CMP 556.00 Target Price 620.00 ISIN: INE456C01012 NOVEMBER 7 th , 2015 DFM FOODS LTD Result Update (PARENT BASIS): Q2 FY16 BUY Index Details Stock Data Sector Packaged Foods BSE Code 519588 Face Value 10.00 52wk. High / Low (Rs.) 746.50/270.00 Volume (2wk. Avg.) 5840 Market Cap (Rs. in mn.) 5560.00 Annual Estimated Results (A*: Actual / E*: Estimated) YEARS FY15A FY16E FY17E Net Sales 2892.50 3453.65 3961.33 EBITDA 331.20 353.25 397.33 Net Profit 110.10 148.52 170.83 EPS 11.01 14.85 17.08 P/E 50.50 37.44 32.55 Shareholding Pattern (%) As on Sep - 2015 As on Jun - 2015 PROMOTER 44.18 44.18 FIIs 9.95 9.95 DIIs 0.01 0.01 OTHERS 45.86 45.86 1 Year Comparative Graph DFM FOODS LTD BSE SENSEX SYNOPSIS DFM Foods introduced CRAX Corn Rings in 1984. Its products are sold through distribution network including states of Delhi, UP, Punjab, Haryana and Gujarat etc. Net Sales for the quarter rose by 33.35% to Rs. 971.70 million from Rs. 728.70 million, when compared with the prior year period. During the quarter, PAT rises by 98.33% to Rs. 47.40 million from Rs. 23.90 million over the corresponding quarter last year. For Q2 FY16, Operating profit registered a growth of 57.25% y-o-y of Rs. 103.00 million as against Rs. 65.50 million for the Q2 FY15. Profit before Tax stood at Rs. 72.60 million in Q2 FY16 compared to Rs. 36.30 million in Q2 FY15, registered a growth of 5.83% y-o-y. In Q2 FY16, Other income is Rs. 5.10 million as against Rs. 1.00 million in the corresponding period of the previous year. For the end of H1 FY16, Net sales grew by 22.29% at Rs. 1652.20 million compared to Rs. 1351.10 million for the end of H1 FY15. Net profit for the half year ended Sep 30, 2015 was Rs. 68.30 million, increased by 33.92% as compared to Rs. 51.00 million for the half year ended Sep 30, 2014. Net Sales and PAT of the company are expected to grow at a CAGR of 15% and 28% 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 (%) DFM Foods Ltd. 556.00 5560.00 11.01 50.50 12.16 25.00 Vadilal Industries Ltd. 613.50 4409.70 13.68 44.85 8.15 10.00 Hatsun Agro Products Ltd. 421.45 45808.10 7.48 56.34 20.69 180.00 Heritage Foods Ltd. 479.20 1117.00 19.00 25.22 5.76 30.00
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CMP 556.00
Target Price 620.00
ISIN: INE456C01012
NOVEMBER 7th, 2015
12th h, 2013
DFM FOODS LTD Result Update (PARENT BASIS): Q2 FY16
BUY
Index Details
Stock Data
Sector Packaged Foods
BSE Code 519588
Face Value 10.00
52wk. High / Low (Rs.) 746.50/270.00
Volume (2wk. Avg.) 5840
Market Cap (Rs. in mn.) 5560.00
Annual Estimated Results (A*: Actual / E*: Estimated)
YEARS FY15A FY16E FY17E
Net Sales 2892.50 3453.65 3961.33
EBITDA 331.20 353.25 397.33
Net Profit 110.10 148.52 170.83
EPS 11.01 14.85 17.08
P/E 50.50 37.44 32.55 Shareholding Pattern (%)
As on Sep - 2015 As on Jun - 2015
PROMOTER 44.18 44.18
FIIs 9.95 9.95
DIIs 0.01 0.01
OTHERS 45.86 45.86
1 Year Comparative Graph
DFM FOODS LTD BSE SENSEX
SYNOPSIS
DFM Foods introduced CRAX Corn Rings in 1984. Its
products are sold through distribution network
including states of Delhi, UP, Punjab, Haryana and
Gujarat etc.
Net Sales for the quarter rose by 33.35% to Rs.
971.70 million from Rs. 728.70 million, when
compared with the prior year period.
During the quarter, PAT rises by 98.33% to Rs.
47.40 million from Rs. 23.90 million over the
corresponding quarter last year.
For Q2 FY16, Operating profit registered a growth
of 57.25% y-o-y of Rs. 103.00 million as against Rs.
65.50 million for the Q2 FY15.
Profit before Tax stood at Rs. 72.60 million in Q2
FY16 compared to Rs. 36.30 million in Q2 FY15,
registered a growth of 5.83% y-o-y.
In Q2 FY16, Other income is Rs. 5.10 million as
against Rs. 1.00 million in the corresponding period
of the previous year.
For the end of H1 FY16, Net sales grew by 22.29%
at Rs. 1652.20 million compared to Rs. 1351.10
million for the end of H1 FY15.
Net profit for the half year ended Sep 30, 2015 was
Rs. 68.30 million, increased by 33.92% as compared
to Rs. 51.00 million for the half year ended Sep 30,
2014.
Net Sales and PAT of the company are expected to
grow at a CAGR of 15% and 28% 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 (%)