Vadilal Industries Ltd

Vadilal Industries Ltd

₹ 3,493 -0.22%
28 Feb - close price
About

Vadilal was started as a soda company in 1907, the founder Vadilal Gandhi used to make ice cream by the traditional Kothi method. Vadilal Gandhi passed on the business to his son, Ranchod Lal Gandhi, who ran a one-man operation with a hand-cranked machine, started a small retail outlet in 1926. [1]

The Company is engaged in the business of manufacturing Ice-cream, Frozen Dessert, Juicy, and Candy and processing and exporting Processed Food products, such as Frozen Fruits and Vegetables, Canned Fruit Pulp, Ready-to-eat and Ready-to serve products, etc. [2]

Key Points

Brand Position
Vadilal is the country's second-largest ice cream brand by sales. Vadilal has the largest range of ice creams in the country, with more than 150 flavors sold in more than 300 packs and forms. [1] It has a 16% of organized market share. [2]
Its existing variants like Gourmet, Badabite, Flingo Jumbo Cups, and Ice trooper continue to show substantial movement in the market. [3]
The brand is known to be the first and the only ice cream producer in India to have a machine with a huge capacity of 12 lakh cones per day. It entered into the flavored milk segment under the brand name 'Power Sip', which is available in flavors like ‘Kesar', 'Elaichi', 'Coffee' and 'Rose' packaged uniquely for the brand to stand out in the crowd. [4]

  • Market Cap 2,515 Cr.
  • Current Price 3,493
  • High / Low 3,930 / 1,799
  • Stock P/E 17.1
  • Book Value 704
  • Dividend Yield 0.04 %
  • ROCE 25.6 %
  • ROE 28.4 %
  • Face Value 10.0

Pros

  • Company has delivered good profit growth of 44.5% CAGR over last 5 years

Cons

* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.

Peer comparison

Sector: FMCG Industry: Food - Processing - Indian

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Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

Dec 2020 Mar 2021 Jun 2021 Sep 2021 Dec 2021 Mar 2022 Jun 2022 Sep 2022 Dec 2022 Mar 2023 Jun 2023 Sep 2023 Dec 2023
98.55 168.50 166.35 188.33 130.18 212.86 391.19 267.04 143.38 256.25 410.91 288.71 174.26
93.28 140.58 138.11 163.42 124.33 172.97 316.01 222.86 148.96 207.52 306.65 229.76 162.97
Operating Profit 5.27 27.92 28.24 24.91 5.85 39.89 75.18 44.18 -5.58 48.73 104.26 58.95 11.29
OPM % 5.35% 16.57% 16.98% 13.23% 4.49% 18.74% 19.22% 16.54% -3.89% 19.02% 25.37% 20.42% 6.48%
4.40 5.23 0.75 3.48 2.40 1.68 3.67 3.91 3.78 2.41 1.60 4.37 3.84
Interest 5.07 5.36 4.76 4.64 4.52 5.47 4.61 2.79 3.73 4.72 5.56 4.32 3.77
Depreciation 5.66 5.93 6.43 5.66 5.99 5.90 7.16 7.85 6.45 8.42 8.52 8.78 8.38
Profit before tax -1.06 21.86 17.80 18.09 -2.26 30.20 67.08 37.45 -11.98 38.00 91.78 50.22 2.98
Tax % -12.26% 24.34% 28.65% 29.74% -6.19% 28.18% 26.25% 27.02% 22.45% 24.26% 22.62% 24.23% -210.07%
-1.19 16.54 12.70 12.70 -2.40 21.69 49.46 27.33 -9.29 28.78 71.02 38.05 9.24
EPS in Rs -1.66 23.01 17.67 17.67 -3.34 30.18 68.81 38.02 -12.92 40.04 98.81 52.94 12.86
Raw PDF

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 Mar 2022 Mar 2023 TTM
285 324 367 406 450 482 547 567 599 463 698 1,058 1,130
249 287 327 367 391 425 499 494 521 428 599 892 907
Operating Profit 36 37 40 39 58 57 48 73 79 36 99 166 223
OPM % 13% 11% 11% 10% 13% 12% 9% 13% 13% 8% 14% 16% 20%
3 7 2 3 1 3 6 10 10 16 8 10 12
Interest 20 25 25 26 21 16 15 14 17 21 19 16 18
Depreciation 10 11 13 13 14 15 16 17 24 23 24 30 34
Profit before tax 9 8 4 4 24 29 23 52 48 8 64 131 183
Tax % 37% 39% 36% 36% 40% 35% 32% 36% 14% 40% 30% 26%
6 5 2 2 15 19 16 33 41 5 45 96 147
EPS in Rs 8.06 7.00 3.20 3.39 20.53 26.52 21.79 46.41 57.57 6.44 62.19 133.98 204.65
Dividend Payout % 19% 21% 31% 29% 6% 5% 6% 3% 0% 0% 2% 1%
Compounded Sales Growth
10 Years: 13%
5 Years: 14%
3 Years: 21%
TTM: 11%
Compounded Profit Growth
10 Years: 35%
5 Years: 44%
3 Years: 34%
TTM: 65%
Stock Price CAGR
10 Years: 39%
5 Years: 46%
3 Years: 58%
1 Year: 38%
Return on Equity
10 Years: 14%
5 Years: 17%
3 Years: 17%
Last Year: 28%

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 Mar 2022 Mar 2023 Sep 2023
Equity Capital 7 7 7 7 7 7 7 7 7 7 7 7 7
Reserves 102 106 106 106 120 154 168 200 240 244 290 390 499
148 172 166 152 122 119 141 148 174 158 186 291 185
72 68 97 104 117 134 123 122 153 159 140 150 149
Total Liabilities 329 353 376 370 366 414 439 477 574 567 623 838 840
196 207 228 226 225 251 257 267 318 312 307 403 425
CWIP 8 16 4 1 1 5 7 13 9 5 3 20 11
Investments 0 0 0 0 0 1 1 1 1 1 1 5 78
125 129 144 143 141 158 175 196 247 250 313 410 326
Total Assets 329 353 376 370 366 414 439 477 574 567 623 838 840

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 Mar 2022 Mar 2023
53 35 55 50 64 46 17 44 67 82 32 39
-33 -24 -21 -8 -11 -23 -24 -31 -67 -11 -20 -62
-19 -10 -33 -41 -53 -20 6 -10 4 -56 8 9
Net Cash Flow -0 1 1 1 -1 3 -1 4 4 16 20 -13

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 Mar 2022 Mar 2023
Debtor Days 42 14 15 14 18 8 28 20 27 36 34 27
Inventory Days 153 176 178 144 138 135 119 157 179 211 170 167
Days Payable 101 79 104 96 104 92 91 86 98 165 85 58
Cash Conversion Cycle 94 111 89 62 51 51 56 91 107 81 119 135
Working Capital Days 49 38 21 9 3 12 31 38 50 51 69 82
ROCE % 13% 12% 10% 10% 18% 17% 13% 20% 17% 7% 19% 26%

Shareholding Pattern

Numbers in percentages

Mar 2021Jun 2021Sep 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023
64.72% 64.72% 64.72% 64.72% 64.72% 64.73% 64.72% 64.72% 64.72% 64.72% 64.72% 64.72%
0.00% 0.00% 0.00% 0.00% 0.10% 0.06% 0.11% 0.17% 0.09% 0.03% 0.09% 0.09%
0.01% 0.01% 0.01% 0.01% 0.01% 0.01% 0.01% 0.00% 0.00% 0.00% 0.00% 0.00%
35.27% 35.27% 35.27% 35.27% 35.17% 35.20% 35.15% 35.11% 35.19% 35.25% 35.18% 35.20%
No. of Shareholders 11,30010,67910,76611,07312,62712,82313,85812,48713,12812,38113,70014,286

* The classifications might have changed from Sep'2022 onwards. The new XBRL format added more details from Sep'22 onwards.

Classifications such as banks and foreign portfolio investors were not available earlier. The sudden changes in FII or DII can be because of these changes.

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