8/13/2019 Avanti Feeds Qtr Result Trend

1/12

Year 200906 200909 200912 201003 201006 201009 201012 201103 201106 201109

Type 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr 1st Qtr 2nd Qtr

Sales Turnover 24.29 31.94 21.15 18.79 48.50 61.26 51.32 46.67 113.03 124.69

Other Income 0.13 1.09 0.07 1.93 0.81 0.85 2.07 0.19 0.81 2.09

Total Income 24.42 33.03 21.22 20.72 49.31 62.11 53.39 46.86 113.84 126.78

Total Exp 23.65 29.54 21.79 20.78 47.21 57.71 50.32 44.04 104.04 104.68

Operating Profit 0.77 3.49 -0.57 -0.06 2.10 4.40 3.07 2.82 9.80 22.10

Interest 0.90 0.81 0.69 0.73 0.84 1.32 1.11 1.14 1.08 1.17

Gross Profit -0.13 2.68 -1.26 -0.79 1.26 3.08 1.96 1.68 8.72 20.93

Depreciation 0.70 0.70 0.66 0.73 0.70 0.78 0.69 0.72 0.92 0.92

Tax -0.51 0.99 -0.54 -1.00 1.24 0.04 0.04 0.37 2.39 5.83

Reported PAT -0.32 0.99 -1.38 -0.52 -0.68 2.26 1.23 0.59 5.41 14.18

OPM % 3.17 10.93 -2.70 -0.32 4.33 7.18 5.98 6.04 8.67 17.72

NP % -1.32 3.10 -6.52 -2.77 -1.40 3.69 2.40 1.26 4.79 11.37

Website

8/13/2019 Avanti Feeds Qtr Result Trend

2/12

201112 201203 201206 201109 201212 201303 201306

3rd Qtr 4th Qtr 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr 1st Qtr

77.18 71.25 159.47 190.83 139.30 158.43 175.00

0.24 0.23 0.37 1.57 0.30 0.35

77.42 71.48 159.84 192.40 139.60 158.78 175.00

69.07 63.27 145.90 175.45 131.03 144.20

8.35 8.21 13.94 16.95 8.57 14.58 13.13

0.48 0.35 0.42 0.99 1.10 1.28 0.50

7.87 7.86 13.52 15.96 7.47 13.30 12.63

0.85 0.88 1.20 1.13 1.26 1.40 1.50

2.30 2.27 4.60 3.71 1.47 4.17 3.00

4.72 3.18 7.72 11.12 4.74 6.62 8.13

10.82 11.52 8.74 8.88 6.15 9.20 7.50

6.12 4.46 4.84 5.83 3.40 4.18 4.64

8/13/2019 Avanti Feeds Qtr Result Trend

3/12

Year 200103 200203 200303 200403 200503 200603 200703 200803

Type Full Year Full Year Full Year Full Year Full Year Full Year Full Year Full Year

Sales Turnover 104.19 132.40 135.21 239.77 170.64 165.20 121.89 102.83

Other Income 1.03 0.47 0.33 1.17 0.74 6.34 0.35 3.94

Total Income 105.22 132.87 135.54 240.94 171.38 171.54 122.24 106.77

Total Expenditure 84.48 116.19 124.57 220.82 152.27 158.42 113.34 96.58

Operating Profit 20.74 16.68 10.97 20.12 19.11 13.12 8.90 10.19

Interest 1.92 2.29 3.34 1.67 1.87 2.61 3.26 5.00

Gross Profit 18.82 14.39 7.63 18.45 17.24 10.51 5.64 5.19

Depreciation 1.48 1.93 2.30 2.73 2.94 3.59 4.12 3.88

Tax 3.90 3.08 1.71 4.92 5.44 3.91 0.49 0.43

Reported PAT 13.44 9.38 3.62 10.80 8.86 3.01 1.03 0.88

EPS 20.55 14.34 5.54 16.51 13.55 4.60 1.57 1.35

PE 8.00 8.00 8.00 8.00 8.00 8.00 8.00 8.00

Exp Price 164.40 114.74 44.28 132.11 108.38 36.82 12.60 10.76

CMP (10-Aug-07)

OPM % 19.91 12.60 8.11 8.39 11.20 7.94 7.30 9.91

NP % 12.90 7.08 2.68 4.50 5.19 1.82 0.85 0.86

Dividend (Amt) 2.29 2.29 0.98 1.64 1.64 0.98 0.98 0.65

Payout % 17.04 24.41 27.07 15.19 18.51 32.56 95.15 73.86

Inventory 18.02 24.33 23.73 25.08 37.58 21.05 36.01 26.70

Invent % of turn 17 18 18 10 22 13 30 26

Debtors 9.04 9.97 9.51 11.11 17.52 18.46 15.50 13.54

Debt % of turn 9 8 7 5 10 11 13 13

M Cap: 131.66

BV: 113

TTM PE: 4.5

ROCE: 36.75 23.89 13.23 22.58 16.87 7.95 3.82 5.71

YOY Growth 27.08 2.12 77.33 -28.83 -3.19 -26.22 -15.64

Total Export of Vannamaei Shrimp From India

Growth

8/13/2019 Avanti Feeds Qtr Result Trend

4/12

200903 201003 201103 201203 201303 201303 5 Yr CAGR

Full Year Full Year Full Year Full Year Full Year Full Year

72.51 96.16 199.62 393.41 648.04 750.00 26.41%

0.41 3.22 3.94 3.35 2.58

72.92 99.38 203.56 396.76 650.62 750.00

76.31 95.75 191.18 348.01 597.00

-3.39 3.63 12.38 48.75 53.62 60.00 40.51%

3.85 3.13 4.39 4.07 3.37 3.50

-7.24 0.50 7.99 44.68 50.25 56.50

3.89 2.78 2.88 4.00 4.98 5.00

-2.54 -1.08 1.69 11.96 13.96 15.00 Best Worst

-8.59 -1.20 3.42 28.06 30.20 36.50 30.00 20.00 93.66%

-10.74 -1.50 4.28 30.90 33.26 40.20 33.04 22.03

8.00 8.00 8.00 8.00 8.00 8.00 10.00 6.00

-85.90 -12.00 34.20 247.22 266.08 321.59 330.40 132.16

40.00 35.00 100.00 100.00 145.00 145.00 145.00

-4.68 3.77 6.20 12.39 8.27 8.00

-11.85 -1.25 1.71 7.13 4.66 4.87

0.00 0.00 0.80 5.90 5.90

0.00 0.00 23.39 21.03 19.54

20.38 27.27 39.05 42.15 97.16 68.22

28 28 20 11 15 9

15.42 8.93 23.01 15.51 39.72 63.51

21 9 12 4 6 8

-6.82 0.85 7.71 31.08 27.31

-29.49 32.62 107.59 97.08 64.72 15.73

12407 189125 225854

24.864 19.421

8/13/2019 Avanti Feeds Qtr Result Trend

5/12

11 Yr CAGR

12.84%

8.08%

6.92%

8/13/2019 Avanti Feeds Qtr Result Trend

6/12

2001 2002 2003 2004 2005 2006

Share Capital 6.54 6.54 6.54 6.54 6.54 6.54

Reserves & Surplus 32.71 37.5 40.41 49.68 57.24 63.97

39.25 44.04 46.95 56.22 63.78 70.51

Total Debt 13.16 17.7 18.59 20.8 32.08 49.4

Total Cap Employed 52.41 61.74 65.54 77.02 95.86 119.91

8/13/2019 Avanti Feeds Qtr Result Trend

7/12

2007 2008 2009 2010 2011 2012 20136.54 6.54 8 8 8 9.08 9.08

64.49 64.61 61.96 60.76 63.25 87.49 110.78

71.03 71.15 69.96 68.76 71.25 96.57 119.86

54.25 39.36 36.72 31.73 51.89 47.4 58.22

125.28 110.51 106.68 100.49 123.14 143.97 178.08

8/13/2019 Avanti Feeds Qtr Result Trend

8/12

Segment Revenue 2005 2006 2007 2008 2009 2010

Shrimp Feed 64.01 52.24 37.84 52.75

Shrimp Processing 55.30 48.28 32.59 41.33

Segment Result

Shrimp Feed 1.15 -3.81 -4.79 -3.35

Shrimp Processing 0.04 4.65 0.35 1.33

Margins

Shrimp Feed

Shrimp Processing

Qtys

Production

Shrimp Feed 15929

Shrimp Processing 964

8/13/2019 Avanti Feeds Qtr Result Trend

9/12

8/13/2019 Avanti Feeds Qtr Result Trend

10/12

FY 2009

Because of the measures

initiated, it is expected that the turnover of the

company will increase to 25000 MT of feed sales

& 1200 MT of shrimp exports in the year

2010-11 and with farmers adapting to Vannamei

culture the feed sales are expected to grow at 15%per annum up to 2014-1 5 and processed shrimp

sales are expected to grow at 10% per annum.

Company expects to breakeven in the year

2010-11 and there after earn a return of 12% on

the capital invested in shrimp feed and processed

shrimp export divisions.

From interaction with CS on March 11

Sort of commodity business now

30% growth should come

Competitors - Thailand co is no1, they are no 2, then Godrej Agrovet then Waterbase

From interaction with CS on Oct, 11

targetting 50-70% growth. So Q1 is the best qtr and may not repeat

The merger will add 11 lac shares

the co being merged has 10,000 MT capacity in guj

the margins may come back to 5-6% in longer run

From interaction with CS on Apr, 12

The industry is doing well on volumes side and no prob from China and not much from Eu

They are into cultured shrimps and 60% of it is exported to USThe co expects major prob from the raw material side. Soya prices have increased from 2

So margins may be under pressure.but still 7-9% seems possible

The co's guj plant is doing well and 70% capacity utilization is there

8/13/2019 Avanti Feeds Qtr Result Trend

11/12

rope also

5 to 35 in 2 months and ppl are expecting 45

8/13/2019 Avanti Feeds Qtr Result Trend

12/12

FY13 FY12 FY11 FY10 FY9 FY8

Raw Materials 496.97 278.91 178.24 80.51 52.73 76.56

Power & Fuel Cost 19.06 10.81 6.99 3.71 3 3.56

Employee Cost 21.62 15.82 6.74 5.37 4.89 5.03

Other Manufacturing Expenses 13.76 5.22 2.91 2.01 0.78 0.91

Selling and Admin Expenses 37.08 0 12.65 6.87 6.08 9.19

Miscellaneous Expenses 8.5 33.07 1.14 1.05 2.09 2.16

Preoperative Exp Capitalised 0 0 0 0 0 0

Total Expenses 596.99 343.83 208.67 99.52 69.57 97.41

% as of Expenditure

Raw Materials 83.25 81.12 85.42 80.90 75.79 78.60Power & Fuel Cost 3.19 3.14 3.35 3.73 4.31 3.65Employee Cost 3.62 4.60 3.23 5.40 7.03 5.16Other Manufacturing Expenses 2.30 1.52 1.39 2.02 1.12 0.93Selling and Admin Expenses 6.21 0.00 6.06 6.90 8.74 9.43Miscellaneous Expenses 1.42 9.62 0.55 1.06 3.00 2.22

Preoperative Exp Capitalised 0.00 0.00 0.00 0.00 0.00 0.00

% as of Sale

Raw Materials 76.38 70.30 87.56 81.01 72.31 71.71Power & Fuel Cost 2.93 2.72 3.43 3.73 4.11 3.33Employee Cost 3.32 3.99 3.31 5.40 6.71 4.71Other Manufacturing Expenses 2.11 1.32 1.43 2.02 1.07 0.85Selling and Admin Expenses 5.70 0.00 6.21 6.91 8.34 8.61Miscellaneous Expenses 1.31 8.34 0.56 1.06 2.87 2.02Preoperative Exp Capitalised 0.00 0.00 0.00 0.00 0.00 0.00

Expenditure