Avanti Feeds Ltd

Avanti Feeds Ltd

₹ 516 1.17%
27 Feb 2:20 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 7,032 Cr.
  • Current Price 516
  • High / Low 599 / 321
  • Stock P/E 20.1
  • Book Value 161
  • Dividend Yield 1.18 %
  • ROCE 18.3 %
  • ROE 13.4 %
  • Face Value 1.00

Pros

  • Company is almost debt free.
  • Company has been maintaining a healthy dividend payout of 30.9%
  • Company's median sales growth is 18.0% of last 10 years

Cons

  • The company has delivered a poor sales growth of 8.44% over past five years.

* 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

Dec 2020 Mar 2021 Jun 2021 Sep 2021 Dec 2021 Mar 2022 Jun 2022 Sep 2022 Dec 2022 Mar 2023 Jun 2023 Sep 2023 Dec 2023
915 1,098 1,409 1,226 1,069 1,332 1,569 1,322 1,103 1,093 1,554 1,278 1,253
824 1,013 1,317 1,185 1,004 1,217 1,466 1,247 1,023 960 1,416 1,185 1,157
Operating Profit 92 85 92 41 65 115 103 75 80 134 138 94 97
OPM % 10% 8% 7% 3% 6% 9% 7% 6% 7% 12% 9% 7% 8%
28 18 17 8 12 16 7 26 28 20 33 34 34
Interest 0 1 0 1 0 0 0 0 0 1 0 0 0
Depreciation 12 10 10 10 10 10 10 10 11 12 13 14 14
Profit before tax 108 93 99 38 66 121 100 90 96 140 157 113 116
Tax % 20% 24% 22% 14% 34% 24% 27% 26% 27% 28% 27% 27% 28%
86 70 76 33 44 92 73 67 71 101 115 83 83
EPS in Rs 5.50 5.12 5.35 1.77 2.95 6.19 4.86 4.16 4.58 6.85 7.81 5.45 5.32
Raw PDF

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 TTM
383 626 1,093 1,709 1,935 2,616 3,393 3,488 4,115 4,101 5,036 5,087 5,178
338 575 982 1,526 1,704 2,284 2,708 3,078 3,659 3,639 4,722 4,692 4,717
Operating Profit 45 52 112 182 231 332 684 410 456 461 314 395 462
OPM % 12% 8% 10% 11% 12% 13% 20% 12% 11% 11% 6% 8% 9%
3 1 4 9 20 23 49 59 71 93 54 79 120
Interest 4 4 4 3 3 5 5 5 4 3 4 4 2
Depreciation 4 5 6 9 10 14 24 36 38 41 41 43 54
Profit before tax 40 44 105 180 238 337 704 428 485 510 324 427 526
Tax % 30% 32% 34% 35% 33% 33% 34% 28% 20% 22% 24% 27%
28 30 70 116 158 226 466 307 386 397 245 312 383
EPS in Rs 2.34 2.21 5.18 8.52 11.56 15.83 32.78 20.08 25.43 26.43 16.26 20.45 25.43
Dividend Payout % 19% 20% 19% 22% 20% 19% 12% 20% 20% 24% 38% 31%
Compounded Sales Growth
10 Years: 23%
5 Years: 8%
3 Years: 7%
TTM: -3%
Compounded Profit Growth
10 Years: 25%
5 Years: -10%
3 Years: -8%
TTM: 27%
Stock Price CAGR
10 Years: 33%
5 Years: 9%
3 Years: 2%
1 Year: 39%
Return on Equity
10 Years: 24%
5 Years: 18%
3 Years: 15%
Last Year: 13%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Sep 2023
Equity Capital 8 9 9 9 9 9 9 14 14 14 14 14 14
Reserves 86 116 170 256 414 626 1,022 1,192 1,390 1,748 1,882 2,082 2,177
50 61 56 58 11 19 7 9 2 4 4 3 10
39 62 163 154 189 414 488 400 475 517 617 636 774
Total Liabilities 183 248 398 478 623 1,069 1,526 1,615 1,880 2,282 2,516 2,735 2,974
43 51 78 90 104 160 312 293 271 292 273 398 428
CWIP 2 2 5 0 42 94 2 9 26 6 40 34 35
Investments 45 35 40 111 33 360 584 630 680 1,235 931 1,005 918
93 161 276 277 444 454 628 683 903 749 1,272 1,298 1,594
Total Assets 183 248 398 478 623 1,069 1,526 1,615 1,880 2,282 2,516 2,735 2,974

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023
50 -21 56 89 122 278 281 184 178 383 -212 451
-17 5 -39 -84 18 -408 -269 -27 -79 -366 299 -416
-14 1 -13 -12 -74 101 -45 -106 -141 15 -68 -65
Net Cash Flow 19 -14 4 -6 66 -30 -34 51 -42 31 18 -30

Ratios

Consolidated Figures in Rs. Crores / View Standalone

Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023
Debtor Days 15 23 15 7 7 3 5 5 8 6 8 9
Inventory Days 55 71 84 59 68 63 79 51 61 63 85 71
Days Payable 16 15 51 24 34 44 43 24 24 27 26 25
Cash Conversion Cycle 54 80 48 42 41 22 41 32 44 42 67 55
Working Capital Days 30 50 33 26 29 15 29 26 36 34 57 46
ROCE % 33% 29% 52% 65% 62% 57% 74% 33% 32% 26% 15% 18%

Shareholding Pattern

Numbers in percentages

8 Recently
Mar 2021Jun 2021Sep 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023
43.69% 43.69% 43.68% 43.68% 43.68% 43.68% 43.28% 43.28% 43.28% 43.28% 43.28% 43.28%
17.65% 17.57% 17.37% 17.11% 15.16% 14.02% 14.06% 12.67% 12.71% 13.06% 13.50% 13.47%
3.13% 4.35% 5.23% 6.14% 8.18% 8.73% 8.62% 8.75% 9.54% 9.08% 8.81% 8.64%
2.72% 2.72% 2.72% 2.72% 2.72% 2.72% 2.72% 2.72% 2.72% 2.72% 2.72% 2.72%
32.81% 31.66% 30.99% 30.34% 30.26% 30.85% 31.33% 32.57% 31.73% 31.87% 31.70% 31.88%
No. of Shareholders 1,15,0191,12,0041,15,8681,07,7451,05,5481,09,0891,05,5671,15,1761,13,7301,12,3441,09,2951,08,983

* 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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