Avenue Supermarts Ltd

Avenue Supermarts is primarily engaged in the business of organized retail and operates supermarkets under the brand name of D-Mart.(Source : 201903 Annual Report Page No: 153)

Pros:
Company is virtually debt free.
Company has good consistent profit growth of 42.29% over 5 years
Cons:
Stock is trading at 19.17 times its book value
Though the company is reporting repeated profits, it is not paying out dividend

Peer Comparison Sector: Retail // Industry: Trading

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Quarterly Results Standalone Figures in Rs. Crores / View Consolidated

Dec 2016 Mar 2017 Jun 2017 Sep 2017 Dec 2017 Mar 2018 Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019
3,339 3,111 3,598 3,507 4,094 3,810 4,559 4,873 5,451 5,033 5,781 5,949
3,051 2,903 3,295 3,189 3,672 3,515 4,137 4,483 4,998 4,657 5,185 5,434
Operating Profit 288 208 303 318 422 294 423 390 453 377 596 515
OPM % 9% 7% 8% 9% 10% 8% 9% 8% 8% 7% 10% 9%
Other Income 8 10 23 21 14 15 14 14 9 15 12 9
Interest 31 31 24 11 11 13 10 10 15 12 17 18
Depreciation 31 35 34 35 39 47 40 44 52 62 75 83
Profit before tax 234 151 268 293 385 250 387 349 395 317 516 423
Tax % 35% 36% 35% 35% 35% 33% 35% 35% 35% 36% 35% 21%
Net Profit 152 97 175 191 252 167 251 226 257 203 335 333
EPS in Rs 1.69 2.80 3.06 4.03 2.68 4.02 3.62 4.12 3.25 5.37 5.34
Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes

Profit & Loss Standalone Figures in Rs. Crores / View Consolidated

Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 TTM
593 1,035 1,582 2,203 3,335 4,681 6,434 8,575 11,881 16,481 21,863 22,214
570 978 1,486 2,068 3,124 4,345 5,981 7,919 10,917 15,143 20,220 20,273
Operating Profit 23 56 96 135 211 335 452 657 964 1,337 1,642 1,941
OPM % 4% 5% 6% 6% 6% 7% 7% 8% 8% 8% 8% 9%
Other Income 7 10 13 16 17 19 21 20 31 73 51 44
Interest 6 13 19 26 42 55 72 91 122 59 47 61
Depreciation 14 22 30 37 46 56 81 97 126 155 199 272
Profit before tax 11 32 60 87 139 242 321 488 747 1,196 1,448 1,652
Tax % 49% 34% 32% 32% 33% 34% 34% 35% 35% 34% 35%
Net Profit 6 21 41 59 93 160 211 318 483 785 936 1,129
EPS in Rs 7.73 12.57 15.00 18.08
Dividend Payout % 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0%
* Sales is net of excise duty and discounts
Compounded Sales Growth
10 Years:43.44%
5 Years:36.11%
3 Years:36.61%
TTM:28.14%
Compounded Profit Growth
10 Years:66.93%
5 Years:42.29%
3 Years:43.15%
TTM:26.09%
Stock Price CAGR
10 Years:%
5 Years:%
3 Years:%
1 Year:55.95%
Return on Equity
10 Years:17.55%
5 Years:18.72%
3 Years:18.11%
Last Year:18.15%

Balance Sheet Standalone Figures in Rs. Crores / View Consolidated

Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Sep 2019
272 381 506 534 544 547 562 562 624 624 624 624
Reserves 16 37 79 146 242 404 631 950 3,213 4,019 4,970 5,642
Borrowings 148 183 299 381 525 624 888 1,177 1,481 439 695 820
57 78 118 129 180 218 268 394 486 541 711 1,309
Total Liabilities 493 679 1,001 1,189 1,491 1,792 2,349 3,083 5,804 5,623 7,001 8,395
371 504 619 779 922 1,169 1,510 2,065 2,549 3,256 4,234 4,969
CWIP 49 40 114 74 107 78 92 82 153 147 377 403
Investments 2 22 65 24 20 17 17 30 37 181 212 310
70 113 202 312 441 528 731 906 3,066 2,039 2,178 2,713
Total Assets 493 679 1,001 1,189 1,491 1,792 2,349 3,083 5,804 5,623 7,001 8,395

Cash Flows Standalone Figures in Rs. Crores / View Consolidated

Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019
27 34 47 60 128 206 207 425 449 723 853
-108 -160 -263 -127 -232 -266 -461 -625 -2,475 432 -1,001
82 133 223 95 118 53 238 196 2,024 -1,122 204
Net Cash Flow 1 7 6 29 14 -8 -16 -3 -2 34 56

Ratios Standalone Figures in Rs. Crores / View Consolidated

Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019
ROCE % 9% 11% 12% 15% 21% 21% 24% 22% 24% 26%
Debtor Days 1 1 2 1 1 1 0 0 1 1 1
Inventory Turnover 17.38 16.68 14.53 15.05 15.06 14.39 14.41 14.91 15.85 16.06