Saturday, October 31, 2020

GUJARAT AMBUJA EXPORTS LTD - Q2 FY21 RESULTS REVIEW

 

GUJARAT AMBUJA EXPORTS LTD

Q2 FY21 RESULTS REVIEW

DT 25 10 20

 

COMPANY OVERVIEW

 

Gujarat Ambuja Exports Ltd is involved in agro-processing and trading and has focused on exports, competing in the global market.The company is one of Indias major manufacturers and exporters of the below:Edible Oil Refined Soya Bean Oil, Refined Palm Oil, Refined RBD Palmoline and Refined Cotton Seed,Starch and Derivatives - Malto Dextrin, Dextrin, Dextrose Monohydrate, Sorbital, Maize Starch and Liquid Glucose, Defatted Soya Flour - Toasted and Un-Toasted,Full Fat Soya Flour Active, Inactive and Feed Grade,Soya Flakes - Toasted and Un-Toasted,Cotton Yarn,Deoiled Cakes,Vanaspati Ghee,Bakery Shortening,Wheat Flour,Cattle Feed,Soya Lecithin,Indian Soyabean Meal, Indiaan Soyabean Hulls, Rapeseed Meal, Deoiled Extractions and Rapeseed Lecithin

Management                  

Manish Gupta              Chairman & Managing Director 

Sandeep Agrawal        Whole Time Director  

 

QUARTERLY RESULTS

Gujarat Ambuja Exports (in Rs. Cr.)

Sep '20

Jun '20

Mar '20

Dec '19

Sep '19

YOY

QOQ

Net Sales

989

828

898

999

908

8.91

19.4

Net Profit

72.9

37.3

54.5

54.2

14.6

401

95

Equity

22.93

22.93

22.93

22.93

22.93

0

0

Basic EPS

6.36

3.26

4.75

4.72

1.27

401

95

Raw Materials

610.85

492.35

681.92

778.07

584.43

4.52

24.07

 Traded Goods

96.76

160.66

42.76

29.56

104.91

-7.77

-39.77

Increase/Decrease in Stocks

24.87

-10.48

-50.86

-42.35

56.27

-55.8

-337.31

Employees Cost

29.39

22.55

26.94

30.06

22.05

33.29

30.33

depreciation

26.76

27.29

24.77

25.36

25.55

4.74

-1.94

Other Expenses

117.28

87.33

117.2

102.73

95.72

22.52

34.3

P/L Before Other Inc. , Int., Excpt. Items & Tax

83.38

48.57

55.43

75.2

19.43

329.13

71.67

Other Income

10.92

6.04

3.66

2.37

0.82

1231.71

80.79

P/L Before Int., Excpt. Items & Tax

94.3

54.61

59.09

77.57

20.25

365.68

72.68

Interest

1.17

1.44

2.04

1.78

2.92

-59.93

-18.75

P B T

93.13

53.17

57.05

75.79

17.33

437.39

75.16

Tax

20.26

15.84

2.6

21.63

2.78

628.78

27.9
















 

MP  122       

PE   4.79             

VOLUMES      1,72,183      

52 W LOW HIGH         42.53     130.7

Annual RESULTS

Mar-20

Mar-19

Mar-18

Mar-17

Mar-16

Sales

3,816

4,021

3,364

3,333

2,736

Net Profit

145

198

179

158

100

Other Income

9

11

9

22

10

Total Income

3,826

4,033

3,373

3,356

2,746

Total Expenditure

3,635

3,744

3,123

3,134

2,617

EBIT

190

288

250

222

129

Interest

9

18

17

22

9

Tax

35

71

52

40

18

 

Valuation

Market Cap (Rs Cr.)  2,784.13

P/E  12.7

Book Value (Rs)  57.84

Dividend (%)  50

Industry P/E  2.94

EPS (TTM)  9.54

P/C  8.69

Price/Book  2.1

Dividend Yield.(%)  0.41

Face Value (RS)  1

Deliverables (%)  49.74

CASH FLOWS

Mar-20

Mar-19

Mar-18

Mar-17

Mar-16

Operating Activities

240

572

138

56

137

Investing Activities

-59

-110

-125

-117

-132

Financing Activities

-97

-454

-12

59

-2

Others

0

0

0

0

0

Net Cash Flow

84

7

0

-1

2

 

 

Per Share Ratios

Mar-20

Mar-19

Mar-18

Mar-17

Mar-16

Basic EPS (Rs.)

12.72

17.28

15.69

11.5

7.26

Diluted Eps (Rs.)

12.72

17.28

15.69

11.5

7.26

Book Value [Excl. Reval Reserve]/Share (Rs.)

115.7

105.39

89.17

74.41

66.54

Dividend/Share (Rs.)

1

1

0.9

0.8

0.8

Face Value

2

2

2

2

2







Margin Ratios

Mar-20

Mar-19

Mar-18

Mar-17

Mar-16

Gross Profit Margin (%)

7.63

9.54

9.7

8.8

7.14

Operating Margin (%)

4.99

7.17

7.43

6.66

4.72

Net Profit Margin (%)

3.82

4.92

5.34

4.75

3.67







Return Ratios

Mar-20

Mar-19

Mar-18

Mar-17

Mar-16

Return on Networth / Equity (%)

10.99

16.39

17.59

18.58

10.9

ROCE (%)

13.73

22.84

16.63

24.23

10.12

Return On Assets (%)

8.4

11.55

9.49

9.27

7.08







Liquidity Ratios

Mar-20

Mar-19

Mar-18

Mar-17

Mar-16

Current Ratio (X)

2.57

1.86

1.24

1.1

1.6

Quick Ratio (X)

0.86

0.76

0.35

0.31

0.59







Leverage Ratios

Mar-20

Mar-19

Mar-18

Mar-17

Mar-16

Debt to Equity (x)

0.11

0.17

0.63

0.74

0.35

Interest Coverage Ratios (%)

20.93

15.32

13.94

9.75

13.05







urnover Ratios

Mar-20

Mar-19

Mar-18

Mar-17

Mar-16

Asset Turnover Ratio (%)

219.83

234.46

177.56

195.08

193.11

Inventory Turnover Ratio (X)

6.37

8.02

4.65

5.34

6.35







Valuation Ratios

Mar-20

Mar-19

Mar-18

Mar-17

Mar-16

P/E (x)

0

18.56

15.93

25.51

26.76

P/B (x)

0.9

2.08

2.58

1.6

0.61

EV/EBITDA (x)

4.24

7.05

10.02

6.78

4.5

P/S (x)

0.31

0.62

0.78

0.41

0.21







Growth Ratios

Mar-20

Mar-19

Mar-18

Mar-17

Mar-16

3 Yr CAGR Sales (%)

4.61

13.69

9.95

2.54

-3.07

3 Yr CAGR Net Profit (%)

-2.75

25.42

28.81

12.3

-3.95

 

Historical Prices




3YR BEF

Current Price

%Gain / Loss

Open Price

81.5

123.8

51.9


2 YR BEF



Open Price

121.5

123.8

1.89


1YR BEF



Open Price

71.93

123.8

72.11


3M BEF



Open Price

75.28

123.8

64.45

 

 

Type

Dividend%

Ex-Dividend date

Interim

50

Mar 16, 2020

Final

50

Jul 25, 2019

Final

45

Jul 19, 2018

Final

40

Aug 30, 2017

Interim

40

Feb 05, 2016

 

Share Holding Pattern in (%)







Standalone

Sep-20

Jun-20

Mar-20

Dec-19

Promoters

63.84

63.82

63.81

63.76

Pledged

0

0

0

0

FII/FPI

2.78

2.43

2.51

2.47

Total DII

8.06

8.94

8.39

9.15

Fin.Insts

0.01

0.36

0.05

0.36

Insurance Co

0

0

0

0

MF

0.18

0.26

0.26

0.44

Others DIIs

7.87

8.32

8.08

8.35

Others

25.33

24.8

25.29

24.62

Total

100.01

99.99

100

100

 

NEWS

21.10.2020

Guj Amb Exports Consolidated September 2020 Net Sales at Rs 989.29 crore, up 8.91% Y-o-Y

21.10.2020

Guj Amb Exports Standalone September 2020 Net Sales at Rs 989.29 crore, up 8.91% Y-o-Y

27.07.2020

Guj Amb Exports Standalone June 2020 Net Sales at Rs 828.27 crore, down 18.11% Y-o-Y

10.07.2020

Gujarat Ambuja Exports share price rises 5% on stock split plan

 

STRENGTHS

Company with high TTM EPS Growth

Growth in Net Profit with increasing Profit Margin (QoQ)

Company with Low Debt

Company able to generate Net Cash - Improving Net Cash Flow for last 2 years

Book Value per share Improving for last 2 years

Company with Zero Promoter Pledge

FII / FPI or Institutions increasing their shareholding

Recent Results : Growth in Operating Profit with increase in operating margins (YoY)

Companies with rising net profit margins - quarterly as well as TTM basis

Strong Momentum: Price above short, medium and long term moving averages

WEAKNESSES

MFs decreased their shareholding last quarter

Inefficient use of capital to generate profits - RoCE declining in the last 2 years

Inefficient use of shareholder funds - ROE declining in the last 2 years

OPPORTUNITIES

Profit making Companies with High ROCE and Low PE

Negative to Positive growth in Sales and Profit with Strong Price momentum

Highest Recovery from 52 Week Low

RSI indicating price strength

THREATS

Increasing Trend in Non-Core Income

WEEKLY/MONTHLY

TECHNICAL RATING

Very Bullish