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Avanti Feeds: A Good Start to FY17
Aug 23, 2016

Avanti Feeds has announced the first quarter results of financial year 2016-2017 (1QFY17). The company has reported a 25.4% YoY increase in the topline while the bottomline grew by 10.2% YoY. Here is our analysis of the results.

Performance summary
  • Revenues rose by 25.4% YoY led by the both the divisions. The shrimp processing division grew by 37% YoY while the feeds business (88% of revenues) rose by 24% YoY.
  • Operating profits rose by 19% YoY. However operating profit margin declined by 50 bps and stood at 10.1% during the quarter.
  • Net profits grew by 10.2% YoY

    Consolidated Financial Snapshot
    (Rs m) 1QFY16 1QFY17 Change
    Net sales 6,034 7,566 25.4%
    Expenditure 5,393 6,802 26.1%
    Operating profit (EBDITA) 642 764 19.0%
    Operating profit margin (%) 10.6% 10.1%
    Other income 32 33 2.7%
    Interest 3 1 -57.7%
    Depreciation 26 27 4.4%
    Exceptional items 43
    Profit before tax 688 768 11.7%
    Tax 231 264 14.5%
    Effective tax rate 33.5% 34.4%
    Profit after tax/(loss) 457 504 10.2%
    Share of net profit /(loss) of associates -3 -4
    Net profits 454 500 10.2%
    Net profit margin (%) 7.5% 6.6%
    No. of shares (m) 45.4
    Fully diluted EPS (Rs)* 35.6
    P/E (x)* 16.0

    *Based on trailing 12-months earnings

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Oct 23, 2017 (Close)

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