Mrs Bectors Food Specialities Ltd

About

Mrs. Bectors Food Specialities Ltd was incorporated as Quaker Cremica Foods Private Limited on September 15, 1995. [1] It manufactures biscuits and bakery products that are marketed under Mrs. Bector’s Cremica and Mrs. Bector’s English Oven brands, respectively. [2]
Mrs. Rajni Bector started the enterprise in 1978 by manufacturing ice creams, bread, and biscuits. [3] It is promoted by Mr. Anoop Bector who has over 25 years of industry experience. He is also the Managing Director of the Company. [4]

Key Points

Brand Reputation
The Company is one of the leading companies in the non-glucose biscuits and premium bread segment in North India, [1] and is one of the two key vendors, in India, working with institutions for the supply of processed and semi-processed dough-based offerings. [2]
It is also one of the leading biscuit brands in the premium and mid-premium segment in Punjab, Himachal Pradesh, Jammu and Kashmir, and Ladakh, and ‘English Oven’ is one of the largest selling brands in the premium bakery segment in Delhi NCR, Mumbai and Bengaluru [3]

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  • Market Cap 2,311 Cr.
  • Current Price 393
  • High / Low 630 / 328
  • Stock P/E 35.6
  • Book Value 76.4
  • Dividend Yield 0.61 %
  • ROCE 21.0 %
  • ROE 19.3 %
  • Face Value 10.0

Pros

  • Debtor days have improved from 37.49 to 29.83 days.

Cons

  • Company might be capitalizing the interest cost

Peer comparison

Sector: FMCG Industry: Food - Processing - Indian

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Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021 Sep 2021
190 203 194 203 228 226 224 226 246
171 175 169 168 190 186 195 197 212
Operating Profit 19 28 25 34 38 40 29 29 35
OPM % 10% 14% 13% 17% 17% 18% 13% 13% 14%
Other Income 1 1 0 1 7 1 1 2 2
Interest 4 4 3 3 2 2 2 2 1
Depreciation 10 10 10 11 11 11 11 11 11
Profit before tax 6 15 12 21 31 28 17 18 24
Tax % -6% 26% 25% 25% 25% 25% 26% 26% 25%
Net Profit 6 11 9 16 23 21 13 13 18
EPS in Rs 1.05 1.95 1.58 2.77 4.01 3.52 2.17 2.27 3.08

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

Mar 2018 Mar 2019 Mar 2020 Mar 2021 TTM
691 784 762 881 922
604 687 669 739 790
Operating Profit 86 97 93 141 133
OPM % 12% 12% 12% 16% 14%
Other Income 2 2 3 10 6
Interest 7 13 16 10 7
Depreciation 28 35 42 45 44
Profit before tax 53 51 39 97 87
Tax % 32% 35% 22% 26%
Net Profit 36 33 30 72 65
EPS in Rs 6.27 5.79 5.29 12.30 11.04
Dividend Payout % 12% 13% 14% 20%
Compounded Sales Growth
10 Years: %
5 Years: %
3 Years: 8%
TTM: 11%
Compounded Profit Growth
10 Years: %
5 Years: %
3 Years: 26%
TTM: 10%
Stock Price CAGR
10 Years: %
5 Years: %
3 Years: %
1 Year: %
Return on Equity
10 Years: %
5 Years: %
3 Years: 14%
Last Year: 19%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

Mar 2018 Mar 2019 Mar 2020 Mar 2021 Sep 2021
57 57 57 59 59
Reserves 209 237 262 372 391
Borrowings 139 165 134 132 135
105 117 113 118 118
Total Liabilities 511 577 566 681 702
261 363 354 354 342
CWIP 92 16 7 55 69
Investments 4 4 4 10 10
154 195 202 261 281
Total Assets 511 577 566 681 702

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2018 Mar 2019 Mar 2020 Mar 2021
109 110
-43 -125
-51 28
Net Cash Flow 15 14

Ratios

Consolidated Figures in Rs. Crores / View Standalone

Mar 2018 Mar 2019 Mar 2020 Mar 2021
Debtor Days 37 47 36 30
Inventory Days 34 30 39 45
Days Payable 37 42 42 45
Cash Conversion Cycle 33 35 33 30
Working Capital Days 25 40 29 30
ROCE % 15% 12% 21%

Shareholding Pattern

Numbers in percentages

Dec 2020 Mar 2021 Jun 2021 Sep 2021
51.13 51.13 51.09 51.09
2.92 2.71 3.36 1.99
7.54 6.23 6.19 5.91
38.41 39.93 39.36 41.02

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