Avanti Feeds Ltd // Other Food Products

Pros:
Company has reduced debt.
Company is virtually debt free.
Promoter's stake has increased
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 47.57%
Cons:

Peer Comparison

S.No. Name CMP Rs. P/E Mar Cap Rs.Cr. Div Yld % NP Qtr Rs.Cr. Qtr Profit Var % Sales Qtr Rs.Cr. Qtr Sales Var % ROCE %
1. Avanti Feeds 414.95 13.95 5653.51 0.96 89.99 -41.80 1040.24 4.21 148.96
2. Waterbase 177.90 22.18 736.98 0.84 17.68 23.21 154.29 22.48 29.56
3. Oceanaa Biotek 54.85 5.96 74.41 2.73 1.08 325.00 11.02 17.11 56.63
4. Apis India 17.70 0.91 9.75 0.00 1.93 -25.77 46.58 13.69 20.56
5. Ovobel Foods 26.00 3.63 27.30 0.00 -0.40 88.30 20.19 21.99 -44.22
6. Kothari Ferment. 72.10 16.34 108.15 0.00 1.59 430.00 22.20 8.61 17.16
7. Foods & Inns 149.00 46.38 250.01 0.20 0.13 -87.38 68.28 2.96 9.71

Quarterly Results Consolidated Figures in Rs. Crores / View Standalone

Sep 2015 Dec 2015 Mar 2016 Jun 2016 Sep 2016 Dec 2016 Mar 2017 Jun 2017 Sep 2017 Dec 2017 Mar 2018 Jun 2018
533 413 469 724 685 535 672 998 854 706 834 1,040
471 358 422 648 626 466 545 773 667 553 718 909
Operating Profit 62 55 46 76 59 69 126 225 187 153 117 132
OPM % 11.72% 13.43% 9.89% 10.5% 8.6% 12.87% 18.81% 22.54% 21.85% 21.68% 13.98% 12.66%
Other Income 6 4 5 2 7 5 11 6 11 16 16 14
Depreciation 3 3 3 3 3 4 4 4 5 7 8 9
Interest 0 0 1 0 0 1 2 1 1 1 0 0
Profit before tax 65 56 48 75 62 69 131 227 191 161 124 137
Tax 22 19 16 26 20 22 43 78 66 56 38 47
Net Profit 44 37 31 49 43 46 89 149 127 105 86 90

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 3,435
128 96 72 97 195 338 576 982 1,526 1,705 2,284 2,709 2,847
Operating Profit 18 1 -4 -7 9 45 50 111 182 230 332 684 588
OPM % 12.3% 1.48% -5.54% -7.87% 4.25% 11.68% 8.06% 10.19% 10.67% 11.9% 12.7% 20.15% 17.12%
Other Income 3 9 4 11 4 3 3 4 9 21 23 49 57
Interest 5 5 7 3 5 4 4 4 3 3 5 5 3
Depreciation 9 4 3 3 3 4 5 6 9 10 14 24 28
Profit before tax 7 1 -10 -2 5 40 44 105 180 238 337 705 614
Tax 1 0 -3 -1 2 12 14 35 63 79 110 238 207
Net Profit 4 1 -7 -1 3 28 30 70 116 158 216 446 408
EPS 0.37 0.08 0.0 0.0 0.27 2.25 2.13 4.99 8.12 11.19 15.83 32.77
Dividend Payout % 25.99% 73.03% -0.0% -0.0% 23.53% 18.54% 19.63% 19.34% 21.54% 20.18% 18.95% 12.2%
* Sales is net of excise duty and discounts
Compounded Sales Growth
10 Years:54.41%
5 Years:40.20%
3 Years:25.69%
TTM:18.88%
Compounded Profit Growth
10 Years:%
5 Years:71.65%
3 Years:56.59%
TTM:24.93%
Return on Equity
10 Years:43.10%
5 Years:47.92%
3 Years:47.57%
TTM: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
7 7 8 8 8 9 9 9 9 9 9 9
Reserves 68 63 60 59 62 86 116 170 256 414 626 1,022
Borrowings 58 41 38 34 54 50 61 56 58 11 19 7
39 10 12 14 28 40 63 164 154 189 414 488
Total Liabilities 172 120 118 115 152 183 249 399 478 623 1,069 1,526
70 33 30 28 27 43 51 78 90 104 160 312
CWIP 0 0 0 0 11 2 2 5 0 42 94 2
Investments 13 28 28 31 34 45 35 40 111 33 360 584
88 58 61 55 80 94 162 277 277 444 454 628
Total Assets 172 120 118 115 152 183 249 399 478 623 1,069 1,526

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