Company Overview. FY15 and recent performance. In Q2FY16, revenue has increased by 18% YoY to INR801.8m. Table 1: Key financials
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1 Edible Oils l BSE Research Kriti Nutrients Ltd. CMP: INR20.90 Stock data BSE code BSE ID KRITINUT Face value (INR) 1 No of shares (m) 50.1 Market cap (INRm) 1, m avg. daily vol (No) 23,990.3 Free float (INRm) Dividend yield FY15 (%) 0.5 Company Overview Kriti Nutrients Ltd. is part of Kriti Group. The Company is engaged in the solvent extraction of soya beans. It has a state of the art manufacturing setup, which includes solvent extraction plants, vegetable oil refinery, lecithin plant, effluent treatment plant, fluidized bed boilers and an inhouse tin and jar manufacturing facility. Kriti s production facilities are ISO9001: 2001 certified. The company was listed on 29 Jun 2010 FY15 and recent performance S&P BSE Sensex 26,145.7 Stock performance (%) 52week H/L 22.5/4.0 1M 3M 12M Absolute (%) Relative (%) Shareholding pattern (%) Promoters FIIs DIIs Others 66.06% 0.00% 0.01% 33.94% Relative stock movement Net sales in FY15 increased by 7.6% YoY to INR3,104m. EBITDA also increased to INR139.9m in FY15 as against INR120.9m in FY14. It was mainly due to higher sales. Kriti Nutrients Ltd reported net profit of INR57.6m in FY15 compared to INR35.6m in FY14. Kriti Nutrients declared dividend of INR0.1/ per share. In balance sheet, net block assets increased from INR345.4m in FY14 to INR348.6m in FY15. Loans and advance and cash and cash bank balance was reported at INR30.5m and INR18.6m in FY15 respectively compared to INR29.6m and INR15.0m in FY14 respectively. Reserves & Surplus increased from INR166.1m in FY14 to INR216.1m in FY15. Trade payables increased from INR148.3m in FY14 to INR192.9m in FY15. In Q2FY16, revenue has increased by 18% YoY to INR801.8m. Kriti Nutrients Ltd. earned EBITDA of INR30.9m during the said period. Sales growth and decline in non operating income has led to eventual PAT of INR11.2m, YoY increase by 4.6 times. Table 1: Key financials Source: BSE (Y/e March) FY13 FY14 FY15 Sales (INRm) 4, , ,104.0 YoY Growth (%) EBITDA (INRm) EBITDA Margin (%) PAT (INRm) Dec 2015 EPS (INR) YoY Growth (%) RoE (%) P / E (x)
2 Industry Overview The business of the company is processing of soyabean seeds, refining of oil for edible use and production of soya based value added products. The most popular and the largest produced oil seed in the world is soya bean. The contribution of soya oil to the world's total oil consumption has gradually increased over the years. Soyabean being cash crop is an important contributor to the Indian GDP. Madhya Pradesh leads among the soyabean producing states in India followed by Maharashtra and Rajasthan. Board of Director Table 2: Composition of Board Name Director type Business relationship with company Shri Shiv Singh Mehta Director Managing Director Shri Saurabh Singh Mehta Director Executive Director Smt. Punima Mehta Director Director CA Manoj Fadnis Director Independent Director Shri Rakesh Kalra Director Independent Director Dr. Somnath Ghosh Director Independent Director Shri Bhuwnesh Shastri Director Independent Director Source: Company Key Strength and growth drivers Enhanced brand value due to marketing initiatives Introduction of new value added products Successful enhancement of its refining capacity to 6000mt per month Introduction of sunflower oil Expanding geographical presence and sales team and product portfolio by introducing sunflower oil and value added soya products. Leveraging core strength of manufacturing and brand building activities. Risk and concern Production of Soyabean is highly dependent on the vagaries of monsoon The large crushing capacity and new entrants with government incentives creates unhealthy competition Further, on international currencies front, volatility of exchange rate can cause concern because significant sales are in the form of exports. Interim Performance During Q2FY16, revenue increased by 18.0% YoY to INR801.8m. On operational front, in Q2FY16, EBITDA has increased by 77.2% on YoY basis to INR30.9m. PAT increased by 4.6 times on YoY basis in Q2FY16 to INR11.2m against INR2.0m during Q2FY15. Table 3: Summary of year to date performance (INRm) Q2 FY16 Q2FY15 YoY % Q1FY16 QoQ% H1FY16 H1FY15 YoY % Revenue , , EBITDA EBITDA Margin (%) PAT
3 Competition analysis Table 4: Peer comparison CMP Mcap Rev (INR) (INRm) (INRm) NPM (%) EPS(INR) PE(x) Kriti Nutrients Ltd , , Ruchi Soya Industries Ltd , , BCL Ind and Infrastructures Ltd , Poona Dal & Oil Industries Ltd , Source: BSE Financial snapshot Chart 1: Sales trend Chart 2: Margin trend 5,000 4,000 3,000 2,000 1,000 Sales (INRm) Sales (% YoY, RHS) 10 (10) (20) (30) (40) EBITDA (INRm) EBITDA mgn (%, RHS) (50) Chart 3: EPS trend Chart4: Working Capital Profile EPS (INR) EPS Growth(% YoY, RHS) Debtors TO Stock TO Creditors TO (50) (100)
4 Financial Summary Profit and loss (INR m) Balance sheet (INR m) Year ending 31 March FY13 FY14 FY15 Year ending 31 March FY13 FY14 FY15 Revenue 4, , ,104.0 Net Block Direct Expense 4, , ,681.4 Investments Staff Cost Cash and Banks Balance Other Expenditure Inventory Total Cost 4, , ,964.1 Sundry Debtors EBITDA Loans and Advances EBITDA margin (%) Other Current Assets Depreciation Other EBIT Total Assets Interest Expenses Gross Debt Nonoperating Income Trade Payables PBT Provisions & other curr lia Provision for Tax Others PAT Equity Capital Growth % Reserves & Surplus PAT margin (%) Share Application money Minority Interest Minority Interest Extra Ordinary Shareholders' funds PAT (Reported) Total Liabilities Cash Flow Metrics Ratios, growth and per share analysis FY13 FY14 FY15 YoY % change FY13 FY14 FY15 Net Profit before tax Revenue Operating Cash Flow EBITDA Investing Cash Flow Recurring EPS Financing Cash Flow Ratios (%) Net Change in Cash ROE Op.cash and Equivalent ROCE Cl.cash and Equivalent EBITDA Margin Ratio Du Pont Analysis Net Debt/Equity (x) FY13 FY14 FY15 Net Debt/ EBITDA (x) Net Profit Margins (%) Inventory days Total Assets Turnover Debtors days Leverage Multiplier Payables day ROAE (%) Total Asset TO ratio Valuation Fixed Asset TO Ratio FY13 FY14 FY15 Per share data (INR) EV/Sales EPS reported (diluted) EV/EBITDA Recurring EPS (diluted) P/E (x) DPS P/B(x) Book Value(basic) Dividend yield (%) Wtd avg ord shares (m) FCF yield (%) Wtd avg dil shares (m) Source: BSE, Company, Varhad research 4
5 DISCLAIMER Varhad Financial Consultancy Services Private Limited (Varhad FCS), an entity of the Varhad Group has taken utmost care to ensure accuracy and objectivity while writing this report based on publicly available information or from reliable sources. However, neither the accuracy nor completeness of information contained in this report is guaranteed. Opinions expressed herein are our current opinions as on the date of this report. Nothing in this report can be construed as either investment or any other advice or any solicitation, whatsoever. The subscriber/user assumes the entire risk of any use made of this report or data herein. Varhad FCS specifically states that it or any of its entities or employees do not have any financial liabilities whatsoever to the subscribers / users of this report. This report is for personal information only of the authorised recipient in India only. This report or part of it should not be reproduced or redistributed or communicated directly or indirectly in any form to any other person or published or copied for any purpose. PUBLISHED BY Varhad Financial Consultancy Services (VFCS) is the research and financial consultancy services entity of the Varhad Group. We have one of the best inhouse research team, which has sound understanding of SMEs through clients across India. We provide project specific, company specific and sector specific consultancy services. We help companies expand businesses through network expansion. We also help in balance sheet strengthening and improvement in both credit and business profile of the company. Regd. Office: Flat No. 1, Harsh Apartment, Near Gore Apartment No. 2, Shastri Nagar, Behind Akashwani, Akola Head Office: 441, Samruddhi, Sector 25, PCNDTA, Nigdi, Pune Tel: SEBI Certificate of Registration as Research Analyst Registration No: INH Dated: 25 May
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More informationBUY. White cement steals the show JK CEMENT. Target Price: Rs 1,220. Other highlights
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May-15 Aug-15 Nov-15 Feb-16 May-16 Aug-16 Nov-16 Feb-17 May-17 Aug-17 Nov-17 Feb-18 May-18 4QFY2018 Result Update Cons. Durable May 16, 2018 Blue Star Ltd Performance Update 4QFY18 4QFY17 % chg. (yoy)
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