Prataap Snacks Ltd

About

PrataapSnacks Limited (PSL) is an Indian snack food company engaged in manufacturing and marketing of multiple product variants like potato chips, extruded snacks and namkeen (traditional Indian snacks) under the Yellow Diamond brand and sweet snacks under the Rich Feast brand.

Key Points

Pan India presence[1]The company has its presence in the 27 states and 3 Union Territories with a 14 Manufacturing plants (5 owned and 9 contract manufacturing plants). The company sells 11 Million packs of snacks every day.

Product mix
- [2] The Company’s products are classified into three broad categories: Salty snacks, sweet snacks and Avadh Portfolio. The company has launched three new products in the sweet snacks portfolio as sweet snacks offers a high profit margin the Company is also focused on increasing the share of revenue from the relatively higher margin sweet snacks business.
It has more than 100 Stock Keeping Units (SKUs) at strategic price points and pack sizes starting from Rs.5 to Rs.100. [3]

Read More
  • Market Cap 1,733 Cr.
  • Current Price 739
  • High / Low 827 / 485
  • Stock P/E 69.9
  • Book Value 271
  • Dividend Yield 0.07 %
  • ROCE 2.56 %
  • ROE 2.31 %
  • Face Value 5.00

Pros

  • Company is almost debt free.

Cons

  • Stock is trading at 2.73 times its book value
  • The company has delivered a poor sales growth of 9.11% over past five years.
  • Tax rate seems low
  • Company has a low return on equity of 6.10% for last 3 years.
  • Dividend payout has been low at 6.18% of profits over last 3 years

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
308 307 331 388 361 314 196 327 339 310 280 371
286 284 304 357 339 300 188 303 322 296 269 346
Operating Profit 22 22 27 31 22 14 8 23 18 14 11 24
OPM % 7% 7% 8% 8% 6% 4% 4% 7% 5% 4% 4% 7%
Other Income 2 2 2 2 3 2 2 2 2 3 1 8
Interest 0 1 2 2 2 2 2 2 1 1 2 2
Depreciation 13 11 15 16 15 15 16 13 13 13 13 13
Profit before tax 11 12 12 16 7 -1 -8 11 5 2 -2 17
Tax % 25% -10% 20% 23% 22% 2,075% 21% 23% 15% -210% 27% 15%
Net Profit 8 14 10 12 6 20 -6 8 5 7 -2 15
EPS in Rs 3.44 5.85 4.11 5.11 2.35 8.43 -2.54 3.60 1.94 3.04 -0.68 6.26

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 TTM
173 344 446 559 757 894 1,017 1,171 1,394 1,171 1,299
154 316 425 525 700 851 930 1,087 1,300 1,108 1,232
Operating Profit 18 28 20 34 57 43 87 83 94 63 67
OPM % 11% 8% 5% 6% 8% 5% 9% 7% 7% 5% 5%
Other Income 1 1 1 1 -5 2 7 11 9 9 15
Interest 1 4 5 6 6 5 3 1 7 6 6
Depreciation 3 7 12 15 18 25 30 38 62 55 52
Profit before tax 15 18 5 13 28 15 62 56 34 11 23
Tax % 17% 17% -8% 24% 1% -38% 28% 20% -39% -28%
Net Profit 13 15 5 10 27 21 44 45 47 14 25
EPS in Rs 409.74 482.79 174.68 316.50 875.00 10.80 18.84 19.03 20.01 6.04 10.56
Dividend Payout % 0% 0% 0% 0% 0% 0% 5% 5% 5% 8%
Compounded Sales Growth
10 Years: %
5 Years: 9%
3 Years: 5%
TTM: 8%
Compounded Profit Growth
10 Years: %
5 Years: -15%
3 Years: -32%
TTM: -11%
Stock Price CAGR
10 Years: %
5 Years: %
3 Years: -11%
1 Year: 14%
Return on Equity
10 Years: %
5 Years: 7%
3 Years: 6%
Last Year: 2%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Sep 2021
1 1 1 1 1 2 12 12 12 12 12
Reserves 101 146 176 188 216 236 508 550 596 611 623
Borrowings 0 42 50 45 54 80 7 18 73 57 82
22 34 53 66 71 98 136 246 239 205 204
Total Liabilities 123 222 280 299 341 416 663 826 921 886 920
63 125 143 158 168 205 268 526 588 558 560
CWIP 3 3 15 24 30 52 2 7 20 21 23
Investments 0 0 0 0 0 0 0 0 0 0 0
56 94 122 117 143 159 392 293 313 307 338
Total Assets 123 222 280 299 341 416 663 826 921 886 920

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
6 11 13 33 43 31 84 11 75 77
-50 -92 -38 -29 -47 -59 -193 -43 -49 -78
58 69 29 -9 5 33 163 8 -28 -14
Net Cash Flow 14 -11 4 -5 2 5 53 -24 -2 -15

Ratios

Consolidated Figures in Rs. Crores / View Standalone

Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
Debtor Days 11 4 10 9 9 6 7 10 9 8
Inventory Days 79 64 58 52 48 46 48 53 49 57
Days Payable 47 33 42 43 38 42 53 38 32 40
Cash Conversion Cycle 44 35 26 18 19 10 2 25 25 25
Working Capital Days 31 25 19 16 16 10 6 22 22 30
ROCE % 15% 5% 9% 16% 6% 15% 10% 7% 3%

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
71.43 71.43 71.43 71.43 71.43 71.44 71.44 71.48 71.48 71.48 71.48 71.49
8.95 9.03 8.78 9.07 9.13 8.19 5.83 4.90 4.88 4.78 4.66 5.09
14.67 15.00 14.79 14.69 14.78 15.53 15.92 16.30 16.33 16.44 16.49 16.42
4.95 4.54 5.00 4.81 4.66 4.84 6.80 7.32 7.31 7.30 7.37 7.00

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