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
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