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Avanti Feeds: Good Performance Overall
Feb 2, 2017

Avanti Feeds has announced the third quarter results of financial year 2016-2017 (3QFY17). The company has reported a 35.2% YoY increase in the topline while the bottomline increased by 12.5% YoY. Here is our analysis of the results.

Performance summary
  • Revenues rose by 35.2% YoY led by the both the divisions. The shrimp processing division grew by 26% YoY while the feeds business (82% of revenues) rose by 37% YoY. Revenue from exports increased by 24% YoY and revenue from the domestic market increased by 37% YoY during the quarter.
  • Operating profits increased by 24.1% YoY. Operating profit margin declined by 1.1% and stood at 12.3% during the quarter.
  • Net profits increased by 12.5% YoY. This is on the back of an increase in operating profit and marginal increase in other income. This was partly offset by a sharp increase in depreciation, minority interest.

    Consolidated Financial Snapshot
    (Rs m) 3QFY16 3QFY17 Change 9mFY16 9mFY17 Change
    Net sales 4,131 5,586 35.2% 15,495 20,282 30.9%
    Expenditure 3,576 4,898 37.0% 13,674 18,266 33.6%
    Operating profit (EBDITA) 555 688 24.1% 1,821 2,016 10.7%
    Operating profit margin (%) 13.4% 12.3% 11.8% 9.9%
    Other income 35 36 2.7% 122 138 13.4%
    Interest 2 2 2.1% 8 5 -30.9%
    Depreciation 26 39 52.4% 77 99 28.2%
    Exceptional items 47 1 -99%
    Profit before tax 562 683 21.5% 1,905 2,051 8%
    Tax 190 218 14.7% 636 680 7%
    Effective tax rate 33.9% 32.0% 33.4% 33.2%
    Profit after tax/(loss) 372 465 25.0% 1,269 1,371 8.0%
    Share of net profit /(loss) of associates -6 -12 -10 -10
    Minority Interest -42 -76
    Net profits 365 411 12.5% 1,259 1,285 2.0%
    Net profit margin (%) 8.8% 7.4% 8.1% 6.3%
    No. of shares (m) 45.4
    Fully diluted EPS (Rs)* 35.2
    P/E (x)* 16.1

    *Based on trailing 12-months earnings

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