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 71.65% over 5 years
Company has a good return on equity (ROE) track record: 3 Years ROE 47.50%
Company has been maintaining a healthy dividend payout of 17.11%
Cons:

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

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Quarterly Results Consolidated Figures in Rs. Crores / View Standalone

Mar 2016 Jun 2016 Sep 2016 Dec 2016 Mar 2017 Jun 2017 Sep 2017 Dec 2017 Mar 2018 Jun 2018 Sep 2018 Dec 2018
469 724 685 535 672 998 854 706 834 1,040 755 835
422 648 626 466 545 773 667 553 717 909 682 726
Operating Profit 47 76 59 69 126 225 187 153 117 132 72 110
OPM % 10% 10% 9% 13% 19% 23% 22% 22% 14% 13% 10% 13%
Other Income 4 2 7 5 11 6 11 16 15 14 12 14
Interest 1 0 0 1 2 1 1 1 0 0 1 1
Depreciation 3 3 3 4 4 4 5 7 8 9 9 9
Profit before tax 48 75 62 69 131 227 191 161 124 137 75 114
Tax % 33% 34% 33% 32% 32% 34% 34% 35% 31% 34% 26% 25%
Net Profit 31 49 43 51 86 147 116 101 83 86 46 74
Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes

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

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
146 97 68 90 204 383 626 1,093 1,709 1,935 2,616 3,393 3,464
128 96 72 97 195 338 576 982 1,526 1,705 2,284 2,709 3,033
Operating Profit 18 1 -4 -7 9 45 50 111 182 230 332 684 431
OPM % 12% 2% -6% -8% 4% 12% 8% 10% 11% 12% 13% 20% 12%
Other Income 3 9 4 11 4 3 3 4 9 21 23 49 55
Interest 5 5 7 3 5 4 4 4 3 3 5 5 2
Depreciation 9 4 3 3 3 4 5 6 9 10 14 24 35
Profit before tax 7 1 -10 -2 5 40 44 105 180 238 337 704 450
Tax % 20% 33% 30% 47% 33% 30% 32% 34% 35% 33% 33% 34%
Net Profit 4 1 -7 -1 3 28 30 70 116 158 216 446 289
EPS in Rs 0.37 0.08 0.00 0.00 0.27 2.26 2.13 5.00 8.14 11.19 15.83 32.77
Dividend Payout % 26% 73% -0% -0% 24% 19% 20% 19% 22% 20% 19% 12%
* Sales is net of excise duty and discounts
Compounded Sales Growth
10 Years:42.63%
5 Years:40.20%
3 Years:25.69%
TTM:7.25%
Compounded Profit Growth
10 Years:85.45%
5 Years:71.65%
3 Years:56.60%
TTM:-35.76%
Return on Equity
10 Years:42.37%
5 Years:47.87%
3 Years:47.50%
Last Year:53.10%

Balance Sheet Consolidated Figures in Rs. Crores / View Standalone

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 68 63 60 59 62 86 116 170 256 414 626 1,022 1,051
Borrowings 58 41 38 34 54 50 61 56 58 11 19 7 40
39 10 12 14 28 40 63 164 154 189 414 488 448
Total Liabilities 172 120 118 115 152 183 249 399 478 623 1,069 1,526 1,553
70 33 30 28 27 43 51 78 90 104 160 312 303
CWIP 0 0 0 0 11 2 2 5 0 42 94 2 4
Investments 13 28 28 31 34 45 35 40 111 33 360 584 728
88 58 61 55 80 94 162 277 277 444 454 628 519
Total Assets 172 120 118 115 152 183 249 399 478 623 1,069 1,526 1,553

Cash Flows Consolidated Figures in Rs. Crores / View Standalone

Mar 2007 Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018
11 17 9 4 -8 50 -21 56 89 122 278 281
-6 0 1 -2 -18 -17 5 -39 -84 18 -408 -269
-6 -21 -5 -7 19 -14 1 -13 -12 -74 101 -45
Net Cash Flow -1 -3 5 -6 -6 19 -14 4 -6 66 -30 -34

Ratios Consolidated / View Standalone

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 % 9% 5% -3% 1% 9% 33% 29% 52% 65% 62% 63% 83%
Debtor Days 48 51 85 36 41 15 23 15 7 7 3 5
Inventory Turnover 4.99 3.07 2.89 3.77 6.14 9.43 8.99 7.38 8.11 7.63 8.16 7.71