InCred Equities - Avanti Feeds Ltd

	Mar-23A	Mar-24F	Mar-25F	Mar-26F
Revenue (Rsm)	50,870	49,789	54,879	60,393
Operating EBITDA (Rsm)	3,930	2,212	5,345	6,234
Net Profit (Rsm)	2,790	1,218	3,214	3,986
Core EPS (Rs)	21.2	8.9	23.6	29.3
Core EPS Growth	14.5%	(57.8%)	163.9%	24.0%
FD Core P/E (x)	35.37	81.01	30.70	24.76
DPS (Rs)	4.1	1.8	4.7	5.9
Dividend Yield	0.56%	0.25%	0.65%	0.81%
EV/EBITDA (x)	25.42	45.05	18.13	15.03
P/FCFE (x)	69.92	194.27	29.56	24.32
Net Gearing	(6.7%)	(9.2%)	(19.8%)	(29.3%)
P/BV (x)	4.66	4.45	3.99	3.53
ROE	14.4%	5.6%	13.7%	15.1%
% Change In Core EPS Estimates
InCred Research/Consensus EPS (x)

(Rs mn)	Mar-23A	Mar-24F	Mar-25F	Mar-26F
Total Net Revenues	50,870	49,789	54,879	60,393
Gross Profit	9,685	7,557	11,023	12,610
Operating EBITDA	3,930	2,212	5,345	6,234
Depreciation And Amortisation	(426)	(653)	(769)	(769)
Operating EBIT	3,504	1,559	4,576	5,465
Financial Income/(Expense)	900	698	500	500
Pretax Income/(Loss) from Assoc.
Non-Operating Income/(Expense)
Profit Before Tax (pre-EI)	4,404	2,257	5,076	5,964
Exceptional Items	(133)
Pre-tax Profit	4,271	2,257	5,076	5,964
Taxation	(1,145)	(585)	(1,218)	(1,425)
Exceptional Income - post-tax
Profit After Tax	3,126	1,672	3,857	4,539
Minority Interests	(336)	(454)	(644)	(554)
Preferred Dividends
FX Gain/(Loss) - post tax
Other Adjustments - post-tax
Net Profit	2,790	1,218	3,214	3,986
Recurring Net Profit	2,887	1,218	3,214	3,986
Fully Diluted Recurring Net Profit	2,887	1,218	3,214	3,986

(Rs mn)	Mar-23A	Mar-24F	Mar-25F	Mar-26F
EBITDA	3,930	2,212	5,345	6,234
Cash Flow from Invt. & Assoc.
Change In Working Capital	1,920	137	(646)	(698)
(Incr)/Decr in Total Provisions
Other Non-Cash (Income)/Expense
Other Operating Cashflow	(336)	(454)	(644)	(554)
Net Interest (Paid)/Received	900	698	500	500
Tax Paid	(1,145)	(585)	(1,218)	(1,425)
Cashflow From Operations	5,269	2,008	3,338	4,057
Capex	(2,000)	(1,500)	0	0
Disposals Of FAs/subsidiaries
Acq. Of Subsidiaries/investments	(1,858)
Other Investing Cashflow
Cash Flow From Investing	(3,858)	(1,500)	0	0
Debt Raised/(repaid)
Proceeds From Issue Of Shares
Shares Repurchased
Dividends Paid	(557)	(246)	(644)	(797)
Preferred Dividends
Other Financing Cashflow	158	454	644	554
Cash Flow From Financing	(399)	208	0	(243)
Total Cash Generated	1,012	716	3,337	3,813
Free Cashflow To Equity	1,411	508	3,338	4,057
Free Cashflow To Firm	1,431	511	3,338	4,057

(Rs mn)	Mar-23A	Mar-24F	Mar-25F	Mar-26F
Total Cash And Equivalents	1,623	2,350	5,693	9,506
Total Debtors	1,988	1,946	2,145	2,361
Inventories	6,702	6,560	7,230	7,957
Total Other Current Assets	276	271	298	328
Total Current Assets	10,590	11,127	15,367	20,152
Fixed Assets	4,612	5,459	4,690	3,920
Total Investments	10,000	10,000	10,000	10,000
Intangible Assets	87	87	87	87
Total Other Non-Current Assets	1,766	1,766	1,766	1,766
Total Non-current Assets	16,466	17,313	16,544	15,774
Short-term Debt
Current Portion of Long-Term Debt
Total Creditors	2,463	2,411	2,658	2,925
Other Current Liabilities	483	483	483	484
Total Current Liabilities	2,946	2,894	3,141	3,409
Total Long-term Debt	3	3	3	3
Hybrid Debt - Debt Component
Total Other Non-Current Liabilities
Total Non-current Liabilities	3	3	3	3
Total Provisions	67	66	71	77
Total Liabilities	3,017	2,963	3,215	3,488
Shareholders Equity	21,183	22,167	24,743	27,931
Minority Interests	2,856	3,309	3,953	4,507
Total Equity	24,039	25,476	28,696	32,438

	Mar-23A	Mar-24F	Mar-25F	Mar-26F
Revenue Growth	1.0%	(2.1%)	10.2%	10.0%
Operating EBITDA Growth	22.1%	(43.7%)	141.7%	16.6%
Operating EBITDA Margin	7.7%	4.4%	9.7%	10.3%
Net Cash Per Share (Rs)	11.89	17.23	41.77	69.75
BVPS (Rs)	155.48	162.70	181.60	205.01
Gross Interest Cover	173.36	530.94	16,330.42	19,502.31
Effective Tax Rate	26.8%	25.9%	24.0%	23.9%
Net Dividend Payout Ratio	19.1%	20.2%	20.0%	20.0%
Accounts Receivables Days	11.21	14.42	13.60	13.62
Inventory Days	73.54	57.31	57.38	58.00
Accounts Payables Days	24.42	21.06	21.09	21.32
ROIC (%)	27.4%	12.5%	34.7%	41.8%
ROCE (%)	19.4%	9.1%	18.7%	19.5%
Return On Average Assets	9.0%	3.5%	11.1%	11.9%

(91) 22 4161 1550 nitin.awasthi@incredresearch.com

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Market Data

Source: Bloomberg