Basic Company Details

Parameters Details
Company AVANTI FEEDS LTD
Current Stock Price (Rs) 520
Face Value (Rs) 1
No. of Shares (Crore) 14
Market Capitalization (Rs Crore) 7088

Key Financials - Trend

Parameters Details

Sales Growth (9-Year CAGR) 39.65%

Profit Before Tax Growth (9-Year CAGR) 65.20%
Net Profit Growth (8-Year CAGR) 67.16%
Average Debt/Equity (5-Years, x) 0.01
Average Return on Equity (5-Years) 32.37%
Average P/E (5-Years, x) 16.33
Latest P/E (x) 19.82
 AVANTI FEEDS LTD
2-MINUTE TEST BUY

1 Does the firm pass minimum quality hurdle? YES

2 Has the firm ever made any Net Profit? YES

3 Does the company generate consistent cash flow from operations? YES

4 Are returns on equity consistently above 15% with reasonable leverage? YES

5 Is earnings growth consistent or erratic? CONSISTENT

6 How clean is the balance sheet? LOW-DEBT

c Do you understand the debt? YES

7 Does the firm generate free cash flow? YES

8 Price To Earnings Ratio UNFAVORABLE

9 Share Price
10 How much other is there?(One-time charges, etc) NONE

11 Has the number of shares outstanding increased markedly over the past several years? YES
Assuming no big acquisitions, if shares outstanding are consistently increasing around
by more than 2% per year, think long and hard before investing the firm
 Market Capitalization (Rs Crore) 7088

Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20
3 28 30 70 116 158 216 446 274 346

-8 50 -21 56 89 122 278 281 184 125

5% 30% 24% 39% 44% 37% 34% 43% 23% 25%

725% 7% 134% 65% 36% 37% 107% -39% 27%

NET PROFITS CAGR 3-YR 17% 5-YR 24% 7-YR 42% 10-YR 67%

FINANCIAL LEVERAGE= 1.34 DEBT TO EQUITY RATIO= 0.0011185 ICR 264.02

FREE CASH FLOW TO SALES 4.30%

39.52 -33.21 20.14 73.29 55.73 155.13 197.6 160.49 92.16

8.22 2.73 3.19 6.69 12.02 11.47 15.53 22.72 20.35 11.57
CURRENT P/E RATIO 19.82 3-YR 18.21 5-YR 16.33 10-YR 11.45 Current

2 6 7 35 102 133 246 745 409 294 520

Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20
NSI 128245630 %change 0.00% 13.54% 0.00% 0.00% 400.00% 0.00% 0.00% 200.00% 0.00%
No. of Equity Shares 0.80 0.80 0.91 0.91 0.91 4.54 4.54 4.54 13.62 13.62
New Bonus Shares 0 0 0 0 0 0 0 0 0 0
Face value 10 10 10 10 10 2 2 2 1 1
 BUY
SELL
HOLD
AVOID

NONE
FEW

CONSISTENT
CYCLICAL

3.49

ERRATIC
 DEBT-FREE
LOW-DEBT
MODERATELY-LOW DEBT
MODERATE DEBT
MODERATELY-HIGH DEBT
HIGH-DEBT

YES
NO
 Balance Sheet
AVANTI FEEDS LTD GOOD
Rs Cr Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 BAD
Equity Share Capital 8 8 9 9 9 9 9 9 14 14
Reserves 62 86 116 170 256 414 626 1,022 1,192 1,390
Borrowings 54 50 61 56 58 11 19 7 9 2
Other Liabilities 26 39 62 163 154 189 414 488 400 475
Total 150 183 248 398 478 623 1,069 1,526 1,615 1,880
click here for the explanation
Net Block 27 43 51 78 90 104 160 312 293 271
Capital Work in Progress 11 2 2 5 - 42 94 2 9 26
Investments 34 45 35 40 111 33 360 584 630 680
Other Assets 78 93 161 276 277 444 454 628 683 903
Total 150 183 248 398 478 623 1,069 1,526 1,615 1,880

Working Capital 52 54 99 113 123 255 41 140 284 428

Receivables 23 16 40 45 34 35 23 50 49 89
Inventory 39 42 97 199 222 286 356 525 379 544
USE COMMON FORM ANALYSIS AND FINANCIAL HEALTH WORKSHEET TO ANALYSE THE BALANCE SHEET
 Common Form Balance Sheet
Rs Cr Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19
Equity Share Capital 5% 4% 4% 2% 2% 1% 1% 1% 1%
Reserves 41% 47% 47% 43% 54% 66% 59% 67% 74%
Borrowings 36% 27% 25% 14% 12% 2% 2% 0% 1%
Other Liabilities 18% 22% 25% 41% 32% 30% 39% 32% 25%
Total Liabilities 100% 100% 100% 100% 100% 100% 100% 100% 100%
Net Block 18% 24% 20% 19% 19% 17% 15% 20% 18%
Capital Work in Progress 7% 1% 1% 1% 0% 7% 9% 0% 1%
Investments 23% 25% 14% 10% 23% 5% 34% 38% 39%
Other Assets 52% 51% 65% 69% 58% 71% 43% 41% 42%
Total Assets 100% 100% 100% 100% 100% 100% 100% 100% 100%
Receivables 15% 8% 16% 11% 7% 6% 2% 3% 3%
Inventory 26% 23% 39% 50% 46% 46% 33% 34% 23%
Cash & Bank 3% 12% 3% 3% 1% 12% 4% 1% 12%
 AVG MIN MAX
Mar-20
1% 2% 1% 5%
74% 57% 41% 74%
0% 12% 0% 36%
25% 29% 18% 41%
100% 100% 100% 100%
14% 18% 14% 24%
1% 3% 0% 9%
36% 25% 5% 39%
48% 54% 41% 71%
100% 100% 100% 100%
5% 8% 2% 16%
29% 35% 23% 50%
11% 6% 1% 12%
 AVANTI FEEDS LTD GOOD
FINANCIAL HEALTH BAD
FINANCIAL LEVERAGE= 1.34 MORE THAN 4 IS RISKY
DEBT TO EQUITY RATIO= 0.00 LESS THAN 1 IS GOOD
INTEREST COVERAGE RATIO= 264.02 HIGHER IS BETTER (atleast greater than 10)

Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17

INVENTORY TURNOVER 5.22 9.08 6.45 5.49 7.70 6.78 7.35
DAYS IN INVENTORY 69.95 40.19 56.62 66.49 47.43 53.85 49.63
DAYS IN RECEIVABLES 40.86 14.79 23.15 15.03 7.17 6.60 3.27
FIXED ASSET TURNOVER 7.61 8.88 12.32 14.10 19.08 18.61 16.30
Total assets/Total liabilities= 1.86 2.05 2.02 1.82 2.25 3.12 2.47
Total debt/Total assets= 0.36 0.27 0.25 0.14 0.12 0.02 0.02
Total debt/Total equity= 0.78 0.53 0.49 0.31 0.22 0.03 0.03
Interest coverage ratio= 2.15 10.83 12.26 24.96 68.36 71.47 66.51
CFFO/capital expenditures= 4.6 -1.6 1.6 5.6 1.8 2.3
Depreciation/CFFO= -37.6% 7.9% -24.2% 10.0% 9.9% 8.4% 4.9%
Capital expenditures/Depreciation= 2.72 2.54 6.39 1.82 6.48 8.96
TOTAL DEBT / CASH FLOW = -7.05 0.98 -2.97 1.01 0.65 0.09 0.07
TOTAL DEBT / FREE CASH FLOW = 1.25 -1.84 2.79 0.80 0.19 0.12
Mar-18 Mar-19 Mar-20 AVG MIN MAX
6.47 9.20 7.57 7.13 5.22 9.20
56.46 39.67 48.21 52.85 39.67 69.95
5.38 5.09 7.87 12.92 3.27 40.86
10.87 11.92 15.19 13.49 7.61 19.08
3.08 3.95 3.95 2.66 1.82 3.95
0.00 0.01 0.00 0.12 0.00 0.36
0.01 0.01 0.00 0.24 0.00 0.78
148.08 88.18 111.70 60 2 148
3.4 7.9 3.8 3.3 -1.6 7.9
8.5% 19.5% 30.1% 3.7% -37.6% 30.1%
3.51 0.65 0.87 3.77 0.65 8.96
0.02 0.05 0.01 -0.71 -7.05 1.01
0.03 0.06 0.02 0.38 -1.84 2.79
LESS THAN 3 IS BEST
 INCOME STATEMENT
Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20
SALES 204 383 626 1093 1709 1935 2616 3393 3488 4115
% of Growth YoY 88% 64% 75% 56% 13% 35% 30% 3% 18%
COST OF GOODS SOLD 197 290.68 568.72 941.84 1461.45 1617.53 2209.72 2694.07 2911.07 3525.26
GROSS PROFIT 6 92 58 151 247 318 406 699 577 590
SELLING,GENERAL&ADMINISTRATIVE EXP 17 39 46 65 95 116 133 166 174 204
OPERATING INCOME BEFORE DEPRECIATION 13 48 53 115 191 252 356 733 469 527
DEPRECIATION,DEPLETION&AMORTIZATION 3 4 5 6 9 10 14 24 36 38
OPERATING PROFIT 10 44 48 110 183 242 342 709 433 489
OTHER INCOME 4 3 3 4 9 21 23 49 59 71
INTEREST EXPENSE 5 4 4 4 3 3 5 5 5 4
PRETAX INCOME 5 40 44 105 180 238 337 705 428 485
% of Growth YoY 656% 10% 138% 71% 32% 41% 109% -39% 13%
TOTAL TAXES 2 12 14 35 63 79 110 238 121 99
NET PROFIT 3 28 30 70 116 158 216 446 274 346
% of Growth YoY 725% 7% 134% 65% 36% 37% 107% -39% 27%
EPS 0.3 2 2 5 9 12 16 33 20 25
% of Growth YoY 725% -5% 134% 65% 36% 37% 107% -39% 27%
PRICE TO EARNINGS 8.2 2.7 3.2 6.7 12.0 11.5 15.5 22.7 20.3 11.6
PRICE 2 6 7 35 102 133 246 745 409 294
DIVIDEND PAYOUT RATIO 23.5% 18.5% 19.6% 19.3% 21.5% 20.2% 18.9% 12.2% 19.9% 20.0%
MARKET CAP 28 77 96 471 1,394 1,806 3,348 10,145 5,568 4,008
RETAINED EARNINGS 3 23 24 57 91 126 175 392 219 277
BUFFETT'S $1 TEST 2.9

EXPENSES
Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20

COST OF MATERIALS CONSUMED 172 275 516 882 1,383 1,543 2,101 2,485 2,740 3,299
POWER AND FUEL 7 11 19 26 29 26 34 49 54 59
OTHER MANUFACTURING EXPENSES 9 9 14 20 35 35 46 84 114 131
SELLING AND ADMIN 14 27 43 66 117 133 51 44 54 65
CHANGES IN INVENTORY 9 -4 19 13 15 14 29 76 3 35
EMPLOYEE BENEFIT EXPENSES 7 16 22 35 48 58 73 111 101 114
FINANCE COSTS 5 4 4 4 3 3 5 5 5 4
DEPRECIATION 3 4 5 6 9 10 14 24 36 38
OTHER EXPENSES -5 -4 -19 -36 -69 -76 8 12 19 25
 GOOD INCOME STATEMENT
Trailing BAD Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17
3977 % % % % % % %
SALES 100% 100% 100% 100% 100% 100% 100%
COST OF GOODS SOLD 96.81% 75.93% 90.80% 86.15% 85.53% 83.58% 84.48%
GROSS MARGINS 3.19% 24.07% 9.20% 13.85% 14.47% 16.42% 15.52%
SELLING,GENERAL&ADMINISTRATIVE EXP 8.11% 10.08% 7.32% 5.97% 5.55% 5.97% 5.07%
EBITDA MARGINS 6.28% 12.56% 8.47% 10.53% 11.20% 13.01% 13.59%
DEPRECIATION,DEPLETION&AMORTIZATION 1.42% 1.04% 0.80% 0.51% 0.52% 0.53% 0.52%
488 OPERATING MARGINS 2.90% 10.77% 7.26% 9.68% 10.15% 11.37% 12.18%
80 OTHER INCOME/EXPENSE 1.95% 0.75% 0.41% 0.34% 0.53% 1.11% 0.89%
2 INTEREST EXPENSE 2.26% 1.06% 0.63% 0.40% 0.16% 0.17% 0.20%
487 PBT MARGINS 2.60% 10.45% 7.05% 9.62% 10.53% 12.31% 12.87%
TOTAL TAXES 0.86% 3.12% 2.23% 3.24% 3.70% 4.09% 4.22%
NET MARGINS 1.67% 7.33% 4.80% 6.44% 6.78% 8.14% 8.24%
358 289.64 EFFECTIVE TAX RATE 33.27% 29.89% 31.63% 33.68% 35.18% 33.25% 32.79%

26 21.26

19.8 24.47
520
Mar-18 Mar-19 Mar-20 Trailing
% % % %
100% 100% 100% AVG MIN MAX
79.40% 83.46% 85.66% 85.18% 75.93% 96.81%
20.60% 16.54% 14.34% 14.82% 3.19% 24.07%
4.90% 4.98% 4.96% 6.29% 4.90% 10.08%
21.61% 13.44% 12.80% 12.35% 6.28% 21.61%
0.70% 1.03% 0.92% 0.80% 0.51% 1.42%
19.45% 10.71% 10.17% 10.26% 10.47% 2.90% 19.45%
1.46% 1.70% 1.72% 2.02% 1.09% 0.34% 1.95%
0.14% 0.14% 0.11% 0.53% 0.11% 2.26%
20.76% 12.27% 11.78% 11.02% 2.60% 20.76%
7.02% 3.48% 2.40% 3.44% 0.86% 7.02%
13.16% 7.85% 8.42% 8.99% 7.28% 1.67% 13.16%
33.79% 28.37% 20.33% 31.22% 20.33% 35.18%
 Common Form P&L
Rs Cr Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19
Sales 100% 100% 100% 100% 100% 100% 100% 100% 100%
Raw Material Cost 84% 72% 82% 81% 81% 80% 80% 73% 79%
Change in Inventory 5% -1% 3% 1% 1% 1% 1% 2% 0%
Power and Fuel 3% 3% 3% 2% 2% 1% 1% 1% 2%
Other Mfr. Exp 5% 2% 2% 2% 2% 2% 2% 2% 3%
Employee Cost 4% 4% 3% 3% 3% 3% 3% 3% 3%
Selling and Admin Cost 7% 7% 7% 6% 7% 7% 2% 1% 2%
Other Expenses -2% -1% -3% -3% -4% -4% 0% 0% 1%
Operating Profit -5% 14% 2% 8% 9% 10% 10% 16% 12%
Other Income 2% 1% 0% 0% 1% 1% 1% 1% 2%
Depreciation 1% 1% 1% 1% 1% 1% 1% 1% 1%
Interest 2% 1% 1% 0% 0% 0% 0% 0% 0%
Profit Before Tax 3% 10% 7% 10% 11% 12% 13% 21% 12%
Tax 1% 3% 2% 3% 4% 4% 4% 7% 3%
Net Profit 2% 7% 5% 6% 7% 8% 8% 13% 8%
Dividend Amount 0% 1% 1% 1% 1% 2% 2% 2% 2%
 GOOD
Mar-20 BAD AVG MIN MAX
100% 100% 100% 100%
80% 79% 72% 84% A common-size financial statement is displays line
items as a percentage of one selected or common
1% 1% -1% 5% figure. Creating common-size financial statements
1% 2% 1% 3% makes it easier to analyze a company over time and
3% 3% 2% 5% compare it with its peers. Using common-size
financial statements helps investors spot trends that
3% 3% 3% 4%
a raw financial statement may not uncover.
2% 5% 1% 7%
1% -2% -4% 1%
9% 9% -5% 16%
2% 1% 0% 2%
1% 1% 1% 1%
0% 1% 0% 2%
12% 11% 3% 21%
2% 3% 1% 7%
8% 7% 2% 13%
2% 1% 0% 2%
ancial statement is displays line
age of one selected or common
mmon-size financial statements
nalyze a company over time and
ts peers. Using common-size
helps investors spot trends that
statement may not uncover.
 AVANTI FEEDS LTD
Rs Cr Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20
Net Fixed Asset Turnover 11.0 13.3 17.0 20.5 20.0 19.8 14.4 11.5 14.6
NET MARGINS 2% 7% 5% 6% 7% 8% 8% 13% 8% 8%
DIVIDEND PAYOUT RATIO 24% 19% 20% 19% 22% 20% 19% 12% 20% 20%
Depreciation as % of NFA 11% 9% 10% 7% 10% 10% 9% 8% 12% 14%

SELF-SUSTAINABLE GROWTH RATE (SSGR) 60.16% 72.32% 99.74% 114.29% 138.64% 113.71% 98.13%

TRENDS: 3 YEARS 5 YEARS 7 YEARS 10 YEARS

SALES GROWTH RATE (CAGR) 16.3% 19.2% 30.9% 39.6%
PBT Growth (CAGR) 12.9% 21.9% 40.8% 65.2%
Net Profit Growth (CAGR) 17.1% 24.5% 41.8% 67.2%

Price to Earning 18.2 16.3 14.3 11.4

Receivables (CAGR) 55.9% 21.5% 12.2% 16.3%
Inventory (CAGR) 15.2% 19.6% 27.9% 34.0%
Check for long term vs short term trends here. Check if the growth over past 3 or
5 years has slowed down / improved compared to long term (7 to 10 years)
growth numbers.
NFAT
NPM
DPR
DEP

FORMALA FOR SSGR = NFAT*NPM*(1-DPR)-DEP

 AVANTI FEEDS LTD
Rs Cr Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16
SALES 204 383 626 1093 1709 1935
NET PROFIT 3 28 30 70 116 158
NET MARGINS 2% 7% 5% 6% 7% 8%
DEPRECIATION,DEPLETION& 3 4 5 6 9 10
NFA 27 43 51 78 90 104
Depreciation as % of NFA 11% 9% 10% 7% 10% 10%
Net Fixed Asset Turnover 11.0 13.3 17.0 20.5 20.0
DIVIDEND PAYOUT RATIO 24% 19% 20% 19% 22% 20%
(1-DPR) 0.76 0.81 0.80 0.81 0.78 0.80
Mar-17 Mar-18 Mar-19 Mar-20
2616 3393 3488 4115
216 446 274 346
8% 13% 8% 8%
14 24 36 38
160 312 293 271
9% 8% 12% 14%
19.8 14.4 11.5 14.6
19% 12% 20% 20%
0.81 0.88 0.80 0.80
 Cash Flow Statement 100
AVANTI FEEDS LTD
Rs Cr Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Total -
Cash from Operating Activity (CFO) -8 50 -21 56 89 122 278 281 184 125 1,157
1 2 3 4 5 6 7 8 9 0
% Growth YoY -753% -141% -370% 61% 37% 128% 1% -35% -32% n-1 n-1 n-1 n-1 n-1 n-1 n-1 n-1 n-1 n-2
Cash from Investing Activity -18 -17 5 -39 -84 18 -408 -269 -27 -26 -864 -100 Ja Ja Ja Ja Ja Ja Ja Ja Ja Ja
Cash from Financing Activity 19 -14 1 -13 -12 -74 101 -45 -106 -141 -285 CFFO
Net Cash Flow -6 19 -14 4 -6 66 -30 -34 51 -42 7 -200 Cf-invest
CFO/Sales -4% 13% -3% 5% 5% 6% 11% 8% 5% 3% Cf-finance
CFO/Net Profit -227% 180% -68% 79% 77% 77% 129% 63% 67% 36% 41.26% -300
Capex 11 13 35 16 66 123 83 23 33
FCF 40 -33 20 73 56 155 198 160 92 761
-400
Average FCF (3 Years) 150 CFFO (Good, i.e., business is generating cash)
FCF Growth YoY -184% -161% 264% -24% 178% 27% -19% -43% CFI (Bad, i.e, instead of reinvesting in business, they are liquidating it)
-500
FCF/Sales 10% -5% 2% 4% 3% 6% 6% 5% 2%
FCF/Net Profit 141% -111% 29% 63% 35% 72% 44% 59% 27% 500
Cf-finance Cf-invest CFFO Net Profit CFFO Cash Flow From Operating Activities
Some Important Questions to Ask while Analysing Mar-20 -141 -26 125 Mar-20 346 125 400 Cash Flow From Investing Activities
the Cash Flow Statement of the Company Mar-19 -106 -27 184 Mar-19 274 184 Cash Flow From Financing Activities
Mar-18 -45 -269 281 Mar-18 446 281 300
What are the major sources of cash? Multiple Sources
Cash Flow From Operating Activities Mar-17 101 -408 278 Mar-17 216 278 200 Net Profit
Is cffo sufficient to cover cap ex? Mar-16 -74 18 122 Mar-16 158 122 CFFO Cash Flow From Operating Activities
YES Mar-15 -12 -84 89 Mar-15 116 89 100 Cash Flow From Investing Activities
Relationship between Net Profit & CFFO for past 10yrs? Mar-14 -13 -39 56 Mar-14 70 56 Cash Flow From Financing Activities
0
Consistent Mar-13 1 5 -21 Mar-13 30 -21 Multiple Sources
1 2 3 4 5 6 7 8 9 0
Mar-12 -14 -17 50 Mar-12 28 50 -100 Jan
-1 n-1 n-1 n-1 n-1 n-1 n-1 n-1 n-1 n-2
Ja Ja Ja Ja Ja Ja Ja Ja Ja
Mar-11 19 -18 -8 Mar-11 3 -8 Consistent
In-Consistent
 AVANTI FEEDS LTD
PROFITABILITY
YEAR Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20
RETURN ON CAPITAL EMPLOYED% 8.0% 30.8% 25.8% 46.5% 56.4% 55.7% 52.2% 68.3% 35.6% 34.8%

DUPONT-ANALYSIS
YEAR Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20

NET MARGIN% 1.7% 7.3% 4.8% 6.4% 6.8% 8.1% 8.2% 13.2% 7.8% 8.4%

ASSET TURNOVER 1.4 2.1 2.5 2.7 3.6 3.1 2.4 2.2 2.2 2.2

RETURN ON ASSETS% 2.26% 15.37% 12.11% 17.68% 24.27% 25.30% 20.18% 29.25% 16.94% 18.43%

FINANCIAL LEVERAGE 2.16 1.95 1.98 2.22 1.80 1.47 1.68 1.48 1.34 1.34

RETURN ON EQUITY% 4.9% 30.0% 24.0% 39.2% 43.7% 37.3% 33.9% 43.3% 22.7% 24.7%

FREE CASH FLOW TO SALES ANALYSIS

FREE CASH FLOW = CASHFLOW FROM OPERATIONS-CAPITAL SPENDING

YEAR Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20

CFFO (CASH FLOW STATEMENT) 50.38 -20.55 55.56 89.34 122 277.75 280.93 183.76 125.09

CAPITAL EXPENDITURE 10.86 12.66 35.42 16.05 66.27 122.62 83.33 23.27 32.93

OWNER'S EARNINGS(FCFE) 39.52 -33.2 20.1 73.3 55.7 155.1 197.6 160.5 92.2
 FREE CASH FLOW/SALES(%) 10.32% -5.30% 1.84% 4.29% 2.88% 5.93% 5.82% 4.60% 2.24%
MINIMUM 5% IS GOOD

PROFITABILITY MATRIX
FREE CASH FLOW TO SALES 4.30% HIGH LESS RISKY COMPANY

ROE<15% AND FREE CASH FLOW>5% ROE>15% AND FREE CASH FLOW>5%
RETURN ON EQUITY % 32.4%
GOOD FREE CASH FLOW BUT BAD ROE GREAT COMPANY
FREE CASH FLOW 5%

HIGH RISK COMPANY

ROE<15% AND FREE CASH FLOW<5% ROE>15% AND FREE CASH FLOW<5%

WORST COMPANY GOOD ROE BUT BAD FREE CASH FLOW

LOW
15%
RETURN ON EQUITY

PROTABILITY MATRIX GREAT COMPANY

PRICING POWER MOAT NONE STRENGTH

COST ADVANTAGE MOAT NONE NO MOAT

COMPETETIVE ADVANTAGE PERIOD

 FAVORABLE
LONG CAP LONGEST CAP
FAVORABLE COMPANY STRATEGY FAVORABLE COMPANY STRATEGY
BUT AND
UNFAVORABLE INDUSTRY STRUCTURE FAVORABLE INDUSTRY STRUCTURE

COMPANY STRATEGY

SHORTEST CAP SHORT CAP

1. PRICING POWER
2. LOW-COST
3. BOTH UNFAVORABLE COMPANY STRATEGY FAVORABLE INDUSTRY STRUCTURE
4. NONE AND BUT
UNFAVORABLE INDUSTRY STRUCTURE UNFAVORABLE COMPANY STRATEGY

UNFAVORABLE
UNFAVORABLE INDUSTRY STRUCTURE FAVORABLE

COMPETETIVE ADVANTAGE MATRIX SHORTEST CAP

GROWTH ADVANTAGE PERIOD

HIGH
HIGH PAT GROWTH HIGHEST PAT GROWTH
HIGH COMPANY GROWTH MINDSET HIGH COMPANY GROWTH MINDSET
BUT AND
LOW INDUSTRY GROWTH HIGH INDUSTRY GROWTH
 COMPANY GROWTH
MINDSET
LOWEST PAT GROWTH LOWER PAT GROWTH
1. AGGRESSIVE CAPACITY EXPANSION
2. INORGANIC GROWTH STRATEGY
3. OPERATING/FINANCIAL LEVERAGE LOW COMPANY GROWTH MINDSET LOW COMPANY GROWTH MINDSET
AND BUT
LOW INDUSTRY GROWTH HIGH INDUSTRY GROWTH

LOW
LOW INDUSTRY GROWTH HIGH

GROWTH ADVANTAGE MATRIX HIGHEST PAT GROWTH

MOAT GROWTH ADVANTAGE PERIOD

HIGH
GROWTH TRAP TRUE WEALTH CREATOR
HIGH GROWTH HIGH GROWTH
BUT AND
WEAK MOAT HIGH MOAT

TRANSITORY MULTIBAGGER ENDURING MULTIBAGGER

GROWTH
WEALTH DESTROYER QUALITY TRAP

LOW GROWTH HIGH MOAT

AND BUT
WEAK MOAT LOW GROWTH
 PERMANENT LOSS OF CAPITAL UNDERPERFORMER
WEAK
WEAK MOAT HIGH

MOAT GROWTH MATRIX TRUE WEALTH CREATOR

GOOD

BAD

AVG MIN MAX

41.41% 7.98% 68.31%

AVG MIN MAX %ROE

7.3% 1.7% 13.2% 23.98%

2.4 1.4 3.6 35.89%

18.2% 2.3% 29.3%

1.7 1.3 2.2 40.1%

30.4% 4.9% 43.7% 100%

`
GREAT COMPANY
GOOD FREE CASH FLOW B
GOOD ROE BUT BAD FREE
WORST COMPANY
GREAT COMPANY
GOOD FREE CASH FLOW BUT BAD ROE
GOOD ROE BUT BAD FREE CASH FLOW
WORST COMPANY
 AVANTI FEEDS LTD
RELATIVE VALUATION
CHEAP

1. EARNINGS YIELD
EXPENSIVE

☹
EARNINGS YIELD 5.05%

10 YEAR GOVT BOND YIELD 6.68% click here to know govt bond yield

YIELD SPREAD -1.63%

2. CASH RETURN

☹
CASH RETURN 2.42%

10 YEAR GOVT BOND YIELD 6.68%

YIELD SPREAD -4.26%

3. HISTORICAL PRICE TO EARNINGS RATIO

Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20
P/E RATIO 8.2 2.7 3.2 6.7 12.0 11.5 15.5 22.7 20.3 11.6

☹
3 YR AVG P/E RATIO 18.2
5 YR AVG P/E RATIO 16.3
10 YR AVG P/E RATIO 11.4

TRAILING P/E RATIO 19.82

4. HISTORICAL PRICE TO SALES RATIO

Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20
P/S RATIO 0.1 0.2 0.2 0.4 0.8 0.9 1.3 3.0 1.6 1.0

☹
 ☹
3 YR AVG P/S RATIO 1.9
5 YR AVG P/S RATIO 1.6
10 YR AVG P/S RATIO 1.0

TRAILING P/S RATIO 1.78

5. HISTORICAL PRICE TO BOOK RATIO

Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20
P/B RATIO 0.4 0.8 0.8 2.6 5.3 4.3 5.3 9.8 4.6 2.9

☺
3 YR AVG P/B RATIO 5.8
5 YR AVG P/B RATIO 5.4
10 YR AVG P/B RATIO 3.7

TRAILING P/B RATIO 5.05

 CHEAP WOW, IT'S CHEAP! ☺
EXPENSIVE IT'S EXPENSIVE ☹
 Dicounted Cash Flow Valuation
AVANTI FEEDS LTD

Initial Cash Flow (Rs Cr) 150 4,390

Want to use my fundamental growth YES 7,088
Years 1-10 62%
FCF Growth Rate 15.00%
Discount Rate 12.00%
Terminal Growth Rate 3.75%

Net Debt Level (Rs Cr) (877)

Year FCF Growth Present Value

1 180 19.74% 160
2 215 19.74% 172
3 258 19.74% 183
4 308 19.74% 196
5 369 19.74% 210
6 430 16.54% 218
7 488 13.34% 221
8 537 10.14% 217
9 575 6.95% 207
10 596 3.75% 192

If you don't like using past growth rates, then you can use fundamental growth rates which are more dynamic and forwardin
reinvestment ( i.e., how much money you retain in the business ) and return of equity (i.e., the return you generat

GROWTH RATE= (1- Payout Ratio) x Return on equity

ROE X (1- PAYOUT RATIO) = GROWTH

YEAR ROE (1-DPR) GROWTH
CURRENT 24.68% 79.95% 19.74%
1 24.68% 79.95% 19.74%
2 24.68% 79.95% 19.74%
3 24.68% 79.95% 19.74%
4 24.68% 79.95% 19.74%
5 24.68% 79.95% 19.74%
6 22.75% 68.96% 16.54%
7 20.81% 57.97% 13.34%
8 18.87% 46.98% 10.14%
9 16.94% 35.99% 6.95%
10 15.00% 25.00% 3.75%
TERMINAL (STABLE) 15.00% 25.00% 3.75%
What IF, Initial FCF Is Negative, Then Make Your Best Case Assumptions,

YEAR CFFO CAP EX FCF

CURRENT 125 50% 63
1 150 50% 75
2 179 50% 90
3 215 50% 107
4 257 50% 129
5 308 50% 154
6 359 50% 179
7 407 50% 203
8 448 50% 224
9 479 50% 240
10 497 50% 248

1. SIZE 7088
2. FINANCIAL HEALTH STRONG FINANCIAL HEALTH
3. EARNINGS GROWTH CONSISTENT
4. ECONOMIC MOAT NO MOAT
5. MANAGEMENT HIGH QUALITY MANAGEMENT
6. COMPLEXITY LOW

ESTIMATING THE RISKINESS IN CASH FLOWS (DISCOUNT RATE)

Valuation
D
GOOD
BAD
WOW, IT'S CHEAP! ☺
DCF Value (As calculated in cell G17)
Current Market Cap
DCF as % of Current Mkt Cap
IT'S EXPENSIVE
☹

Final Calculations

☹
Terminal Year 619
PV of Year 1-10 Cash Flows 1,976
Terminal Value 2,414
Total PV of Cash Flows 4,390
Current Market Cap (Rs Cr) 7,088
Share Price 520
Value Per Share 322

growth rates which are more dynamic and forwarding looking. Growth in net profit is the function of
ss ) and return of equity (i.e., the return you generate on incremental retained earnings).

TH RATE= (1- Payout Ratio) x Return on equity

EXPECTED DIVIDEND INCOME ANALYSIS (FUNDAMENTAL GROWTH)

YEAR EPS DPR Dividends Pr. Value
CURRENT 26.2 20.05% 5.26
1 31.4 20.05% 6.30 5.63
2 37.6 20.05% 7.54 6.01
3 45.1 20.05% 9.03 6.43
4 54.0 20.05% 10.82 6.87
5 64.6 20.05% 12.95 7.35
6 75.3 31.04% 23.37 11.84
7 85.3 42.03% 35.86 16.22
8 94.0 53.02% 49.83 20.13
9 100.5 64.01% 64.34 23.20
10 104.3 75.00% 78.21 25.18
Expected Dividend Income From This Stock In Next The 10 Years 298 128.86

Current Share Price 520

Estimated 10th Year Share Price 2086
Estimated 10th Year Share Price + Dividends 2384
 Total Return 16.44%

Investment Return = % EPS Growth + Dividend Income

Investment return = 14.79% 1.55%

Investment return = 16.34%

DIVIDENDS IN CRORES = 4064

Capital Gains + Dividends 404998

Estimated 10th Year Market Cap 28416

Discounted Estimated 10th Year Market Cap 9149

Discounted Dividends 129

Discounted Value 9278

Disounted Earnings Valuation 681

 GROWTH RATE (MANUALLY INPUTTED)
ROE X (1- PAYOUT RATIO) = GROWTH EXPECTED DIVIDEND INCOME ANALYS
YEAR ROE (1-DPR) GROWTH YEAR
CURRENT 24.68% 60.77% 15.00% CURRENT
1 24.68% 60.77% 15.00% 1
2 24.68% 60.77% 15.00% 2
3 24.68% 60.77% 15.00% 3
4 24.68% 60.77% 15.00% 4
5 24.68% 60.77% 15.00% 5
6 24.68% 60.77% 15.00% 6
7 24.68% 60.77% 15.00% 7
8 24.68% 60.77% 15.00% 8
9 24.68% 60.77% 15.00% 9
10 24.68% 60.77% 15.00% 10
Expected Dividend Income From This Stock In Ne

Estimated 10th Y
Estimated 10th Year Share P
 Estimated 10th Y

Discounted Estimated 10th

Disounted Ea
IDEND INCOME ANALYSIS (MANUAL GROWTH)
EPS DPR Dividends Pr. Value
26.2 39.23% 10.30
30.2 39.23% 11.84 10.57
34.7 39.23% 13.62 10.86
39.9 39.23% 15.66 11.15
45.9 39.23% 18.01 11.45
52.8 39.23% 20.71 11.75
60.7 39.23% 23.82 12.07
69.8 39.23% 27.39 12.39
80.3 39.23% 31.50 12.72
92.3 39.23% 36.23 13.06
106.2 39.23% 41.66 13.41
ome From This Stock In Next The 10 Years 240 119.44

Current Share Price 520

Estimated 10th Year Share Price 2086
mated 10th Year Share Price + Dividends 2326
 Total Return 16.16%

Investment Return = % EPS Growth + Dividend Income

Investment return = 15.00% 1.26%

Investment return = 16.26%

DIVIDENDS IN CRORES = 3276

Capital Gains + Dividends 404211

Estimated 10th Year Market Cap 28416

counted Estimated 10th Year Market Cap 9149

Discounted Dividends 119

Discounted Value 9269

Disounted Earnings Valuation 680

 Dhandho Intrinsic Value Calculation
Read the book - The Dhandho Investor by Mohnish Pabrai

AVANTI FEEDS LTD AVANTI FE

Dhandho - Worst Case Dhandho -
Year FCF (Rs Cr) PV of FCF (Rs Cr) Assumed FCF Growth Year
0 Excess Cash (Latest) 879 Year 1-3 15% 0
1 FY18 173 154 Year 4-6 10% 1
2 FY19 198 158 Year 7-10 5% 2
3 FY20 228 162 Discount Rate 12% 3
4 FY21 251 160 4
5 FY22 276 157 Last 5-Years' CAGR 5
6 FY23 304 154 Sales 19% 6
7 FY24 319 144 PBT 22% 7
8 FY25 335 135 FCF 5% 8

☹
9 FY26 352 127 9
10 FY27 369 119 10
10 3,693 1,189 10
Intrinsic Value 3,538 Intrinsic Va
Current Mkt. Cap. 7,088 Current Mkt. C
Premium/(Discount) 100% Premium/(Discou
Value Per Share 260 Value Per Sh

You have to adjust the initial free cash flows in case if they are negative.
lue Calculation CHEAP EXPENSIVE
vestor by Mohnish Pabrai
WOW, IT'S CHEAP! ☺
AVANTI FEEDS LTD
Dhandho - Best Case
FCF (Rs Cr) PV of FCF (Rs Cr)
IT'S EXPENSIVE
Assumed FCF Growth
☹
Excess Cash (Latest) 879 Year 1-3 20%
FY18 180 161 Year 4-6 15%
FY19 216 172 Year 7-10 10%
FY20 259 185 Discount Rate 12%
FY21 298 190
FY22 343 195
FY23 394 200
FY24 434 196
FY25 477 193

☹
FY26 525 189
FY27 577 186
8,662 2,789
Intrinsic Value 5,534
Current Mkt. Cap. 7,088
Premium/(Discount) 28%
Value Per Share 406

f they are negative.

 Total Returns Model
AVANTI FEEDS LTD
Particulars Mar/11 Mar/12 Mar/13 Mar/14 Mar/15 Mar/16 Mar/17 Mar/18 Mar/19 Mar/20
Net Profit (Rs Crore) 3 28 30 70 116 158 216 446 274 346
Net Profit Margin 2% 7% 5% 6% 7% 8% 8% 13% 8% 8%
Return on Equity 5% 30% 24% 39% 44% 37% 34% 43% 23% 25%
Calculations (Enter values only in black cells)
Estimated CAGR in Net Profit over next 10 years 14.79%
GOOD WOW, IT'S CHEAP! ☺
Estimated Net Profit after 10 years (Rs Cr)
Current P/E (x)
Exit P/E in the 10th year from now (x, Estimated)
1,421
19.8
20.0
BAD IT'S EXPENSIVE ☹
Esti. Market Cap (10th year from now; Rs Cr) 28,416
Cost of Capital/Discount Rate 12%

☺
Discounted Value (Rs Cr) 9,278
Current Market Cap (Rs Cr) 7,088

If you invest 1 lakh today, in 10 yrs it will grow into 404998

Investment Return from this stock in the next 10 years 16.34%
Speculative Return from this stock in the next 10 years 0.11%
Capital Gains 14.90%
Dividend Return 1.55% Total
+ Speculative Return =
Total Return = Investment Return + Speculative Return 16.44% Investment Return Return
PEG RATIO 1.34 14.79% 1.55% + 0.11% = 16.44%
1.65
14.8%
DANGER! DANGER! You have Inputted The Most Unrealistic And Irrational Growth Rate
ATTENTION PLEASE! Make Sure That Capital Gains Are Atleast 15%
CAGR (9-Yr) CAGR (5-Yr)
67% 24%

ATTENTION PLEASE!
Make Sure That Capital Gains Are Atleast
15%

Multi-Bagger Gains % MBP

196% 370
 Intrinsic Value Range UNDER-VALUED
AVANTI FEEDS LTD OVER-VALUED
Market Cap Value Per Share
Lower Higher Lower Higher
Dhandho 3,538 5,534 259.70 406.18
DCF 4,390 322.24
Total Return 9,278 680.99
PE < G Price 5,290 388.26
Current Market Cap. 7,088 share price 520.20 W.Avg Intrinsic Value

ENTRY PRICE Implied PE ASSUMPTIONS

PHASE-1 370 14.11 No.Of Shares Bought in Phase-1
PHASE-2 329 12.54 No.Of Shares Bought in Phase-2
PHASE-3 309 11.76 No.Of Shares Bought in Phase-3
Total No.Of Shares Bought
EXIT PRICE Implied PE
PHASE-1 514 19.59 Capital Gains by selling in Phase-1
PHASE-2 919 35.02 Capital Gains by selling in Phase-2
PHASE-3 1021 38.92 Capital Gains by selling in Phase-3
Total Capital Gains (PROFITS)
 LET'S CALCULATE THE RETURN YOU CAN GENERATE

YOUR INVESTMENT = 30,000

Phase-1 Phase-2 Phase-3

10000 10000 10000

411

PTIONS
ught in Phase-1 27
ught in Phase-2 30
ught in Phase-3 32
ares Bought 90

elling in Phase-1 5,394

elling in Phase-2 17,514
elling in Phase-3 20,571 Before 30,000
ins (PROFITS) 43,479 144.93% After 73479
 15394
27514.22
30571
73479

Total Return
 10,000

144%

336
818
AVANTI FEEDS LTD
SCREENER.IN
Narration Mar-18 Jun-18 Sep-18 Dec-18 Mar-19 Jun-19 Sep-19 Dec-19 Mar-20 Jun-20
Sales 834 1,040 755 835 858 1,093 1,064 923 1,035 955
% Growth YOY 3% 5% 41% 10% 21% -13%
Expenses 717 909 682 726 764 957 935 859 910 826
Operating Profit 117 132 72 110 93 137 129 63 125 129
Other Income 15 14 12 14 19 18 22 20 12 28
Depreciation 8 9 9 9 9 9 10 9 10 9
Interest 0 0 1 1 1 0 0 1 1 0
Profit before tax 124 137 75 114 103 145 141 73 126 147
PBT Margin 15% 13% 10% 14% 12% 13% 13% 8% 12% 15%
% Growth YOY -18% 6% 88% -36% 23% 1%
Tax 38 47 20 29 26 44 13 14 27 31
Net profit 83 86 46 74 68 93 119 48 87 104
% Growth YOY -18% 9% 156% -35% 28% 12%
OPM 14% 13% 10% 13% 11% 13% 12% 7% 12% 14%
 NEVER PLACE YOUR BUY ORDER WITHOUT GOING THROUGH THIS CHECKLIST

STUDY ITS PRODUCTS/SERVICES CAREFULLY,CHECK WHETHER THEY EXIST IN REAL WORLD AND WHAT
THEY CLAIM ABOUT THEIR PRODUCT/SERVICE IS TRUE OR MAKES SENSE.

READ ATLEAST 10 YEARS OF ANNUAL REPORTS SLOWLY AND SKEPTICALLY.

ARE YOU EXITED BY STORYLINE AND IGNORING WARNING SIGNS?

IS IT JUST LOW P/E OR LOW VALUATION THAT IS TEMPTING YOU TO INVEST? BUY CHEAP STOCKS, BUT
NOT CHEAP QUALITY STOCKS.

STAY AWAY FROM ACQUISITION HUNGRY COMPANIES.

IF YOU FIND ANY RED FLAGS IN YOUR ANALYSIS, NEVER IGNORE, DIG DEEPER.

IF RESULTS ARE GETTING DELAYED.STAY AWAY.

STAY AWAY FROM COMPANIES WHERE INSIDERS ARE SELLING LARGE STAKES.

PROMOTER SHARES ARE PLEDGED,THAT IS ALMOST EQUAL TO SELLING SHARES, SO BE WARY.

IF COMPANY IS FACING TROUBLES COLLECTING CASH (INCREASING RECEIVABLE DAYS).STAY AWAY.

ANALYSE RELATED PARTY TRANSACTIONS CAREFULLY, ESPECIALLY LOANS.

READ 10-YEARS OF REVENUE RECOGNITION POLICIES AND WATCH OUT FOR ANY POLICY CHANGES.

READ 10-YEARS OF AUDITOR REPORTS.

BE WARY WITH COMPANIES NOT CONDUCTING CONFERENCE CALLS AND NO CHAIRMANS LETTER IN THE
ANNUAL REPORT.

NO FINANCIAL DATA ABOUT ACQUIRED COMPANIES, WATCH OUT.

NEVER INVEST IN COMPANIES WITH HIGH POLITICAL CONNECTION.

COMPANY NAME AVANTI FEEDS LTD
LATEST VERSION 2.10 PLEASE DO NOT MAKE ANY CH
CURRENT VERSION 2.10

META
Number of shares 13.62
Face Value 1
Current Price 520.2
Market Capitalization 7087.5

PROFIT & LOSS

Report Date Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16
Sales 203.76 382.84 626.33 1093.27 1708.65 1935.32
Raw Material Cost 171.61 274.93 516.33 882.40 1,383.06 1,542.97
Change in Inventory 9.42 -4.17 19.36 12.63 15.00 14.06
Power and Fuel 7.05 10.85 19.12 26.39 28.83 25.63
Other Mfr. Exp 9.18 9.07 13.91 20.42 34.56 34.87
Employee Cost 7.47 15.84 21.64 35.24 47.68 58.22
Selling and admin 13.57 26.53 43.26 66.38 116.63 133.12
Other Expenses -4.51 -3.77 -19.03 -36.35 -69.4 -75.73
Other Income 3.98 2.86 2.58 3.68 9.02 21.49
Depreciation 2.9 4 4.98 5.54 8.8 10.23
Interest 4.6 4.07 3.92 4.39 2.67 3.38
Profit before tax 5.29 40.01 44.14 105.17 179.84 238.18
Tax 1.76 11.96 13.96 35.42 63.27 79.2
Net profit 3.4 28.05 30.05 70.41 115.92 157.5
Dividend Amount 0.8 5.2 5.9 13.62 24.97 31.78

Quarters
Report Date Mar-18 Jun-18 Sep-18 Dec-18 Mar-19 Jun-19
Sales 834.28 1040.24 754.54 835.32 857.68 1093.49
Expenses 716.83 908.53 682.42 725.67 764.46 956.65
Other Income 14.94 13.95 12.27 14.12 19.47 18.06
Depreciation 7.74 8.74 9.02 9.03 9.05 9.23
Interest 0.21 0.37 0.61 0.54 1.10 0.40
Profit before tax 124.44 136.55 74.76 114.2 102.54 145.27
Tax 38.44 46.56 19.66 28.87 26.34 43.81
Net profit 82.93 85.67 46.4 73.57 67.99 92.96
Operating Profit 117.45 131.71 72.12 109.65 93.22 136.84

BALANCE SHEET
Report Date Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16
Equity Share Capital 8 8 9.08 9.08 9.08 9.08
Reserves 61.52 85.61 116.02 170.49 256.21 413.71
Borrowings 54.46 49.57 61.08 56.12 58.40 10.71
Other Liabilities 26.44 39.34 61.92 162.66 153.89 189.1
Total 150.42 182.52 248.1 398.35 477.58 622.6
Net Block 26.78 43.09 50.85 77.51 89.57 103.99
Capital Work in Progress 11.12 1.67 1.59 4.81 41.62
Investments 34.49 44.77 34.87 40.31 111.09 33.15
Other Assets 78.03 92.99 160.79 275.72 276.92 443.84
Total 150.42 182.52 248.1 398.35 477.58 622.6
Receivables 22.81 15.51 39.73 45.02 33.56 34.97
Inventory 39.05 42.15 97.16 199.15 222.02 285.55
Cash & Bank 4.56 22.05 8.59 12.86 6.16 72.57
No. of Equity Shares 8000000 8000000 9083042 9083042 9083042 45415210
New Bonus Shares
Face value 10 10 10 10 10 2

CASH FLOW:
Report Date Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16
Cash from Operating Activity -7.72 50.38 -20.55 55.56 89.34 122
Cash from Investing Activity -17.6 -17.44 5.43 -39.1 -83.52 18.13
Cash from Financing Activity 19.01 -14.09 0.81 -12.74 -11.97 -74.26
Net Cash Flow -6.31 18.85 -14.31 3.72 -6.15 65.86

PRICE: 2.33 6.38 7.05 34.66 102.47 132.6

DERIVED:
Adjusted Equity Shares in Cr 12.00 12.00 13.60 13.60 13.60 13.62
DO NOT MAKE ANY CHANGES TO THIS SHEET

Mar-17 Mar-18 Mar-19 Mar-20

2615.74 3392.9 3487.78 4115.29
2,100.54 2,485.18 2,740.18 3,299.37
29.38 75.50 3.25 35.20
33.65 49.35 53.61 59.31
46.15 84.04 114.03 131.38
73.15 110.97 100.57 113.92
51.11 43.68 54.25 65.27
8.3 11.5 18.86 24.94
23.35 49.37 59.27 70.65
13.69 23.76 35.84 37.71
5.14 4.79 4.91 4.38
336.74 704.5 428.05 484.86
110.43 238.02 121.44 98.57
215.66 446.47 273.63 346.49
40.86 54.48 54.48 69.46

Sep-19 Dec-19 Mar-20 Jun-20

1064.3 922.69 1034.81 955.4
935.3 859.43 910.17 826.31
21.52 19.6 11.63 27.61
9.75 9.13 9.6 9.43
0.23 0.68 0.68 0.26
140.54 73.05 125.99 147.01
13.28 14.2 27.28 31.02
118.7 47.85 86.98 104.1
129 63.26 124.64 129.09

Mar-17 Mar-18 Mar-19 Mar-20

9.08 9.08 13.62 13.62
 626.34 1022.4 1192.34 1390.06
19.26 6.87 9.34 1.57
413.96 487.91 399.52 474.7
1068.64 1526.26 1614.82 1879.95
160.47 312.14 292.53 270.87
94.07 1.97 9.01 25.89
359.61 584.45 630.17 680.48
454.49 627.7 683.11 902.71
1068.64 1526.26 1614.82 1879.95
23.41 50.03 48.64 88.77
355.70 524.81 379.06 543.51
45.12 14.36 186.91 198.57
45415210 45415210 136245630 136245630

2 2 1 1

Mar-17 Mar-18 Mar-19 Mar-20

277.75 280.93 183.76 125.09
-407.76 -269.27 -26.78 -25.94
100.51 -45.45 -105.77 -141.31
-29.5 -33.79 51.21 -42.16

245.84 744.89 408.8 294.25

13.62 13.62 13.62 13.62

 BALANCE SHEET ANALYSIS WITH FLOW-CHART
SHAREHOLDERS EQUITY AND LIABILITIES

STEP-1 STEP-2 STEP-3 STEP-4

Borrowings BS
Borrowings CFA
Financial Leverage
Debt to Equity ratio
Equity Share Capital Reserves BS Int. Coverage ratio OTH Liabilities BS
ESC. CFA Reserves CFA T.Assets/T.Liabilities OTH Liabilities CFA
2 minute test T.Debt/T.Assets
T.Debt/T.Equity
Int. coverage ratio
T.Debt/Cash Flow
T.Debt/F.Cash Flow

STRONG FINANCIAL HEALT

 BALANCE SHEET ANALYSIS WITH FLOW-CHART
ASSETS

STEP-5 STEP-6 STEP-7 STEP-8 STEP-9

Net Block BS
CWIP BS INV BS
Net Block CFA Invt BS OTH Assets BS A/R BS INV CFA
CWIP CFA Invt CFA OTH Assets CFA A/R CFA INV Turnover
F.Asset Turnover Cash&Bank CFA A/R DAYS Days in INV

RONG FINANCIAL HEALTH

STRONG FINANCIAL HEALTH
AVERAGE FINANCIAL HEALTH
WEAK FINANCIAL HEALTH
Most investors in the stock market wonder in which stock they should invest because remember we have almost 6000 stocks
So you can use this process to generate your Investment Ideas.

Let's make this process simple for you:

Step-1: Click Here

Step-2: Kick out stocks that are out of your circle of competence. Don't worry if you have to kick ou

Step-3: With the remaining stocks, do the complete Stock Analysis by using this excel sheet.

Tip-1: You can Register your Email id with screener.in and can get updates by Email
Tip-2: In the search query, you can customize it as per your requirements, for example I used Market Capitalization > 500 (in

Click Here: List Of 52-Week Low Stocks In India

Click Here: IPO Historic Table

r we have almost 6000 stocks to select from.

y if you have to kick out a lot of stocks in the process.

this excel sheet.

Market Capitalization > 500 (in crores), you can feed in, higher or lower figure.
How to use it?
You can customize this workbook as you want.
You can add custom formating, add conditional formating, add your own formulas… do ANYTHING.
Please don't edit the "Data Sheet" only.

After customization, you can upload this back on Screener.

Upload on: https://www.screener.in/excel/

Download your customized workbooks now onwards.

Now whenever you will "Export to excel" from Screener, it will export your customized file.

TESTING:
This is a testing feature currently.
You can report any formula errors on the worksheet at: [email protected]
… do ANYTHING.

dalal-street.in