DFM Foods Ltd

₹ 377 0.96%
30 Sep - close price
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

Revenue
DFM revenue is concentrated in North India (primarily in Tier-I & Tier-II cities) from where it derives around 75%-80% of its revenue.[1]

  • Market Cap 1,897 Cr.
  • Current Price 377
  • High / Low 382 / 187
  • Stock P/E
  • Book Value 30.4
  • Dividend Yield 0.26 %
  • ROCE -9.51 %
  • ROE -15.0 %
  • Face Value 2.00

Pros

Cons

  • Stock is trading at 12.4 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 6.06% 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

Sector: FMCG Industry: Food - Processing - Indian

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Quarterly Results

Figures in Rs. Crores

Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021 Sep 2021 Dec 2021 Mar 2022 Jun 2022
128 136 135 110 115 141 135 132 110 147 155 142 146
112 120 127 108 100 123 119 126 109 147 158 157 160
Operating Profit 16 16 7 2 15 18 16 6 1 -0 -3 -16 -14
OPM % 13% 12% 5% 2% 13% 13% 12% 5% 1% -0% -2% -11% -10%
1 2 2 2 2 2 2 1 3 2 1 1 1
Interest 2 2 3 3 3 3 2 3 3 2 2 2 2
Depreciation 3 3 3 3 3 3 3 4 4 4 3 3 4
Profit before tax 12 13 4 -1 11 14 13 1 -2 -4 -7 -20 -19
Tax % 35% -17% 22% 13% 24% 26% 26% 34% 22% 24% 24% 25% 25%
Net Profit 8 15 3 -1 8 10 9 1 -2 -3 -5 -15 -14
EPS in Rs 1.52 2.95 0.65 -0.25 1.60 2.05 1.89 0.18 -0.34 -0.62 -1.01 -2.95 -2.87
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
120 169 225 263 289 390 342 425 484 508 524 554 590
105 149 204 241 259 342 310 374 419 466 468 572 623
Operating Profit 15 20 21 23 31 47 32 51 65 42 56 -17 -33
OPM % 12% 12% 9% 9% 11% 12% 9% 12% 13% 8% 11% -3% -6%
1 3 3 1 -2 2 5 4 4 7 7 8 5
Interest 2 4 9 8 6 6 4 10 11 10 11 9 8
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 -50
Tax % 35% 35% 37% 28% 36% 31% 26% 34% 31% 10% 26% 24%
Net Profit 8 10 6 7 11 25 18 23 33 24 29 -25 -37
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 -7.45
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: 14%
Compounded Profit Growth
10 Years: %
5 Years: %
3 Years: %
TTM: -297%
Stock Price CAGR
10 Years: 23%
5 Years: 6%
3 Years: 15%
1 Year: 8%
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
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
16 66 67 51 50 57 98 93 93 91 80 91
17 27 38 38 46 69 77 74 88 131 147 147
Total Liabilities 55 123 138 127 142 191 259 269 311 367 404 391
32 86 97 91 88 112 159 155 166 218 224 205
CWIP 0 3 0 0 0 1 0 4 6 13 18 34
Investments 0 0 0 14 31 42 49 52 55 58 20 22
23 35 41 21 23 36 52 58 85 79 142 131
Total Assets 55 123 138 127 142 191 259 269 311 367 404 391

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

Ratios

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
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 -17 -4 -4 -29 -27 -43 -57 -28 -32 -43 -29 -41
ROCE % 43% 30% 20% 22% 28% 38% 19% 24% 29% 16% 20% -10%

Shareholding Pattern

Numbers in percentages

Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021 Sep 2021 Dec 2021 Mar 2022 Jun 2022
38.27 38.27 73.95 73.91 73.71 73.71 73.71 73.71 73.70 73.70 73.70 73.70
10.97 10.64 0.04 0.00 0.01 0.00 0.04 0.15 0.54 0.32 0.36 0.37
4.26 0.26 1.01 1.14 0.98 1.00 1.00 1.06 3.23 3.31 3.39 3.39
0.00 0.00 1.15 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
46.50 50.83 23.85 24.94 25.30 25.29 25.25 25.08 22.53 22.67 22.54 22.54

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