Future Consumer Ltd

Future Consumer is engaged in the business of sourcing, manufacturing, branding, marketing and distribution of fast moving consumer goods (FMCG), Food and Processed Food Products in Urban and Rural India. Earlier the Company was regulated by the Reserve Bank of India (the RBI) as a non-deposit taking Non-Banking Financial Company (NBFC).

Pros:
Cons:
Stock is trading at 4.07 times its book value
Though the company is reporting repeated profits, it is not paying out dividend
Company has low interest coverage ratio.
Tax rate seems low
Company has a low return on equity of 3.89% for last 3 years.
Promoters have pledged 61.10% of their holding
** Remarks:
Some businesses are provided tax benefits to encourage their development

Peer Comparison Sector: Trading // Industry: Trading

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Quarterly Results Standalone Figures in Rs. Crores / View Consolidated

Sep 2016 Dec 2016 Mar 2017 Jun 2017 Sep 2017 Dec 2017 Mar 2018 Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019
439 434 415 517 616 645 653 650 805 755 779 784
432 428 405 504 601 630 641 632 778 728 749 748
Operating Profit 6 6 10 13 15 15 11 18 27 27 30 36
OPM % 1% 1% 2% 2% 2% 2% 2% 3% 3% 4% 4% 5%
Other Income 7 9 11 9 10 11 19 15 -5 16 14 14
Interest 9 9 7 11 10 12 12 14 16 18 19 21
Depreciation 5 5 2 5 6 7 7 8 8 9 10 12
Profit before tax -0 1 10 6 9 7 11 11 -2 17 16 17
Tax % -0% 0% 2% 0% 0% 0% 3% 0% -0% 0% -117% 33%
Net Profit -0 1 10 6 9 7 11 11 -2 17 35 12
Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes

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

Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 TTM
5 -3 26 13 55 309 343 1,083 1,338 1,645 2,431 2,990 3,124
9 7 5 14 33 351 406 1,125 1,347 1,617 2,377 2,888 3,004
Operating Profit -4 -10 21 -1 23 -42 -63 -42 -9 28 54 102 120
OPM % -77% 325% 82% -7% 41% -13% -18% -4% -1% 2% 2% 3% 4%
Other Income 0 0 0 0 -31 48 119 11 28 34 49 40 40
Interest 0 0 0 0 0 2 1 30 63 37 46 66 72
Depreciation 0 0 0 0 0 16 25 33 15 17 25 35 39
Profit before tax -4 -10 21 -1 -8 -11 30 -94 -59 8 33 42 48
Tax % -6% -10% 20% 29% -62% -4% 0% -0% 0% 2% 1% -45%
Net Profit -4 -11 17 -1 -14 -11 30 -94 -58 8 32 61 61
EPS in Rs 0.00 0.00 0.19 0.00 0.00 0.05 0.17 0.32
Dividend Payout % -0% -0% 0% -0% -0% -0% 0% -0% -0% 0% 0% 0%
* Sales is net of excise duty and discounts
Compounded Sales Growth
10 Years:%
5 Years:54.21%
3 Years:30.74%
TTM:21.83%
Compounded Profit Growth
10 Years:%
5 Years:20.09%
3 Years:%
TTM:65.94%
Return on Equity
10 Years:0.46%
5 Years:-0.13%
3 Years:3.89%
Last Year:6.00%

Balance Sheet Standalone Figures in Rs. Crores / View Consolidated

Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019
364 369 576 826 1,576 946 959 994 988 988 1,141 1,144
Reserves -4 -15 2 2 -12 -16 -6 -69 -256 -249 161 224
Borrowings 0 0 0 0 0 1 10 548 446 395 545 735
75 3 1 6 3 109 94 128 86 581 274 323
Total Liabilities 435 356 579 835 1,567 1,040 1,057 1,601 1,264 1,715 2,121 2,426
0 0 0 0 0 262 286 307 234 230 295 331
CWIP 0 0 0 0 0 0 0 0 22 84 48 1
Investments 309 279 454 751 1,290 511 457 729 588 636 679 706
125 77 125 84 277 267 315 565 420 765 1,098 1,388
Total Assets 435 356 579 835 1,567 1,040 1,057 1,601 1,264 1,715 2,121 2,426

Cash Flows Standalone Figures in Rs. Crores / View Consolidated

Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019
-53 -15 -45 45 -222 -35 -98 -209 89 -53 -80 -48
-309 16 -158 -306 -527 42 90 -198 56 -217 -143 -84
363 5 207 250 750 -4 9 426 -155 282 224 114
Net Cash Flow 1 6 4 -11 1 2 2 20 -10 13 0 -18

Ratios Standalone Figures in Rs. Crores / View Consolidated

Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019
ROCE % -2% -3% 5% -0% 2% -1% 3% -3% 0% 4% 5% 6%
Debtor Days 0 -0 0 0 0 16 26 42 39 61 65 72
Inventory Turnover 20.90 12.33 20.20 15.57 14.17 14.30 14.33