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).(Source : 201903 Annual Report Page No: 102)

Pros:
Cons:
Stock is trading at 4.78 times its book value
Company has low interest coverage ratio.
Company has a low return on equity of -4.19% for last 3 years.
Promoters have pledged 61.10% of their holding

Peer Comparison Sector: Trading // Industry: Trading

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Quarterly Results Consolidated Figures in Rs. Crores / View Standalone

Sep 2016 Dec 2016 Mar 2017 Jun 2017 Sep 2017 Dec 2017 Mar 2018 Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019
563.72 551.58 533.45 662.60 751.05 784.66 811.16 840.88 1,011.15 991.51 1,037.38 1,048.45
560.65 548.39 536.84 656.78 743.05 771.11 805.64 827.37 992.29 970.10 1,019.97 1,021.46
Operating Profit 3.07 3.19 -3.39 5.82 8.00 13.55 5.52 13.51 18.86 21.41 17.41 26.99
OPM % 0.54% 0.58% -0.64% 0.88% 1.07% 1.73% 0.68% 1.61% 1.87% 2.16% 1.68% 2.57%
Other Income 5.35 6.45 8.04 5.80 5.23 4.50 16.54 8.61 8.89 7.09 7.18 4.69
Interest 10.59 12.06 8.84 12.81 12.18 13.61 14.02 15.93 17.24 19.52 20.86 22.58
Depreciation 8.99 8.85 7.02 8.97 11.35 10.57 14.60 12.25 12.69 13.94 14.27 17.82
Profit before tax -11.16 -11.27 -11.21 -10.16 -10.30 -6.13 -6.56 -6.06 -2.18 -4.96 -10.54 -8.72
Tax % -0.00% -0.00% -1.52% -0.00% -0.00% -0.00% 38.11% -0.00% -47.71% -9.27% 171.54% -73.62%
Net Profit -16.17 -14.01 -10.09 -8.85 -8.81 -4.70 -3.63 -5.91 -3.00 -5.23 7.75 -14.94
EPS in Rs -0.09 -0.08 -0.05 -0.05 -0.05 -0.02 -0.02 -0.03 -0.03 -0.03 0.01 -0.08
Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes

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

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
5.14 130.59 154.06 545.67 855.48 915.03 822.41 1,312.26 1,702.08 2,115.84 3,007.47 3,880.65 4,088.49
9.10 172.60 177.72 530.75 832.50 974.41 899.29 1,361.89 1,716.74 2,127.96 2,974.81 3,809.21 4,003.82
Operating Profit -3.96 -42.01 -23.66 14.92 22.98 -59.38 -76.88 -49.63 -14.66 -12.12 32.66 71.44 84.67
OPM % -77.04% -32.17% -15.36% 2.73% 2.69% -6.49% -9.35% -3.78% -0.86% -0.57% 1.09% 1.84% 2.07%
Other Income 0.02 0.05 23.58 -2.38 -34.61 41.80 105.62 20.25 25.57 25.04 32.25 31.44 27.85
Interest 0.13 2.20 10.74 23.88 21.94 16.89 5.33 31.93 70.22 44.86 52.57 73.48 80.20
Depreciation 0.03 7.00 8.62 25.33 23.01 37.26 39.31 47.47 28.36 32.61 45.48 53.15 58.72
Profit before tax -4.10 -51.16 -19.44 -36.67 -56.58 -71.73 -15.90 -108.78 -87.67 -64.55 -33.14 -23.75 -26.40
Tax % -6.59% -10.16% -8.18% -7.47% -15.55% -6.72% 3.71% -0.54% 0.24% -1.38% 7.54% 69.77%
Net Profit -8.50 -54.57 -10.44 -26.96 -41.77 -55.72 -6.95 -102.76 -107.68 -61.01 -25.98 -6.39 -15.42
EPS in Rs 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 -0.13
Dividend Payout % -0.00% -0.00% -0.00% -0.00% -0.00% -0.00% -0.00% -0.00% -0.00% -0.00% -0.00% -0.00%
* Sales is net of excise duty and discounts
Compounded Sales Growth
10 Years:40.38%
5 Years:36.38%
3 Years:31.62%
TTM:28.26%
Compounded Profit Growth
10 Years:6.55%
5 Years:%
3 Years:24.74%
TTM:33.10%
Stock Price CAGR
10 Years:%
5 Years:17.73%
3 Years:8.40%
1 Year:-43.72%
Return on Equity
10 Years:-4.88%
5 Years:-7.78%
3 Years:-4.19%
Last Year:-0.63%

Balance Sheet Consolidated Figures in Rs. Crores / View Standalone

Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019
363.84 368.84 576.24 826.24 1,576.24 945.75 958.79 994.29 987.55 988.36 1,141.29 1,144.29
Reserves -8.36 -62.93 -71.78 -99.36 -138.71 -129.33 -153.10 -224.71 -433.08 -496.82 -146.04 -154.07
Borrowings 57.09 55.76 168.79 186.06 189.37 7.25 109.65 673.41 539.13 471.43 617.66 813.66
108.02 57.64 157.28 184.52 204.21 176.23 187.34 255.78 238.60 728.82 409.53 465.40
Total Liabilities 520.59 419.31 830.53 1,097.46 1,831.11 999.90 1,102.68 1,698.77 1,332.20 1,691.79 2,022.44 2,269.28
86.14 88.33 335.00 561.83 648.76 471.28 472.81 888.20 787.35 844.11 909.55 945.41
CWIP 0.69 1.30 1.62 2.43 5.83 5.52 6.98 50.48 36.78 89.45 69.49 30.63
Investments 268.67 221.98 100.93 121.76 495.71 217.80 138.96 111.63 86.05 40.37 43.01 72.88
165.09 107.70 392.98 411.44 680.81 305.30 483.93 648.46 422.02 717.86 1,000.39 1,220.36
Total Assets 520.59 419.31 830.53 1,097.46 1,831.11 999.90 1,102.68 1,698.77 1,332.20 1,691.79 2,022.44 2,269.28

Cash Flows Consolidated Figures in Rs. Crores / View Standalone

Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019
-70.21 -13.84 -74.25 92.41 -308.88 -63.62 -79.11 -243.10 79.51 -81.16 -93.79 -55.38
-346.65 13.00 -85.49 -352.35 -472.83 33.10 86.60 -192.71 51.96 -147.39 -126.71 -43.42
420.51 9.71 165.39 249.25 799.77 14.27 -6.19 462.67 -144.29 258.35 216.76 111.57
Net Cash Flow 3.65 8.87 5.65 -10.69 18.06 -16.25 1.30 26.86 -12.82 29.80 -3.74 12.76

Ratios Consolidated Figures in Rs. Crores / View Standalone

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 % -12.65% -1.68% -1.05% 0.17% -4.20% -0.24% -5.25% -1.24% -2.00% 1.46% 2.92%
Debtor Days 15.62 15.04 344.48 124.94 89.17 11.36 48.61 43.00 35.38 55.92 59.81 63.46
Inventory Turnover 4.10 2.20 4.90 6.11 8.42 10.07 12.15 15.37 14.81 15.04 16.48