Avanti Feeds Ltd

₹ 455 -0.76%
May 16 12:58 p.m.
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 6,198 Cr.
  • Current Price 455
  • High / Low 675 / 384
  • Stock P/E 25.8
  • Book Value 139
  • Dividend Yield 1.34 %
  • ROCE 19.3 %
  • ROE 13.2 %
  • Face Value 1.00

Pros

  • Company is almost debt free.
  • Company has been maintaining a healthy dividend payout of 27.37%
  • Company's median sales growth is 22.81% of last 10 years

Cons

* 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.

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Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021 Sep 2021 Dec 2021 Mar 2022
1,093 1,064 923 1,035 955 1,132 915 1,098 1,409 1,226 1,069 1,332
957 935 859 910 826 978 824 1,013 1,317 1,185 1,004 1,217
Operating Profit 137 129 63 125 129 153 92 85 92 41 65 115
OPM % 13% 12% 7% 12% 14% 14% 10% 8% 7% 3% 6% 9%
18 22 20 12 28 19 28 18 17 8 12 16
Interest 0 0 1 1 0 0 0 1 0 1 0 0
Depreciation 9 10 9 10 9 10 12 10 10 10 10 10
Profit before tax 145 141 73 126 147 162 108 93 99 38 66 121
Tax % 30% 9% 19% 22% 21% 23% 20% 24% 22% 14% 34% 24%
Net Profit 93 119 48 87 104 111 75 70 73 24 40 84
EPS in Rs 6.82 8.71 3.51 6.38 7.64 8.17 5.50 5.12 5.35 1.77 2.95 6.19

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022
204 383 626 1,093 1,709 1,935 2,616 3,393 3,488 4,115 4,101 5,036
195 338 575 982 1,526 1,704 2,284 2,708 3,078 3,659 3,639 4,723
Operating Profit 9 45 52 112 182 231 332 684 410 456 461 313
OPM % 4% 12% 8% 10% 11% 12% 13% 20% 12% 11% 11% 6%
4 3 1 4 9 20 23 49 59 71 93 54
Interest 5 4 4 4 3 3 5 5 5 4 3 2
Depreciation 3 4 5 6 9 10 14 24 36 38 41 41
Profit before tax 5 40 44 105 180 238 337 704 428 485 510 324
Tax % 33% 30% 32% 34% 35% 33% 33% 34% 28% 20% 22% 24%
Net Profit 3 28 30 70 116 158 216 446 274 346 360 222
EPS in Rs 0.28 2.34 2.21 5.18 8.52 11.56 15.83 32.78 20.08 25.43 26.43 16.26
Dividend Payout % 24% 19% 20% 19% 22% 20% 19% 12% 20% 20% 24% 38%
Compounded Sales Growth
10 Years: 29%
5 Years: 14%
3 Years: 13%
TTM: 23%
Compounded Profit Growth
10 Years: 24%
5 Years: 2%
3 Years: -3%
TTM: -25%
Stock Price CAGR
10 Years: 51%
5 Years: 1%
3 Years: 12%
1 Year: -14%
Return on Equity
10 Years: 27%
5 Years: 24%
3 Years: 19%
Last Year: 13%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022
8 9 9 9 9 9 9 9 14 14 14 14
Reserves 62 86 116 170 256 414 626 1,022 1,192 1,390 1,748 1,882
Borrowings 54 50 61 56 58 11 19 7 9 2 4 4
26 39 62 163 154 189 414 488 400 475 517 617
Total Liabilities 150 183 248 398 478 623 1,069 1,526 1,615 1,880 2,282 2,516
27 43 51 78 90 104 160 312 293 271 292 273
CWIP 11 2 2 5 0 42 94 2 9 26 6 40
Investments 34 45 35 40 111 33 360 584 630 680 1,235 931
78 93 161 276 277 444 454 628 683 903 749 1,272
Total Assets 150 183 248 398 478 623 1,069 1,526 1,615 1,880 2,282 2,516

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022
-8 50 -21 56 89 122 278 281 184 178 383 -212
-18 -17 5 -39 -84 18 -408 -269 -27 -79 -366 299
19 -14 1 -13 -12 -74 101 -45 -106 -141 15 -68
Net Cash Flow -6 19 -14 4 -6 66 -30 -34 51 -42 31 18

Ratios

Consolidated Figures in Rs. Crores / View Standalone

Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022
Debtor Days 41 15 23 15 7 7 3 5 5 8 6 8
Inventory Days 88 55 71 84 59 68 63 79 51 61 63 85
Days Payable 31 16 15 51 24 34 44 43 24 24 27 26
Cash Conversion Cycle 98 54 80 48 42 41 22 41 32 44 42 67
Working Capital Days 90 32 52 34 26 30 16 29 26 36 34 116
ROCE % 9% 33% 29% 52% 65% 62% 63% 83% 36% 37% 29% 19%

Shareholding Pattern

Numbers in percentages

Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021 Sep 2021 Dec 2021 Mar 2022
43.76 43.72 43.67 43.69 43.69 43.69 43.69 43.69 43.69 43.68 43.68 43.68
13.70 13.93 15.69 17.83 17.28 16.40 17.20 17.65 17.57 17.37 17.11 15.16
2.49 2.85 3.62 2.22 2.98 4.06 3.75 3.13 4.35 5.23 6.14 8.18
2.72 2.72 2.72 2.72 2.72 2.72 2.72 2.72 2.72 2.72 2.72 2.72
37.32 36.78 34.29 33.54 33.33 33.13 32.64 32.81 31.66 30.99 30.34 30.26

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