L T Foods Ltd

About

LT Foods Limited was incorporated in the 1980's. It is primarily engaged in the business of milling, processing and marketing of branded and non-branded basmati rice and manufacturing of rice food products in the domestic and overseas market.

It is also engaged in research and development to add value to rice and rice food products. The Company’s rice product portfolio comprises brown rice, white rice, steamed rice, parboiled rice, organic rice, quick cooking rice, value added rice and flavored rice in the ready to cook segment.

The Company’s subsidiary, Nature Bio Foods Limited (NBFL) drives the ingredient based organic food segment. It has emerged as a trusted brand, offering authentic organic ingredients to consumers across the markets of the US and Europe. [1]

Key Points

Brands
The company owns several rice brands such as Daawat, Royal, Heritage, Devaaya, Gold Seal Indus Valley and 817 Elephant. Its Flagship Brands “Daawat” and “Royal” enjoy leadership positions in the market of basmati rice in India and US with market share of 27% and 50% respectively. [1]

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  • Market Cap 2,121 Cr.
  • Current Price 66.3
  • High / Low 90.5 / 46.8
  • Stock P/E 7.80
  • Book Value 58.9
  • Dividend Yield 1.51 %
  • ROCE 14.8 %
  • ROE 16.9 %
  • Face Value 1.00

Pros

  • Company has reduced debt.
  • Stock is trading at 1.13 times its book value
  • Company has delivered good profit growth of 30.56% CAGR over last 5 years

Cons

  • The company has delivered a poor sales growth of 9.47% over past five years.
  • Company has a low return on equity of 13.77% for last 3 years.
  • 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

Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021 Sep 2021
1,114 1,009 980 972 996 1,199 1,232 1,227 1,083 1,148 1,213 1,320
1,005 920 860 869 881 1,070 1,076 1,077 956 1,029 1,083 1,167
Operating Profit 109 89 120 102 115 129 156 150 127 119 130 153
OPM % 10% 9% 12% 11% 12% 11% 13% 12% 12% 10% 11% 12%
Other Income 3 9 5 9 1 18 5 9 10 17 18 3
Interest 30 44 37 31 28 36 27 23 18 19 17 16
Depreciation 17 21 20 21 22 29 25 28 25 31 29 29
Profit before tax 66 33 68 59 67 82 109 109 94 86 102 110
Tax % 42% 34% 33% 20% 28% 29% 24% 29% 26% 31% 26% 27%
Net Profit 35 20 43 42 45 54 79 73 66 56 73 77
EPS in Rs 1.09 0.62 1.34 1.33 1.42 1.69 2.46 2.27 2.07 1.76 2.27 2.40

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
1,044 1,258 1,422 2,206 2,459 2,716 2,955 3,245 3,614 3,890 4,135 4,644 4,764
953 1,145 1,258 1,989 2,193 2,452 2,598 2,887 3,237 3,490 3,668 4,092 4,234
Operating Profit 90 114 164 217 266 264 357 358 376 400 467 552 529
OPM % 9% 9% 12% 10% 11% 10% 12% 11% 10% 10% 11% 12% 11%
Other Income 36 5 -22 22 16 45 -38 48 36 21 33 42 48
Interest 59 59 107 117 113 151 148 157 147 139 132 87 70
Depreciation 24 26 34 39 37 47 52 55 50 69 91 108 114
Profit before tax 44 34 -0 83 131 111 120 194 216 214 277 398 393
Tax % 24% 26% -10,000% 27% 35% 31% 39% 33% 33% 36% 28% 27%
Net Profit 27 23 -1 56 78 72 72 117 135 127 184 274 272
EPS in Rs 1.03 0.87 -0.05 2.14 2.98 2.74 2.70 4.40 4.21 3.96 5.77 8.57 8.50
Dividend Payout % 17% 13% 0% 9% 8% 7% 6% 3% 4% 4% 9% 6%
Compounded Sales Growth
10 Years: 14%
5 Years: 9%
3 Years: 9%
TTM: 2%
Compounded Profit Growth
10 Years: 28%
5 Years: 31%
3 Years: 27%
TTM: 8%
Stock Price CAGR
10 Years: 31%
5 Years: 20%
3 Years: 17%
1 Year: 27%
Return on Equity
10 Years: 15%
5 Years: 15%
3 Years: 14%
Last Year: 17%

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
26 26 26 26 26 26 27 27 32 32 32 32 32
Reserves 215 228 229 285 365 436 510 638 1,147 1,297 1,449 1,724 1,851
Borrowings 824 1,116 1,221 1,413 1,502 1,692 1,597 1,610 1,548 1,690 1,764 1,570 1,144
114 154 123 249 299 291 330 460 529 554 573 787 681
Total Liabilities 1,179 1,524 1,598 1,973 2,193 2,445 2,464 2,735 3,256 3,573 3,818 4,112 3,707
225 270 330 339 350 370 361 374 566 601 906 880 892
CWIP 28 53 5 12 19 15 24 40 28 42 17 33 32
Investments 3 3 5 5 5 7 6 14 14 36 33 29 27
923 1,198 1,258 1,617 1,819 2,053 2,072 2,308 2,648 2,894 2,862 3,171 2,756
Total Assets 1,179 1,524 1,598 1,973 2,193 2,445 2,464 2,735 3,256 3,573 3,818 4,112 3,707

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
-17 -110 95 104 9 297 227 60 103 477 445
-62 -101 -30 -52 -58 -54 -83 -233 -137 -83 -101
81 223 -37 -45 32 -235 -137 160 44 -404 -346
Net Cash Flow 2 12 27 7 -17 8 7 -13 10 -10 -2

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 58 81 69 62 48 43 46 52 47 50 55 38
Inventory Days 353 332 293 238 267 241 225 219 236 235 385 701
Days Payable 20 34 26 34 29 17 25 33 46 34 57 159
Cash Conversion Cycle 391 379 336 265 286 267 247 239 237 251 382 580
Working Capital Days 284 298 278 220 222 234 194 189 198 208 191 179
ROCE % 10% 8% 10% 12% 14% 13% 14% 16% 14% 12% 13% 15%

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
56.03 56.03 56.17 56.17 56.17 56.80 56.80 56.81 56.81 56.81 56.81 56.81
1.59 1.56 1.42 1.43 1.55 1.42 1.44 1.55 1.56 1.14 1.58 1.38
12.70 9.91 9.35 8.00 6.52 6.32 6.19 5.68 3.52 3.51 3.51 3.38
29.68 32.51 33.06 34.40 35.76 35.46 35.57 35.96 38.11 38.53 38.09 38.43

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