DFM Foods Ltd

About [ edit ]

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. #
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. #
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. #

Key Points [ edit ]
  • Market Cap 1,703 Cr.
  • Current Price 339
  • High / Low 444 / 170
  • Stock P/E 64.1
  • Book Value 33.0
  • Dividend Yield 0.00 %
  • ROCE 16.1 %
  • ROE 17.6 %
  • Face Value 2.00

Pros

  • Company has a good return on equity (ROE) track record: 3 Years ROE 23.53%
  • Company's median sales growth is 16.88% of last 10 years

Cons

  • Stock is trading at 10.27 times its book value
  • The company has delivered a poor sales growth of 11.92% over past five years.

Peer comparison

Sector: FMCG Industry: Food - Processing - Indian

Loading peers table ...

Quarterly Results

Figures in Rs. Crores

Mar 2018 Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020
101.08 98.69 118.34 134.84 131.75 127.72 135.86 134.60 109.76 114.93 141.27 135.38
88.24 86.64 102.93 115.79 113.35 111.68 119.59 127.31 107.66 100.14 123.38 118.91
Operating Profit 12.84 12.05 15.41 19.05 18.40 16.04 16.27 7.29 2.10 14.79 17.89 16.47
OPM % 12.70% 12.21% 13.02% 14.13% 13.97% 12.56% 11.98% 5.42% 1.91% 12.87% 12.66% 12.17%
Other Income 1.23 0.64 1.04 0.10 1.80 0.91 1.69 2.43 1.75 1.93 1.82 1.94
Interest 3.16 2.57 3.10 2.60 2.35 2.38 2.46 2.57 2.51 3.01 2.74 2.46
Depreciation 2.51 2.54 2.53 2.76 2.67 2.75 2.84 3.01 2.75 3.14 3.11 3.17
Profit before tax 8.40 7.58 10.82 13.79 15.18 11.82 12.66 4.14 -1.41 10.57 13.86 12.78
Tax % 31.79% 33.91% 34.84% 22.19% 34.32% 35.45% -16.67% 21.50% 12.77% 24.31% 25.54% 25.82%
Net Profit 5.73 5.01 7.05 10.73 9.97 7.63 14.77 3.25 -1.23 8.00 10.32 9.48
EPS in Rs 1.14 1.00 1.41 2.14 1.99 1.52 2.95 0.65 -0.25 1.60 2.05 1.89

Profit & Loss

Figures in Rs. Crores

Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 TTM
77 72 120 169 225 263 289 390 342 425 484 508 501
73 65 105 149 204 241 260 342 310 374 419 466 450
Operating Profit 4 7 15 20 21 23 29 47 32 51 65 42 51
OPM % 5% 10% 13% 12% 9% 9% 10% 12% 9% 12% 13% 8% 10%
Other Income 2 1 1 3 3 1 -0 2 5 4 4 7 7
Interest 2 1 2 4 9 8 6 6 4 10 11 10 11
Depreciation 0 1 1 2 4 6 6 7 7 10 10 11 12
Profit before tax 3 6 13 16 10 10 17 36 25 35 47 27 36
Tax % 35% 34% 35% 35% 37% 28% 36% 31% 26% 34% 31% 10%
Net Profit 2 4 8 10 6 7 11 25 18 23 33 24 27
EPS in Rs 1.66 2.07 1.26 1.42 2.20 5.01 3.69 4.65 6.54 4.87 5.29
Dividend Payout % 50% 36% 24% 24% 40% 35% 23% 20% 27% 21% 19% 0%
Compounded Sales Growth
10 Years:22%
5 Years:12%
3 Years:14%
TTM:-5%
Compounded Profit Growth
10 Years:19%
5 Years:14%
3 Years:10%
TTM:-25%
Stock Price CAGR
10 Years:30%
5 Years:-0%
3 Years:4%
1 Year:73%
Return on Equity
10 Years:27%
5 Years:26%
3 Years:24%
Last Year:18%

Balance Sheet

Figures in Rs. Crores

Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Sep 2020
10 10 10 10 10 10 10 10 10 10 10 10 10
Reserves 4 6 13 20 24 28 36 55 75 92 119 135 156
Borrowings 10 16 16 66 67 51 50 57 98 93 93 91 105
8 14 17 27 38 38 46 69 77 74 88 131 111
Total Liabilities 32 46 55 123 138 127 142 191 259 269 311 367 382
8 23 32 86 97 91 88 112 159 155 166 218 212
CWIP 2 0 0 3 0 0 0 1 0 4 6 13 13
Investments 0 0 0 0 0 14 31 42 49 52 55 58 0
22 24 23 35 41 21 23 36 52 58 85 79 157
Total Assets 32 46 55 123 138 127 142 191 259 269 311 367 382

Cash Flows

Figures in Rs. Crores

Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020
15 16 14 17 22 20 26 59 19 34 63 42
-2 -12 -14 -52 -13 9 -18 -54 -53 -13 -48 -14
-10 4 -7 33 -8 -27 -10 -2 32 -21 -13 -21
Net Cash Flow 2 8 -7 -2 0 1 -1 3 -2 0 2 8

Ratios

Figures in Rs. Crores

Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020
ROCE % 17% 27% 43% 30% 20% 22% 28% 38% 19% 24% 29% 16%
Debtor Days 18 0 0 0 0 0 0 0 0 0 0 0
Inventory Turnover 4.82 12.07 18.90 12.50 11.30 12.36 10.94 14.68 12.55 12.35 12.90 13.72

Shareholding Pattern

Numbers in percentages

Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021
38.27 38.27 38.27 38.27 38.27 38.27 38.27 73.95 73.91 73.71 73.71 73.71
11.50 11.50 11.50 11.16 10.99 10.97 10.64 0.04 0.00 0.01 0.00 0.04
4.98 4.97 4.97 4.26 4.26 4.26 0.26 1.01 1.14 0.98 1.00 1.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00 1.15 0.00 0.00 0.00 0.00
45.25 45.26 45.26 46.31 46.48 46.50 50.83 23.85 24.94 25.30 25.29 25.25

Documents