Avanti Feeds Financial Statements

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Y/e 31 Mar Mar-2020 Mar-2018 Mar-2017 Mar-2016
Growth matrix (%)        
Revenue growth 21.30 29.70 29.60 13.30
Op profit growth (34) 107 43.60 27
EBIT growth (31) 108 44 31
Net profit growth (22) 107 36.90 35.90
Profitability ratios (%)        
OPM 11 20.10 12.60 11.40
EBIT margin 11.80 20.90 13 11.70
Net profit margin 8.42 13.20 8.24 7.80
RoCE 34.70 72.70 56.50 61.50
RoNW 7.11 13.40 10.20 11.40
RoA 6.18 11.50 8.96 10.30
Per share ratios ()        
EPS 28.40 103 49.80 33.90
Dividend per share 5.10 6 9 7
Cash EPS 22.70 93.10 44.50 32.40
Book value per share 103 227 140 93.10
Valuation ratios        
P/E 10.40 7.24 4.96 3.92
P/CEPS 13 7.99 5.56 4.09
P/B 2.86 3.28 1.77 1.43
EV/EBIDTA 7.27 13.80 9.45 7.09
Payout (%)        
Dividend payout -- 6.10 17.70 19.10
Tax payout (20) (34) (33) (34)
Liquidity ratios        
Debtor days 6.16 3.95 4.07 6.20
Inventory days 47.40 47.40 44.70 45.90
Creditor days (25) (36) (32) (24)
Leverage ratios        
Interest coverage (245) (239) (113) (128)
Net debt / equity (0.10) -- -- (0.10)
Net debt / op. profit (0.40) -- (0.10) (0.30)
Cost breakup ()        
Material costs (79) (71) (79) (76)
Employee costs (2.80) (3.30) (2.80) (2.90)
Other costs (6.90) (5.60) (5.40) (10)
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Y/e 31 Mar( In .Cr) Mar-2020 Mar-2018 Mar-2017 Mar-2016
Revenue 4,115 3,393 2,616 2,018
yoy growth (%) 21.30 29.70 29.60 13.30
Raw materials (3,264) (2,410) (2,071) (1,529)
As % of sales 79.30 71 79.20 75.80
Employee costs (114) (111) (73) (58)
As % of sales 2.76 3.27 2.79 2.88
Other costs (284) (190) (141) (202)
As % of sales 6.89 5.59 5.41 9.98
Operating profit 454 683 330 230
OPM 11 20.10 12.60 11.40
Depreciation (38) (24) (14) (10)
Interest expense (2) (3) (3) (1.80)
Other income 70.20 49.40 23.50 16.60
Profit before tax 484 705 337 234
Taxes (99) (238) (110) (79)
Tax rate (20) (34) (33) (34)
Minorities and other (40) (20) (11) (1.50)
Adj. profit 346 447 216 154
Exceptional items -- (0.80) 0.06 3.91
Net profit 346 446 216 158
yoy growth (%) (22) 107 36.90 35.90
NPM 8.42 13.20 8.24 7.80
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Y/e 31 Mar ( In .Cr) Mar-2020 Mar-2018 Mar-2017 Mar-2016
Profit before tax 484 705 337 234
Depreciation (38) (24) (14) (10)
Tax paid (99) (238) (110) (79)
Working capital 554 230 59.30 115
Other operating items -- -- -- --
Operating cashflow 902 674 272 260
Capital expenditure 319 271 88.50 79.10
Free cash flow 1,221 945 361 339
Equity raised 1,111 689 565 452
Investments 646 540 325 (7.20)
Debt financing/disposal (38) (29) (28) (34)
Dividends paid -- 27.20 38.30 25
Other items -- -- -- --
Net in cash 2,939 2,172 1,260 775
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Y/e 31 Mar ( In .Cr) Mar-2020 Mar-2019 Mar-2018 Mar-2017
Equity capital 13.60 13.60 9.08 9.08
Preference capital -- -- -- --
Reserves 1,390 1,192 1,022 626
Net worth 1,404 1,206 1,031 635
Minority interest
Debt 1.57 9.34 6.87 19.30
Deferred tax liabilities (net) 25.30 27.50 26.30 12.70
Total liabilities 1,622 1,394 1,183 766
Fixed assets 297 302 314 255
Intangible assets
Investments 680 630 584 360
Deferred tax asset (net) 20.80 9.74 0.23 --
Net working capital 425 266 270 106
Inventories 544 379 525 356
Inventory Days 48.20 -- 56.50 49.60
Sundry debtors 88.80 48.60 50 23.40
Debtor days 7.87 -- 5.38 3.27
Other current assets 71.90 68.50 38.50 30.30
Sundry creditors (218) (182) (288) (252)
Creditor days 19.30 -- 31 35.10
Other current liabilities (61) (49) (55) (51)
Cash 199 187 14.40 45.10
Total assets 1,622 1,394 1,183 766
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Particulars ( Rupees In Crores.) Mar-2020 Sep-2019 Mar-2019 Sep-2018 Mar-2018
Gross Sales 1,958 2,158 1,693 1,795 1,541
Excise Duty -- -- -- -- --
Net Sales 1,958 2,158 1,693 1,795 1,541
Other Operating Income -- -- -- -- --
Other Income 31.10 39.60 33.40 25.90 32.40
Total Income 1,989 2,197 1,726 1,821 1,573
Total Expenditure ** 1,769 1,892 1,490 1,591 1,270
PBIDT 219 305 236 230 303
Interest 1.35 0.63 1.64 0.98 1.12
PBDT 218 305 235 229 302
Depreciation 18.70 19 18.10 17.80 14.80
Minority Interest Before NP -- -- -- -- --
Tax 47.20 64.60 62.60 67.30 83.50
Deferred Tax (5.70) (7.50) (7.30) (1) 11.30
Reported Profit After Tax 158 229 162 145 192
Minority Interest After NP 22.70 17.10 20 13 7.62
Net Profit after Minority Interest 135 212 142 132 183
Extra-ordinary Items -- -- 0.03 3.52 (0.80)
Adjusted Profit After Extra-ordinary item 135 212 142 129 184
EPS (Unit Curr.) 9.90 15.50 10.40 9.70 40.40
Book Value (Unit Curr.) -- -- -- -- --
Dividend (%) -- -- -- -- --
Equity 13.60 13.60 13.60 13.60 9.08
Public Shareholding (Number) -- -- -- -- --
Public Shareholding (%) -- -- -- -- --
Pledged/Encumbered - No. of Shares -- -- -- -- --
Pledged/Encumbered - % in Total Promoters Holding -- -- -- -- --
Pledged/Encumbered - % in Total Equity -- -- -- -- --
Non Encumbered - No. of Shares -- -- -- -- --
Non Encumbered - % in Total Promoters Holding -- -- -- -- --
Non Encumbered - % in Total Equity -- -- -- -- --
PBIDTM(%) 11.20 14.20 14 12.80 19.60
PBDTM(%) -- -- -- -- --
PATM(%) 8.05 10.60 9.54 8.08 12.50