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Avanti Feeds: Performance Hampered By Floods - Views on News from Equitymaster
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Avanti Feeds: Performance Hampered By Floods
Feb 10, 2016

Avanti Feeds announced its results for the quarter ended December 2015. During the quarter, the company's revenues and profits grew by 7% YoY and 8% YoY respectively.

Performance summary

  • Revenues rise by 7% YoY led by the company's shrimp processing division. The feeds business - which contributes to 81% of revenues - came in flat.
  • Operating profits grow by 10% YoY as margins expand marginally to 13.4%.
  • Net profits rise by 8% YoY led by higher operating profits.
  • During 9mFY16, revenues and profits rise by 11% YoY and 35% respectively.

Consolidated Financial Snapshot

(Rs m) 3QFY15 3QFY16 Change 9mFY15 9mFY16 Change
Net sales 3,850 4,131 7.3% 13,948 15,495 11.1%
Expenditure 3,344 3,576 7.0% 12,503 13,674 9.4%
Operating profit (EBDITA) 507 555 9.5% 1,445 1,821 26.0%
Operating profit margin (%) 13.2% 13.4%   10.4% 11.8%  
Other income 37 35 -5.0% 75 122 62.7%
Interest 2 2 -25.1% 13 8 -38.3%
Depreciation 23 26 10.1% 66 77 17.6%
Exceptional items - -   - 47  
Profit before tax 518 562 8.6% 1,442 1,905 32.1%
Tax 172 190 10.4% 499 636 27.6%
Effective tax rate 33.3% 33.9%   34.6% 33.4%  
Profit after tax/(loss) 345 372 7.8% 943 1,269 34.5%
Share of net profit /(loss) of associates (7) (6)   (7) (6)  
Net profits 338 365   936 1,263  
Net profit margin (%) 8.8% 8.8%   6.7% 8.1%  
No. of shares (m)       9.1 45.4  
Fully diluted EPS (Rs)*         31.8  
P/E (x)*         12.9  

*Based on trailing 12-months earnings

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