DFM Foods Ltd

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DFM Foods Summary Chart Analysis Peers Quarters Profit & Loss Balance Sheet Cash Flow Ratios Investors Documents
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DFM Foods Ltd

₹ 462 0.04%
27 Mar 2023
dfmfoods.com
About

DFM Foods Ltd. is in the business of manufacturing, selling, and marketing packaged snack foods and has been a leader in the space for over 25 years. It offers a complete range of products consisting of 18 distinct product variants (12 in namkeen segment and 6 in the snacks segment) that include bhujiya, daal, mixtures, and nut-mixes. [1]
The company sells its products under the brand name “CRAX”, “CURLS” “NATKHAT” & “FRITTS”. Crax was one of the earliest readymade snacks that were launched in India in 1984. [1]
The CRAX Namkeen range offers Aloo Bhujia, Navratan, Moong Dal, Matar Heeng Zeera, Khatta Meetha, Lacha Mixture, Corn Flakes, Mast Moongphali, and salted peanuts which are sold in several pack sizes. [2]

Key Points

Brand Presence
The company markets its products under the flagship brand ‘CRAX’ which has strong brand recognition in the snacks category in the country. Its brand CRAX was one of the first ready-made snacks brands to be introduced in India in 1984. During FY22, DFM gained about 1.5% market share on a pan India basis in the extruded snacks category. [1]

Website
  • Market Cap ₹ 2,321 Cr.
  • Current Price ₹ 462
  • High / Low ₹ /
  • Stock P/E
  • Book Value ₹ 25.9
  • Dividend Yield 0.00 %
  • ROCE -9.51 %
  • ROE -15.0 %
  • Face Value ₹ 2.00
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Pros

Cons

  • Stock is trading at 17.8 times its book value
  • Company has low interest coverage ratio.
  • The company has delivered a poor sales growth of 10.2% over past five years.
  • Company has a low return on equity of 6.05% over last 3 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

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Quarterly Results

Figures in Rs. Crores

Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021 Sep 2021 Dec 2021 Mar 2022 Jun 2022 Sep 2022 Dec 2022
134.60 109.76 114.93 141.27 135.38 132.48 110.45 147.12 155.33 141.55 145.90 164.97 150.61
127.31 107.66 100.14 123.38 118.91 125.99 109.24 147.17 157.98 157.15 160.27 176.08 155.64
Operating Profit 7.29 2.10 14.79 17.89 16.47 6.49 1.21 -0.05 -2.65 -15.60 -14.37 -11.11 -5.03
OPM % 5.42% 1.91% 12.87% 12.66% 12.17% 4.90% 1.10% -0.03% -1.71% -11.02% -9.85% -6.73% -3.34%
2.43 1.75 1.93 1.82 1.94 1.23 3.16 1.79 1.35 1.36 0.99 1.06 0.93
Interest 2.57 2.51 3.01 2.74 2.46 2.59 2.71 2.02 2.08 2.08 2.30 2.13 2.18
Depreciation 3.01 2.75 3.14 3.11 3.17 3.76 3.88 3.82 3.30 3.39 3.53 3.69 3.61
Profit before tax 4.14 -1.41 10.57 13.86 12.78 1.37 -2.22 -4.10 -6.68 -19.71 -19.21 -15.87 -9.89
Tax % 21.50% -12.77% 24.31% 25.54% 25.82% 34.31% -22.07% -23.66% -24.10% -24.76% -24.99% -24.20% -25.38%
3.25 -1.23 8.00 10.32 9.48 0.90 -1.73 -3.13 -5.07 -14.83 -14.41 -12.03 -7.38
EPS in Rs 0.65 -0.25 1.60 2.05 1.89 0.18 -0.34 -0.62 -1.01 -2.95 -2.87 -2.39 -1.47
Raw PDF

Profit & Loss

Figures in Rs. Crores

Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 TTM
120 169 225 263 289 390 342 425 484 508 524 554 603
105 149 204 241 259 342 310 374 419 466 468 572 649
Operating Profit 15 20 21 23 31 47 32 51 65 42 56 -17 -46
OPM % 12% 12% 9% 9% 11% 12% 9% 12% 13% 8% 11% -3.1% -8%
1 3 3 1 -2 2 5 4 4 7 7 8 4
Interest 2 4 9 8 6 6 4 10 11 10 11 9 9
Depreciation 1 2 4 6 6 7 7 10 10 11 13 14 14
Profit before tax 13 16 10 10 17 36 25 35 47 27 39 -33 -65
Tax % 35% 35% 37% 28% 36% 31% 26% 34% 31% 10% 26% -24%
8 10 6 7 11 25 18 23 33 24 29 -25 -49
EPS in Rs 1.66 2.07 1.26 1.42 2.20 5.01 3.69 4.65 6.54 4.87 5.71 -4.92 -9.68
Dividend Payout % 24% 24% 40% 35% 23% 20% 27% 21% 19% 0% 18% 0%
Compounded Sales Growth
10 Years: 13%
5 Years: 10%
3 Years: 5%
TTM: 11%
Compounded Profit Growth
10 Years: %
5 Years: %
3 Years: %
TTM: -439%
Stock Price CAGR
10 Years: 2%
5 Years: 5%
3 Years: %
1 Year: %
Return on Equity
10 Years: 17%
5 Years: 13%
3 Years: 6%
Last Year: -15%

Balance Sheet

Figures in Rs. Crores

Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Sep 2022
Equity Capital 10 10 10 10 10 10 10 10 10 10 10 10 10
Reserves 13 20 24 28 36 55 75 92 119 135 168 143 120
16 66 67 51 50 57 98 93 93 91 80 91 112
17 27 38 38 46 69 77 74 88 131 147 147 133
Total Liabilities 55 123 138 127 142 191 259 269 311 367 404 391 375
32 86 97 91 88 112 159 155 166 218 224 205 202
CWIP 0 3 0 0 0 1 0 4 6 13 18 34 29
Investments 0 0 0 14 31 42 49 52 55 58 20 22 21
23 35 41 21 23 36 52 58 85 79 142 131 122
Total Assets 55 123 138 127 142 191 259 269 311 367 404 391 375

Cash Flows

Figures in Rs. Crores

Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022
14 17 22 20 26 59 19 34 63 42 39 4
-14 -52 -13 9 -18 -54 -53 -13 -48 -14 -24 1
-7 33 -8 -27 -10 -2 32 -21 -13 -21 -22 -4
Net Cash Flow -7 -2 0 1 -1 3 -2 0 2 8 -8 0
Free Cash Flow -1 -38 9 18 23 27 -39 22 40 23 29 -21
CFO/OP 123% 104% 112% 99% 105% 142% 76% 80% 113% 127% 88% -26%

Ratios

Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022
Debtor Days 0 0 0 0 0 0 0 0 0 0 3 4
Inventory Days 21 45 33 33 38 23 34 34 28 29 31 34
Days Payable 15 28 37 29 30 50 72 50 55 65 65 82
Cash Conversion Cycle 6 17 -5 4 8 -26 -38 -16 -27 -37 -31 -44
Working Capital Days -30 -18 -22 -36 -41 -46 -68 -33 -35 -46 -34 -62
ROCE % 43% 30% 20% 22% 28% 38% 19% 24% 29% 16% 20% -10%

Insights

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Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024
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Number of Distinct Product Variants
count
Crax Corn Rings Revenue Share of Total Income
%
Number of Distributors
count
Number of Retail Outlets
count

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Shareholding Pattern

Numbers in percentages

Jun 2020Sep 2020Dec 2020Mar 2021Jun 2021Sep 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023
73.91% 73.71% 73.71% 73.71% 73.71% 73.70% 73.70% 73.70% 73.70% 73.70% 73.70% 94.81%
0.00% 0.01% 0.00% 0.04% 0.15% 0.54% 0.32% 0.36% 0.37% 0.82% 0.80% 0.02%
1.14% 0.98% 1.00% 1.00% 1.06% 3.23% 3.31% 3.39% 3.39% 3.39% 1.01% 0.83%
24.94% 25.30% 25.29% 25.25% 25.08% 22.53% 22.67% 22.54% 22.54% 22.10% 24.47% 4.34%
No. of Shareholders 12,89315,41114,66714,87029,38029,45530,30528,45327,99821,23513,2918,792

* 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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