Prabhat Dairy Ltd

About [ edit ]

Prabhat Dairy Limited provides animal feed solutions and sells its products under the Annapurna brand. # It sold its flagship dairy business and is now focussing on compound cattle feed and supplies formulated Total Mix Ration (TMR) products and services to dairy farmers. #

Key Points [ edit ]
  • Market Cap 968 Cr.
  • Current Price 99.2
  • High / Low 99.6 / 45.4
  • Stock P/E
  • Book Value 50.1
  • Dividend Yield 0.00 %
  • ROCE -14.0 %
  • ROE -17.6 %
  • Face Value 10.0

Pros

  • Company is almost debt free.
  • Debtor days have improved from 1014.35 to 99.88 days.

Cons

  • Company has low interest coverage ratio.
  • The company has delivered a poor sales growth of -11.88% over past five years.
  • Company has a low return on equity of -0.66% for last 3 years.

Peer comparison

Sector: FMCG Industry: Food - Processing - Indian

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Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

Mar 2018 Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020
5.56 5.76 15.46 13.65 161.47 73.40 63.38 201.58 194.73 82.61 87.87 92.36
5.37 5.47 17.17 13.74 162.92 73.22 65.87 202.62 337.56 80.75 84.14 91.10
Operating Profit 0.19 0.29 -1.71 -0.09 -1.45 0.18 -2.49 -1.04 -142.83 1.86 3.73 1.26
OPM % 3.42% 5.03% -11.06% -0.66% -0.90% 0.25% -3.93% -0.52% -73.35% 2.25% 4.24% 1.36%
Other Income 17.48 18.05 14.32 6.59 13.32 16.80 17.53 17.31 8.24 10.43 10.07 10.54
Interest 0.00 0.00 0.00 0.00 0.09 0.30 0.00 0.00 0.00 0.00 1.31 0.00
Depreciation 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.13 0.06 0.06 0.07 0.08
Profit before tax 17.67 18.34 12.61 6.50 11.78 16.68 15.04 16.14 -134.65 12.23 12.42 11.72
Tax % 0.34% 0.11% 1.98% 0.31% -31.49% 30.58% 35.90% 36.56% -4.43% 25.02% 25.04% 25.00%
Net Profit 17.60 18.32 12.35 6.48 15.49 11.58 9.64 10.24 -140.63 9.17 9.31 8.79
EPS in Rs 1.80 1.88 1.26 0.66 1.59 1.19 0.99 1.05 -14.40 0.94 0.95 0.90

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 TTM
483 641 857 1,003 1,168 1,410 28 239 533 458
434 569 766 900 1,052 1,283 26 236 679 594
Operating Profit 49 72 91 104 115 127 1 3 -146 -136
OPM % 10% 11% 11% 10% 10% 9% 4% 1% -27% -30%
Other Income 1 1 1 1 1 20 46 49 60 39
Interest 18 30 33 41 41 29 0 0 0 1
Depreciation 16 24 33 34 40 43 0 0 0 0
Profit before tax 15 19 25 29 37 74 48 52 -87 -98
Tax % 35% 28% 18% 10% 37% 37% 1% 5% -26%
Net Profit 10 14 21 26 23 47 47 49 -109 -113
EPS in Rs 0.32 4.60 6.93 3.64 2.37 4.81 4.84 5.00 -11.18 -11.61
Dividend Payout % 0% 0% 0% 27% 17% 8% 0% 0% 0%
Compounded Sales Growth
10 Years:%
5 Years:-12%
3 Years:-28%
TTM:-8%
Compounded Profit Growth
10 Years:%
5 Years:%
3 Years:%
TTM:-341%
Stock Price CAGR
10 Years:%
5 Years:-3%
3 Years:-18%
1 Year:63%
Return on Equity
10 Years:%
5 Years:1%
3 Years:-1%
Last Year:-18%

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 Sep 2020
0 17 27 71 98 98 98 98 98 98
Reserves 113 220 291 280 548 591 633 682 373 392
Borrowings 285 271 295 412 158 358 207 0 0 0
81 80 118 100 75 102 105 675 2,294 2,405
Total Liabilities 479 575 707 864 878 1,149 1,043 1,455 2,765 2,894
263 303 319 306 413 415 443 0 2 3
CWIP 41 39 92 159 24 27 11 0 0 0
Investments 0 0 0 0 0 0 0 0 0 0
175 233 296 399 441 707 589 1,455 2,763 2,891
Total Assets 479 575 707 864 878 1,149 1,043 1,455 2,765 2,894

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
54 56 9 1 26 20 218 -115 967
-117 -110 -61 -53 -27 -88 -89 16 -28
65 57 50 69 -8 166 -189 277 0
Net Cash Flow 1 3 -2 17 -9 97 -60 178 939

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
ROCE % 11% 10% 10% 10% 9% 5% 6% -14%
Debtor Days 35 45 66 76 71 70 2,942 1 100
Inventory Turnover 16.98 16.90 14.98 12.61 10.51 0.19 3.40 612.01

Shareholding Pattern

Numbers in percentages

Mar 2018 Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020
50.10 50.10 50.10 50.10 50.10 50.10 50.10 50.10 50.10 50.10 50.10 50.10
7.55 7.91 7.92 7.13 5.31 4.78 4.56 4.55 4.50 4.35 4.29 4.29
2.96 2.53 5.39 4.75 3.64 3.82 3.73 3.45 3.71 3.75 3.32 2.77
39.39 39.46 36.59 38.02 40.95 41.30 41.61 41.90 41.69 41.80 42.29 42.84

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