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Avanti Feeds: Strong operating show - Views on News from Equitymaster
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Avanti Feeds: Strong operating show
Nov 23, 2015

Avanti Feeds announced its results for the quarter ended September 2015. During the quarter, the company's revenues and profits grew by 0.2% YoY and 29% YoY respectively.

Performance summary

  • Revenues come in flat for the quarter.
  • Operating profits grow by 16% YoY as margins expand by 1.6% YoY to 11.7%.
  • Net profits rise by 29% YoY led by higher operating profits.
  • Board proposes share split in ratio of 1:5. Shares with face value of Rs 10 would be sub divided to shares of face value of Rs 2 each. The company fixed November 27, 2015 as the record date for the purpose.

Financial snapshot

(Rs m) 2QFY15 2QFY16 Change 1HFY15 1HFY16 Change
Net sales 5,317 5,330 0.2% 10,098 11,364 12.5%
Expenditure 4,778 4,705 -1.5% 9,159 10,097 10.2%
Operating profit (EBDITA) 539 625 15.9% 938 1266 34.9%
Operating profit margin (%) 10.1% 11.7%   9.3% 11.1%  
Other income 26 55 113.4% 38 87 128.0%
Interest 4 3 -29.1% 10 6 -41.5%
Depreciation 22 25 15.8% 42 51 21.8%
Exceptional items - 4   - 47  
Profit before tax 539 655 21.5% 924 1,343 45.3%
Tax 197 215 9.2% 326 446 36.6%
Effective tax rate 36.6% 32.8%   35.3% 33.2%  
Profit after tax/(loss) 342 440 28.6% 598 897 50.0%
Net profit margin (%) 6.4% 8.2%   5.9% 7.9%  
No. of shares (m)       9.1 9.1  
Fully diluted EPS (Rs)*         156.1  
P/E (x)*         17.0  

* trailing 12 months earnings

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