
3 Years:19.03%
TTM:12.86%
Stock Price CAGR
10 Years:81.51%
5 Years:34.35%
3 Years:46.96%
1 Year:43.65%
Return on Equity
10 Years:37.28%
5 Years:38.86%
3 Years:36.91%
Last Year:23.11%

Balance Sheet Consolidated Figures in Rs. Crores / View Standalone

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 63 60 59 62 86 116 170 256 414 626 1,022 1,192 1,337
Borrowings 41 38 34 54 50 61 56 58 11 19 7 9 1
10 12 14 28 40 63 164 154 189 414 488 409 525
Total Liabilities 120 118 115 152 183 249 399 478 623 1,069 1,526 1,625 1,877
33 30 28 27 43 51 78 90 104 160 312 293 280
CWIP 0 0 0 11 2 2 5 0 42 94 2 9 16
Investments 28 28 31 34 45 35 40 111 33 360 584 630 904
58 61 55 80 94 162 277 277 444 454 628 693 677
Total Assets 120 118 115 152 183 249 399 478 623 1,069 1,526 1,625 1,877

Cash Flows Consolidated Figures in Rs. Crores / View Standalone

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 89 122 278 281 184
0 1 -2 -18 -17 5 -39 -84 18 -408 -269 -27
-21 -5 -7 19 -14 1 -13 -12 -74 101 -45 -106
Net Cash Flow -3 5 -6 -6 19 -14 4 -6 66 -30 -34 51

Ratios Consolidated Figures in Rs. Crores / View Standalone

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% 33% 29% 52% 65% 62% 63% 83% 36%
Debtor Days 51 85 36 41 15 23 15 7 7 3 5 5
Inventory Turnover 3.07 2.89 3.77 6.14 9.43 8.99 7.38 8.11 7.63 8.16 7.71 7.72