Madhyam Agrivet Industries Ltd

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Madhyam Agrivet Summary Chart Analysis Peers Quarters Profit & Loss Balance Sheet Cash Flow Ratios Investors Documents
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Madhyam Agrivet Industries Ltd

₹ 99.6 -0.10%
22 Apr 2021
prabhatdairy.in
About

Prabhat Dairy Limited provides animal feed solutions and sells its products under the Annapurna brand. [1] 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. [1]

Key Points

Sale of Dairy Business (96% of Revenue)
The company vides agreement dated January 21, 2019, has signed a definitive agreement to sell its dairy business along with its subsidiary Company to Tirumala Milk Products Private Limited, a wholly-owned subsidiary of the French dairy multinational, Groupe Lactalis, for a total consideration of Rs. 1700 Cr.. [1]

The transaction has two parts, wherein SAIPL would be sold to TMPPL for Rs. 1,227 Cr. The additional Rs. 473 Cr agreed in the transaction would come from the slump sale of PDL’s dairy business on a going concern to SAIPL. [2]

Website
  • Market Cap ₹ 973 Cr.
  • Current Price ₹ 99.6
  • High / Low ₹ /
  • Stock P/E
  • Book Value ₹ 61.0
  • Dividend Yield 0.00 %
  • ROCE -0.20 %
  • ROE -0.21 %
  • Face Value ₹ 10.0
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Pros

  • Company is almost debt free.
  • Company is expected to give good quarter

Cons

  • Company has low interest coverage ratio.
  • Company has a low return on equity of 0.18% over last 3 years.
  • Working capital days have increased from 1,269 days to 2,851 days

* 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

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Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

Dec 2017 Mar 2018 Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020
360.48 5.55 5.76 15.46 13.65 36.83 57.81 54.56 192.47 186.75 82.34 87.76 92.36
347.61 5.37 5.46 14.55 13.73 45.66 57.72 56.93 193.58 325.28 80.19 85.79 91.25
Operating Profit 12.87 0.18 0.30 0.91 -0.08 -8.83 0.09 -2.37 -1.11 -138.53 2.15 1.97 1.11
OPM % 3.57% 3.24% 5.21% 5.89% -0.59% -23.98% 0.16% -4.34% -0.58% -74.18% 2.61% 2.24% 1.20%
2.86 8.16 7.68 3.45 6.59 0.00 7.10 9.32 8.61 5.19 6.50 6.62 6.53
Interest 3.99 0.00 0.00 0.00 0.00 0.00 0.30 0.00 0.00 0.00 0.00 0.00 0.00
Depreciation 4.79 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 6.95 8.34 7.98 4.36 6.51 -8.83 6.89 6.95 7.37 -133.40 8.59 8.52 7.56
Tax % 12.95% 0.72% 0.25% 1.61% 0.46% 3.85% 30.48% 41.73% 39.35% 0.01% 25.03% 25.00% 25.00%
6.04 8.28 7.96 4.30 6.48 -9.17 4.79 4.05 4.47 -133.42 6.44 6.39 5.67
EPS in Rs 0.62 0.85 0.81 0.44 0.66 -0.94 0.49 0.41 0.46 -13.66 0.66 0.65 0.58
Raw PDF

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023
465.54 561.00 779.58 874.32 1,000.08 1,131.16 27.47 71.54 533.09 373.09 250.77 75.64
445.10 539.79 746.04 832.55 954.38 1,087.37 26.21 68.71 679.27 383.54 275.50 77.40
Operating Profit 20.44 21.21 33.54 41.77 45.70 43.79 1.26 2.83 -146.18 -10.45 -24.73 -1.76
OPM % 4.39% 3.78% 4.30% 4.78% 4.57% 3.87% 4.59% 3.96% -27.42% -2.80% -9.86% -2.33%
0.35 0.29 0.41 0.56 17.89 17.01 18.08 4.78 59.88 26.41 18.38 0.98
Interest 10.44 10.08 14.31 19.13 18.00 14.67 0.00 0.00 0.30 0.01 0.31 0.05
Depreciation 5.74 6.83 15.60 16.53 15.23 16.05 0.00 0.00 0.20 0.29 0.39 0.39
Profit before tax 4.61 4.59 4.04 6.67 30.36 30.08 19.34 7.61 -86.80 15.66 -7.05 -1.22
Tax % 32.97% 34.42% 37.38% 46.18% 11.26% 9.24% 2.28% 12.61% 25.78% 25.67% 0.57% 2.46%
3.08 3.00 2.54 3.60 26.95 27.30 18.90 6.65 -109.18 11.63 -7.09 -1.25
EPS in Rs 0.10 1.00 0.85 0.50 2.76 2.79 1.93 0.68 -11.18 1.19 -0.73 -0.13
Dividend Payout % 0.00% 0.00% 0.00% 198.42% 14.50% 14.31% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Compounded Sales Growth
10 Years: -18%
5 Years: 22%
3 Years: -48%
TTM: -70%
Compounded Profit Growth
10 Years: %
5 Years: %
3 Years: 26%
TTM: 82%
Stock Price CAGR
10 Years: -2%
5 Years: %
3 Years: %
1 Year: %
Return on Equity
10 Years: 0%
5 Years: -3%
3 Years: 0%
Last Year: 0%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023
Equity Capital 0.30 3.00 3.00 71.43 97.68 97.68 97.68 97.68 97.68 97.68 95.09 95.09
Reserves 53.17 149.46 204.86 163.88 436.90 459.70 473.92 480.83 520.07 532.25 501.61 500.39
133.05 75.00 132.35 150.36 93.27 166.02 127.15 0.00 0.00 0.00 0.00 1.54
44.15 27.53 56.77 88.18 49.94 109.42 94.12 744.47 2,135.09 229.73 18.04 5.23
Total Liabilities 230.67 254.99 396.98 473.85 677.79 832.82 792.87 1,322.98 2,752.84 859.66 614.74 602.25
54.36 51.92 136.50 126.72 138.94 129.59 154.69 0.00 2.31 3.58 4.18 4.22
CWIP 21.90 0.00 0.51 1.26 1.52 5.17 1.69 0.00 0.00 0.12 0.12 0.14
Investments 0.38 17.60 0.17 0.17 161.66 173.97 327.13 32.58 0.00 0.00 0.00 0.00
154.03 185.47 259.80 345.70 375.67 524.09 309.36 1,290.40 2,750.53 855.96 610.44 597.89
Total Assets 230.67 254.99 396.98 473.85 677.79 832.82 792.87 1,322.98 2,752.84 859.66 614.74 602.25

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023
20.65 24.74 32.20 -14.15 -67.99 96.81 64.61 102.87 967.10 -605.03 -499.33 -1.65
-89.12 -82.63 -84.22 13.53 -155.84 -78.88 -63.30 -106.38 -28.29 -1.56 -27.12 -0.45
68.89 58.99 50.87 18.66 209.35 53.38 -60.19 211.76 0.00 0.00 0.00 0.00
Net Cash Flow 0.42 1.10 -1.15 18.05 -14.48 71.30 -58.88 208.25 938.80 -606.59 -526.45 -2.10
Free Cash Flow -11.16 13.72 16.15 -21.42 -71.72 84.95 19.36 86.10 944.08 -606.59 -500.31 -2.08
CFO/OP 115% 122% 100% -31% -133% 232% 5,484% 3,692% -677% 5,746% 2,019% 94%

Ratios

Standalone / View Consolidated

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 24.16 20.19 15.61 31.52 41.90 35.21 1,230.00 2.55 91.66 294.10 505.06 6.27
Inventory Days 10.80 11.15 10.10 11.74 12.55 17.43 686.46 1.30 5.69 2.31
Days Payable 27.62 14.24 20.45 24.26 14.78 13.50 689.89 14.11 519.95 197.21
Cash Conversion Cycle 7.33 17.10 5.26 19.00 39.67 39.14 1,226.57 -10.26 -422.61 99.20 505.06 6.27
Working Capital Days 24.52 18.63 8.99 34.86 113.83 45.78 1,299.76 2,727.50 -622.02 95.38 858.92 2,851.38
ROCE % 10.34% 7.09% 6.45% 7.11% 9.54% 6.64% 2.72% 1.19% -14.46% 2.51% -1.10% -0.20%

Insights

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Mar 2008 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018
B2C share of revenue
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Average daily milk procurement
million litres per day
Number of distributors
count
Number of farmers (procurement base)
count
Number of bulk milk coolers
count
Value-added products share of revenue
%
Milk procurement price
Rs per litre
Number of modern trade outlets
count

Extracted by Screener AI

Shareholding Pattern

Numbers in percentages

Jun 2018Sep 2018Dec 2018Mar 2019Jun 2019Sep 2019Dec 2019Mar 2020Jun 2020Sep 2020Dec 2020Mar 2021
50.10% 50.10% 50.10% 50.10% 50.10% 50.10% 50.10% 50.10% 50.10% 50.10% 50.10% 50.10%
7.91% 7.92% 7.13% 5.31% 4.78% 4.56% 4.55% 4.50% 4.35% 4.29% 4.29% 1.96%
2.53% 5.39% 4.75% 3.64% 3.82% 3.73% 3.45% 3.71% 3.75% 3.32% 2.77% 0.72%
39.46% 36.59% 38.02% 40.95% 41.30% 41.61% 41.90% 41.69% 41.80% 42.29% 42.84% 47.22%
No. of Shareholders 22,24522,02623,41224,05622,80520,10517,90317,16316,84216,26815,97813,344

* 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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