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]

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  • Market Cap 7,162 Cr.
  • Current Price 525
  • High / Low 675 / 410
  • Stock P/E 28.2
  • Book Value 130
  • Dividend Yield 1.19 %
  • ROCE 28.9 %
  • ROE 20.4 %
  • Face Value 1.00

Pros

  • Company is almost debt free.
  • Company has a good return on equity (ROE) track record: 3 Years ROE 23.04%
  • Company has been maintaining a healthy dividend payout of 21.20%
  • Company's median sales growth is 29.71% of last 10 years

Cons

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Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021 Sep 2021
835 858 1,093 1,064 923 1,035 955 1,132 915 1,098 1,409 1,226
726 764 957 935 859 910 826 978 824 1,013 1,317 1,185
Operating Profit 110 93 137 129 63 125 129 153 92 85 92 41
OPM % 13% 11% 13% 12% 7% 12% 14% 14% 10% 8% 7% 3%
Other Income 14 19 18 22 20 12 28 19 28 18 17 8
Interest 1 1 0 0 1 1 0 0 0 1 0 1
Depreciation 9 9 9 10 9 10 9 10 12 10 10 10
Profit before tax 114 103 145 141 73 126 147 162 108 93 99 38
Tax % 25% 26% 30% 9% 19% 22% 21% 23% 20% 24% 22% 14%
Net Profit 74 68 93 119 48 87 104 111 75 70 73 24
EPS in Rs 5.40 4.99 6.82 8.71 3.51 6.38 7.64 8.17 5.50 5.12 5.35 1.77

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

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 2,616 3,393 3,488 4,115 4,101 4,648
97 195 338 575 982 1,526 1,704 2,284 2,708 3,078 3,659 3,639 4,338
Operating Profit -7 9 45 52 112 182 231 332 684 410 456 461 310
OPM % -8% 4% 12% 8% 10% 11% 12% 13% 20% 12% 11% 11% 7%
Other Income 11 4 3 1 4 9 20 23 49 59 71 93 72
Interest 3 5 4 4 4 3 3 5 5 5 4 3 2
Depreciation 3 3 4 5 6 9 10 14 24 36 38 41 43
Profit before tax -2 5 40 44 105 180 238 337 704 428 485 510 337
Tax % 47% 33% 30% 32% 34% 35% 33% 33% 34% 28% 20% 22%
Net Profit -1 3 28 30 70 116 158 216 446 274 346 360 242
EPS in Rs -0.10 0.28 2.34 2.21 5.18 8.52 11.56 15.83 32.78 20.08 25.43 26.43 17.74
Dividend Payout % 0% 24% 19% 20% 19% 22% 20% 19% 12% 20% 20% 24%
Compounded Sales Growth
10 Years: 35%
5 Years: 16%
3 Years: 7%
TTM: 15%
Compounded Profit Growth
10 Years: 57%
5 Years: 16%
3 Years: -10%
TTM: -27%
Stock Price CAGR
10 Years: 51%
5 Years: 26%
3 Years: 15%
1 Year: 1%
Return on Equity
10 Years: 31%
5 Years: 29%
3 Years: 23%
Last Year: 20%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Sep 2021
8 8 9 9 9 9 9 9 9 14 14 14 14
Reserves 59 62 86 116 170 256 414 626 1,022 1,192 1,390 1,748 1,756
Borrowings 34 54 50 61 56 58 11 19 7 9 2 4 4
14 26 39 62 163 154 189 414 488 400 475 517 678
Total Liabilities 115 150 183 248 398 478 623 1,069 1,526 1,615 1,880 2,282 2,452
28 27 43 51 78 90 104 160 312 293 271 292 279
CWIP 0 11 2 2 5 0 42 94 2 9 26 6 16
Investments 31 34 45 35 40 111 33 360 584 630 680 1,235 1,336
55 78 93 161 276 277 444 454 628 683 903 749 821
Total Assets 115 150 183 248 398 478 623 1,069 1,526 1,615 1,880 2,282 2,452

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

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 89 122 278 281 184 178 383
-2 -18 -17 5 -39 -84 18 -408 -269 -27 -79 -366
-7 19 -14 1 -13 -12 -74 101 -45 -106 -141 15
Net Cash Flow -6 -6 19 -14 4 -6 66 -30 -34 51 -42 31

Ratios

Consolidated Figures in Rs. Crores / View Standalone

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 7 3 5 5 8 6
Inventory Days 130 88 55 71 84 59 68 63 79 51 61 63
Days Payable 44 31 16 15 51 24 34 44 43 24 24 27
Cash Conversion Cycle 122 98 54 80 48 42 41 22 41 32 44 42
Working Capital Days 147 90 32 52 34 26 30 16 29 26 36 34
ROCE % 1% 9% 33% 29% 52% 65% 62% 63% 83% 36% 37% 29%

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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