ADF FOODS LTD
Q4 FY 2020 RESULTS
·
ADF is a consumer-focused company and a
leader in prepared ethnic food offering ready-to-eat (RTE) items, ready-to-cook
(RTC) items, sauces, pickles, pastes, dips and frozen foods under its 7
Flagship brands.
·
It manufactures, distributes and markets
Indian food along with organic Mexican and natural Mediterranean foods.
·
The company’s products are available in over
50+ countries through a strong distribution network across US, Canada, Europe,
Australia, Asia and Middle East.
·
Two state-of-art manufacturing facilities at
Nashik and Nadiad with total installed capacity of 26,000 TPA
·
ADF foods has 180+DISTRIBUTORS
Q4FY20 performance
· Total
income for quarter ended March 31, 2020 stood at Rs 86Cr compared to Rs 69 Cr in
Q4FY19, up 24% YoY
· EBITDA
for the quarter was at Rs 19.5 Cr compared to Rs 17.6 Cr in corresponding
period last year;
· EBITDA
margin of 22.8% in Q4FY20
· Reported
Net Profit after Tax of Rs 13.3 Cr for Q4FY20, as compared to Rs. 3.2Cr in the
Q4FY19.
· Results
of Q4FY19 include one-time impairment charge of Rs 9.8 Cr!
· PAT
margin for the quarter stood at 15.5%
· Total
debt as on 31stMar
2020 stood at Rs.23.2 Cr, which constitutes short-term borrowings.
· Total
cash/ cash equivalents and bank balance stood at Rs.36.7Cr.
New business segment “Agency Distribution”:
· During
FY20, ADF entered a new business segment under which the Company would act as
distribution agents of food products for a Fortune 500 FMCG global major across
the US and UK markets.
· This
new vertical gives the Company a wider product portfolio to offer to its
distributors as well as enables it to tap the existing network of the FMCG
global major for its own products.
· The
vertical contributed Rs. 32.2 Cr to revenues in FY20.
New product launches:
· During
the year, the Company has launched new products under Ashoka brand like Frozen
Chutneys, Bullet Naan (Masala Naan), Tandoori Lachha Naan, Veg Spring Rolls,
Cheese Samosa, Vegetable Samosa and Malaysian style Plain Paratha.
· It
also extended its current product line of Dipping Sauces with a new variant
called Chatpata Achari Dipping Sauce under the ambient range.
Covid-19 preparedness:
· As
the food products are essential goods, the operations at both the plants of the
Company were partially restored with limited manpower w.e.f 1st April 2020.
· Appropriate
norms and guidelines -cleaning/sanitization of the food operations premises,
food contact materials, social distancing, and hygiene measures -are being
mandatorily followed.
DIVIDEND :
The Board has not recommended any final dividend. The two
interim dividends -@ Rs 1.50(15%) post Q3FY20 results and @ Rs 1.50(15%)post
Q2FY20 results-total Rs 3per share (30%) on Equity Shares of face value Rs.
10/-each shall be considered total Dividend for the year.
WHAT CMD SAYS :
Commenting on the performance, Mr. Bimal Thakkar,
Chairman, Managing Director& CEO, ADF Foods Limited said,“ In these
extraordinary times,
I am extremely proud of the performance our team has
delivered while ensuring the safety and well-being of each other.
We believe
that this crisis would bring significant changes in consumer behavior towards
health, hygiene and nutrition, which could be an opportunity for us.
We will
continue to invest and innovate to tap these evolving consumer needs. Our aim
would be to deliver growth along with robust profitability through focusing on
cost management and balance sheet quality.”
|
CONSOL-ADF Foods (in Rs. Cr.)
|
Mar '20
|
Dec '19
|
Sep '19
|
Jun '19
|
Mar '19
|
YOY
|
QOQ
|
|
Net
Sales
|
79.72
|
70.43
|
56.93
|
65.74
|
64.09
|
24.39
|
13.19
|
|
Consumption of Raw Materials
|
24.16
|
19.02
|
16.07
|
22.55
|
20.68
|
16.83
|
27.02
|
|
Purchase of Traded Goods
|
35.62
|
17.79
|
12.2
|
20.84
|
13.99
|
154.61
|
100.22
|
|
Increase/Decrease in Stocks
|
-17.15
|
3.16
|
2.01
|
-7.22
|
-2.66
|
544.74
|
-642.72
|
|
Employees Cost
|
4.22
|
3.97
|
3.89
|
5.56
|
3.77
|
11.94
|
6.3
|
|
Depreciation
|
1.78
|
1.42
|
1.33
|
1.35
|
10.93
|
-83.71
|
25.35
|
|
Other Expenses
|
19.45
|
17.24
|
14.72
|
13.97
|
15.93
|
22.1
|
12.82
|
|
P/L Before Other Inc., Int., Excpt.
Items & Tax
|
11.63
|
7.81
|
6.72
|
8.68
|
1.45
|
702.07
|
48.91
|
|
Other Income
|
6.12
|
3.77
|
6.73
|
5.2
|
5.19
|
17.92
|
62.33
|
|
P/L Before Int., Excpt. Items &
Tax
|
17.75
|
11.58
|
13.44
|
13.87
|
6.64
|
167.32
|
53.28
|
|
Interest
|
0.42
|
0.39
|
0.33
|
0.19
|
0.23
|
82.61
|
7.69
|
|
P/L
Before Tax
|
17.33
|
11.27
|
13.28
|
13.1
|
6.41
|
170.36
|
53.77
|
|
Tax
|
4.03
|
0.27
|
4
|
3.91
|
3.24
|
24.38
|
1392.59
|
|
N P T
|
13.31
|
11
|
9.29
|
9.19
|
3.17
|
319.87
|
21
|
|
Equity
|
20.02
|
20.02
|
20.02
|
20.02
|
20.02
|
0
|
0
|
|
Diluted EPS
|
6.65
|
5.49
|
4.64
|
4.59
|
1.54
|
331.82
|
21.13
|
|
NSE 273.15
|
274
|
||||||
|
PE
|
10.4
|
||||||
|
52 Wk L/H
|
123.35
|
329.35
|
|||||
|
ECHNICAL RATING
|
|||||||
|
Very Bullish
|
|||||||
|
Moving Averages
|
Bullish
|
||||||
|
Technical Indicators
|
Bullish
|
||||||
|
Moving Averages Crossovers
|
Bullish
|
||||||
|
Valuation
|
Action in ADF Foods Industries Ltd.
|
||||||
|
Technicals
|
|||||||
|
ADF
Foods closes above 150-Day,200-Day Moving Average today.
|
|||||||
|
Market Cap (Rs Cr.)
|
26-May
|
||||||
|
545.02
|
|||||||
|
P/E
|
Only Buyers
|
||||||
|
17.38
|
|||||||
|
Book Value (Rs)
|
Only
Buyers in ADF Foods on NSE
|
||||||
|
115.35
|
|||||||
|
Dividend (%)
|
May
26, 10:25
|
||||||
|
30
|
|||||||
|
Technicals
|
|||||||
|
ADF
Foods closes above 150-Day,200-Day Moving Average today.
|
|||||||
|
Industry P/E
|
|||||||
|
60.67
|
21-May
|
||||||
|
EPS (TTM)
|
|||||||
|
15.72
|
Only Buyers
|
||||||
|
P/C
|
|||||||
|
14.79
|
Only
Buyers in ADF Foods on NSE
|
||||||
|
Price/Book
|
May
14, 12:55
|
||||||
|
2.36
|
|||||||
|
Dividend Yield.(%)
|
Only Buyers
|
||||||
|
1.1
|
|||||||
|
Face Value (RS)
|
Only
Buyers in ADF Foods on NSE
|
||||||
|
10
|
|||||||
|
Deliverables (%)
|
May
13, 10:05
|
||||||
|
40.69
|
|||||||
FY20 performance:
·
Total income for financial year ended March
31, 2020,stood at Rs. 295 Cr, compared to Rs. 246 Cr in FY19, up 20% YoY!
·
EBITDA for the period was Rs. 62.5 Cr,
compared to Rs 53 Cr in FY19, up 18% YoY!
·
EBIDTA margin continued to remain robust at
21%!
·
During the last quarter of the year, the
Company took the maintenance shutdown of its Nadiad plant for 7 days. Also,
towards the end of the year, operations were impacted due to the COVID-19
Pandemic due to which both manufacturing plants were shut down w.e.f 24th
Mar’20.
·
In absence of these events, the revenue and operating
profitability growth would have been more robust!
·
Reported Net Profit after Tax for FY20 stood
at Rs. 43 Cr, up 69% YoY!
·
PAT margin of 14.5%compared to 10.3% in FY19
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