BUY. IFB AGRO INDUSTRIES LTD Result Update (PARENT BASIS): Q1 FY16. CMP Target Price SEPTEMBER 30 th 2015 SYNOPSIS

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1 BUY CMP Target Price IFB AGRO INDUSTRIES LTD Result Update (PARENT BASIS): Q1 FY16 SEPTEMBER 30 th 2015 ISIN: INE076C01018 Index Details Stock Data Sector Breweries & Distilleries BSE Code Face Value wk. High / Low (Rs.) / Volume (2wk. Avg. Q.) 4259 Market Cap (Rs. in mn.) Annual Estimated Results (A*: Actual / E*: Estimated) YEARS FY15A FY16E FY17E Net Sales EBITDA Net Profit EPS P/E Shareholding Pattern (%) As on June-15 As on March-15 PROMOTER FIIs DIIs OTHERS Year Comparative Graph IFB AGRO INDUSTRIES LTD BSE SENSEX SYNOPSIS IFB Agro Industries Ltd is engaged in the business of manufacturing alcohol, bottling of branded alcoholic beverages as well as processed and packed marine foods both for domestic & export markets. The company s net sales registered 17.53% increase in Q1 FY16 and stood at Rs million from Rs million over the corresponding quarter of previous year. In Q1 FY16, Net profit stood to Rs million increased by % against Rs million in the corresponding quarter of previous year. During the quarter operating profit is Rs million as against Rs million in the corresponding period of the previous year, grew by 55.86%. Profit before tax (PBT) at Rs million in Q1 FY16 compared to Rs million in Q1 FY15. The company has reported an EPS of Rs for the 1 st quarter as against an EPS of Rs in the corresponding quarter of the previous year, registering a growth of %. Total income of the company stood at Rs million against Rs million in the corresponding quarter of the previous year. Net Sales and operating profit of the company are expected to grow at a CAGR of 16% and 8% over 2014 to 2017E respectively. PEER GROUPS CMP MARKET CAP EPS P/E (X) P/BV(X) DIVIDEND Company Name (Rs.) Rs. in mn. (Rs.) Ratio Ratio (%) IFB AGRO INDUSTRIES LTD Pincon Spirit Ltd G.M.Breweries Ltd Globus Spirits Ltd

2 QUARTERLY HIGHLIGHTS (PARENT BASIS) Results updates- Q1 FY16, Rs. In million June-15 June-14 % Change Net Sales PAT EPS EBITDA The company has achieved a turnover of Rs million for the 1 st quarter of the current year as against Rs million in the corresponding quarter of the previous year. EBITDA of Rs million in Q1 FY16, an increase of 55.86% against the corresponding period of last year. In Q1 FY16, net profit of Rs million against Rs million in the corresponding quarter of the previous year. The company has reported an EPS of Rs for the 1 st quarter as against an EPS of Rs in the corresponding quarter of the previous year. Break up of Expenditure Break up of Expenditure Cost of materials consumed Purchase of Stock in Trade Employees Benefit Expense Depreciation, amortization and impairment expenses (Rs in millions) Q1 FY16 Q1 FY15 % CHNG % % % % Other Expenses %

3 Segment Revenue COMPANY PROFILE IFB Agro Industries Ltd. manufactures alcoholic beverages, flavored liquors, extra neutral alcohol and technical alcohol. The Company sells different brands of liquor, sells fertilizer, and cattle feed. IFB Agro Industries also provides project engineering and contract services in the chemicals area. The Corporate office is situated at EM Bypass, Kolkata, and West Bengal. Businness Divisions Distillery India Made Indian Liquor (Imil) Marine Research & Development The Company maintains a state of the art in house R&D equipped with modern instruments like GCs, Spectrophotometers etc; and manned by highly qualified professionals.

4 FINANCIAL HIGHLIGHT (PARENT BASIS) (A*- Actual, E* -Estimations & Rs. In Millions) Balance Sheet as at March 31, E I. EQUITY AND LIABILITIES: A. Shareholders Funds FY14A FY15A FY16E FY17E a) Share Capital b) Reserves and Surplus Sub-Total-Net worth B. Non-Current Liabilities: a) Deferred Tax Liabilities [Net] b) Other Long Term Liabilities c) Long Term Provisions Sub-Total-Long term liabilities C. Current Liabilities: a) Short-term borrowings b) Trade Payables c) Other Current Liabilities d) Short Term Provisions Sub-Total-Current Liabilities TOTAL-EQUITY AND LIABILITIES (A+B+C) II. ASSETS: D. Non-Current Assets: i. Tangible Assets ii. Capital work-in-progress a) Sub-Total-Fixed Assets b) Non Current Investments c) Long Term Loans and Advances d) Other non-current assets Sub-Total-Non-Current Assets E. Current Assets: a) Current Investments b) Inventories c) Trade Receivables d) Cash and Bank Balances e) Short Term Loans and Advances f) Other Current Assets Sub-Total-Current Assets TOTAL-ASSETS (D+E)

5 Annual Profit & Loss Statement for the period of 2014 to 2017E Value(Rs.in.mn) FY14A FY15A FY16E FY17E Description 12m 12m 12m 12m Net Sales Other Income Total Income Expenditure Operating Profit Interest Gross profit Depreciation Profit Before Tax Tax Net Profit Equity capital Reserves Face value EPS Quarterly Profit & Loss Statement for the period of 31 st Dec, 2014 to 30 th Sep, 2015E Value(Rs.in.mn) 31-Dec Mar Jun Sep-15E Description 3m 3m 3m 3m Net sales Other income Total Income Expenditure Operating profit Interest Gross profit Depreciation Profit Before Tax Tax Net Profit Equity capital Face value EPS

6 Ratio Analysis Particulars FY14A FY15A FY16E FY17E EPS (Rs.) EBITDA Margin (%) PBT Margin (%) PAT Margin (%) P/E Ratio (x) ROE (%) ROCE (%) Debt Equity Ratio EV/EBITDA (x) Book Value (Rs.) P/BV Charts

7 OUTLOOK AND CONCLUSION At the current market price of Rs , the stock P/E ratio is at x FY16E and x FY17E respectively. Earning per share (EPS) of the company for the earnings for FY16E and FY17E is seen at Rs and Rs respectively. Net Sales and operating profit of the company are expected to grow at a CAGR of 16% and 8% over 2014 to 2017E respectively. On the basis of EV/EBITDA, the stock trades at 4.89 x for FY16E and 4.22 x for FY17E. Price to Book Value of the stock is expected to be at 1.46 x and 1.31 x for FY16E and FY17E respectively. We recommend BUY in this particular scrip with a target price of Rs for Medium to Long term investment. INDUSTRY OVERVIEW Spirit prices of other states such as Punjab and Uttar Pradesh continue to remain low which affects our pricing, coupled with the impact of spirit removal fee, distillery margins will remain under pressure. The Company is continuing its efforts to attain further efficiencies by improving the yield at distillery, reducing the wastage in all the divisions and ensuring optimal use of human resources on all fronts. IMIL segment will have pressure on sales and margin, due to severe competitive pressures. Margin in marine export will be a concern due to competition from South East Asian Countries. Retail focus in the marine domestic market will be continued to improve sales and margin. The high level of fluctuation in the prices of raw materials and exchange fluctuations are the constraints faced by the Company during the past years. With the expectation of an improvement in the market conditions for ethanol procurement by oil companies coupled with the revenue from the DDGS and other by-products, the distillery operations of the Company will endeavor to perform better than last year. Competitive pressure from existing and new bottling plants will continue to keep IMIL operations under pressure. Marine exports will be under pressure in the financial year in view of the softening of global demand and prices; additional business from Andhra Pradesh plant is however expected to increase turnover over last year.

8 Disclaimer: This document is prepared by our research analysts and it does not constitute an offer or solicitation for the purchase or sale of any financial instrument or as an official confirmation of any transaction. The information contained herein is from publicly available data or other sources believed to be reliable but we do not represent that it is accurate or complete and it should not be relied on as such. Firstcall Research or any of its affiliates shall not be in any way responsible for any loss or damage that may arise to any person from any inadvertent error in the information contained in this report. Firstcall Research and/ or its affiliates and/or employees will not be liable for the recipients investment decision based on this document.

9 Firstcall India Equity Research: C.V.S.L.Kameswari Pharma & Diversified U. Janaki Rao Capital Goods B. Anil Kumar Auto, IT & FMCG M. Vinayak Rao Diversified G. Amarender Diversified Firstcall Research Provides Industry Research on all the Sectors and Equity Research on Major Companies forming part of Listed and Unlisted Segments For Further Details Contact: Tel.: / / Telefax: / info@firstobjectindia.com

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