Avanti Feeds Ltd

Avanti Feeds Ltd

₹ 640 7.56%
18 Jun - close price
About

Avanti Feeds Ltd. manufactures and sells shrimp feed, and exports processed shrimp.[1]

Key Points

Shrimp Feed Business (81% of 9MFY24 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 and produced ~4,06,995 MT of shrimp feed in 9MFY24.[3]
The feed is sold in India, Bangladesh and Sri Lanka.[4]

  • Market Cap 8,716 Cr.
  • Current Price 640
  • High / Low 652 / 384
  • Stock P/E 24.4
  • Book Value 174
  • Dividend Yield 0.98 %
  • ROCE 21.2 %
  • ROE 16.0 %
  • Face Value 1.00

Pros

  • Company is almost debt free.
  • Company has been maintaining a healthy dividend payout of 31.6%

Cons

  • The company has delivered a poor sales growth of 9.01% over past five years.
  • Company has a low return on equity of 13.9% over last 3 years.
  • Working capital days have increased from 66.4 days to 96.4 days

* 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.

Peer comparison

Sector: FMCG Industry: Food - Processing - Indian

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Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

Mar 2021 Jun 2021 Sep 2021 Dec 2021 Mar 2022 Jun 2022 Sep 2022 Dec 2022 Mar 2023 Jun 2023 Sep 2023 Dec 2023 Mar 2024
1,098 1,409 1,226 1,069 1,332 1,569 1,322 1,103 1,093 1,554 1,278 1,253 1,284
1,013 1,317 1,185 1,004 1,217 1,466 1,247 1,023 960 1,416 1,185 1,157 1,154
Operating Profit 85 92 41 65 115 103 75 80 134 138 94 97 130
OPM % 8% 7% 3% 6% 9% 7% 6% 7% 12% 9% 7% 8% 10%
18 17 8 12 16 7 26 28 20 33 34 34 36
Interest 1 0 1 0 0 0 0 0 1 0 0 0 1
Depreciation 10 10 10 10 10 10 10 11 12 13 14 14 14
Profit before tax 93 99 38 66 121 100 90 96 140 157 113 116 151
Tax % 24% 22% 14% 34% 24% 27% 26% 27% 28% 27% 27% 28% 25%
70 76 33 44 92 73 67 71 101 115 83 83 113
EPS in Rs 5.12 5.35 1.77 2.95 6.19 4.86 4.16 4.58 6.85 7.81 5.45 5.32 7.64
Raw PDF

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024
626 1,093 1,709 1,935 2,616 3,393 3,488 4,115 4,101 5,036 5,087 5,369
575 982 1,526 1,704 2,284 2,708 3,078 3,659 3,639 4,722 4,692 4,911
Operating Profit 52 112 182 231 332 684 410 456 461 314 395 458
OPM % 8% 10% 11% 12% 13% 20% 12% 11% 11% 6% 8% 9%
1 4 9 20 23 49 59 71 93 54 79 136
Interest 4 4 3 3 5 5 5 4 3 4 4 1
Depreciation 5 6 9 10 14 24 36 38 41 41 43 56
Profit before tax 44 105 180 238 337 704 428 485 510 324 427 537
Tax % 32% 34% 35% 33% 33% 34% 28% 20% 22% 24% 27% 27%
30 70 116 158 226 466 307 386 397 245 312 394
EPS in Rs 2.21 5.18 8.52 11.56 15.83 32.78 20.08 25.43 26.43 16.26 20.45 26.21
Dividend Payout % 20% 19% 22% 20% 19% 12% 20% 20% 24% 38% 31% 26%
Compounded Sales Growth
10 Years: 17%
5 Years: 9%
3 Years: 9%
TTM: 6%
Compounded Profit Growth
10 Years: 18%
5 Years: 7%
3 Years: 3%
TTM: 33%
Stock Price CAGR
10 Years: 31%
5 Years: 12%
3 Years: 3%
1 Year: 65%
Return on Equity
10 Years: 22%
5 Years: 17%
3 Years: 14%
Last Year: 16%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024
Equity Capital 9 9 9 9 9 9 14 14 14 14 14 14
Reserves 116 170 256 414 626 1,022 1,192 1,390 1,748 1,882 2,082 2,352
61 56 58 11 19 7 9 2 4 4 3 17
62 163 154 189 414 488 400 475 517 617 636 716
Total Liabilities 248 398 478 623 1,069 1,526 1,615 1,880 2,282 2,516 2,735 3,098
51 78 90 104 160 312 293 271 292 273 398 497
CWIP 2 5 0 42 94 2 9 26 6 40 34 9
Investments 35 40 111 33 360 584 630 680 1,235 931 1,005 746
161 276 277 444 454 628 683 903 749 1,272 1,298 1,847
Total Assets 248 398 478 623 1,069 1,526 1,615 1,880 2,282 2,516 2,735 3,098

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024
-21 56 89 122 278 281 184 178 383 -212 451 263
5 -39 -84 18 -408 -269 -27 -79 -366 299 -416 -224
1 -13 -12 -74 101 -45 -106 -141 15 -68 -65 -60
Net Cash Flow -14 4 -6 66 -30 -34 51 -42 31 18 -30 -21

Ratios

Consolidated Figures in Rs. Crores / View Standalone

Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024
Debtor Days 23 15 7 7 3 5 5 8 6 8 9 10
Inventory Days 71 84 59 68 63 79 51 61 63 85 71 75
Days Payable 15 51 24 34 44 43 24 24 27 26 25 27
Cash Conversion Cycle 80 48 42 41 22 41 32 44 42 67 55 57
Working Capital Days 50 33 26 29 15 29 26 36 34 57 46 96
ROCE % 29% 52% 65% 62% 57% 74% 33% 32% 26% 15% 18%

Shareholding Pattern

Numbers in percentages

4 Recently
Jun 2021Sep 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024
43.69% 43.68% 43.68% 43.68% 43.68% 43.28% 43.28% 43.28% 43.28% 43.28% 43.28% 43.25%
17.57% 17.37% 17.11% 15.16% 14.02% 14.06% 12.67% 12.71% 13.06% 13.50% 13.47% 14.11%
4.35% 5.23% 6.14% 8.18% 8.73% 8.62% 8.75% 9.54% 9.08% 8.81% 8.64% 7.47%
2.72% 2.72% 2.72% 2.72% 2.72% 2.72% 2.72% 2.72% 2.72% 2.72% 2.72% 2.72%
31.66% 30.99% 30.34% 30.26% 30.85% 31.33% 32.57% 31.73% 31.87% 31.70% 31.88% 32.44%
No. of Shareholders 1,12,0041,15,8681,07,7451,05,5481,09,0891,05,5671,15,1761,13,7301,12,3441,09,2951,08,9831,10,902

* The classifications might have changed from Sep'2022 onwards. The new XBRL format added more details from Sep'22 onwards.

Classifications such as banks and foreign portfolio investors were not available earlier. The sudden changes in FII or DII can be because of these changes.

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Documents

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