low debt - frapi.marketsmojo.com

Report as on 2 January 2022 at 07:25 AM

LOW DEBTHealthy Growth inLong Term Operating Profits

Very PositiveResults in Sep 21

BullishTechnical Trend

FairValuation

Ajanta Soya

Buy

CMP: 230.45

STOCK INFO:BSE – 519216/ NSE – Market Cap - Micro Cap (Rs. 376 cr) Sector – Refined Oil & Vanaspati52 w H/L (Rs.) – 264/57.4Dividend Yield: 0%Debt Equity: -0.4%Return on Equity: 56.06%Price to Book: 4.89

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MOJO PROFESSIONAL 1

Ajanta SoyaCMP: 230.45Report as on 2 January 2022 at 07:25 AM

Strong Sell Sell Hold Buy Strong Buy

WHY IT’S A BUY?

Company has a low Debt to Equity ratio (avg) at -0.31 times

Healthy long term growth as Operating profithas grown by an annual rate 48.74%

With a growth in Net Profit of 115.09%, thecompany declared Very Positive results in Sep 21-The company has declared positive results for thelast 5 consecutive quarters-NET SALES(Q) Highest at Rs 370.49 cr-PBT LESS OI(Q) At Rs 14.09 cr has Grown at 23.8 %-PAT(Q) Highest at Rs 18.67 cr.

Stock is technically in a Bullish range-The technical trend has improved from MildlyBullish on 27-Dec-21 and has generated 9.35%returns since then-Multiple factors for the stock are Bullish like MACD,Bollinger Band, KST and DOW

With ROE of 56.1, it has a Fair valuation with a 4.7Price to Book Value-The stock is trading at a fair value compared to itsaverage historical valuations-Over the past year, while the stock has generated areturn of 283.13%, its profits have risen by 274.2% ;the PEG ratio of the company is 0

IS THIS STOCK FOR YOU?High Risk, High Return (1 Year)

Absolute RiskAdjusted

Volatility

Ajanta Soya 283.13% 4.19 67.63%

SENSEX 21.99% 1.40 15.76%

How much should you buy? -Overall Portfolio exposure to Ajanta Soya should be lessthan 10%Overall Portfolio exposure to Refined Oil & Vanaspatishould be less than 30%

(If sector exposure > 30%, please use optimiser tool tosee which are the best stocks to hold in Refined Oil &Vanaspati)When to exit? - We will constantly monitor the companyand suggest at the appropriate time to exit from thestock

RETURNS SUMMARY (Price + Dividend)The stock gave a total returns of 283.13% in the last 1 yearOutperforming Sensex returns of 21.99%

Investors Returns (3 years) –

Period 6M 1Y 2Y 3Y

Stock (%) 101.8% 283.13% 514.53% 933.41%

Sector (%) -16.16% -16.16% 661.17% 379.51%

Sensex (%) 11.34% 21.99% 41.21% 61.51%

Ajanta Soya Ltd SMLCAP

Jan-19

Feb-1

9Apr-

19Jun

-19

Aug-19Oct-

19

Dec-19

Feb-2

0Apr-

20Jun

-20

Aug-20

Sep-2

0

Nov-20

Jan-21

Mar-21

May-21

Jul-21

Sep-2

1

Nov-21 74

1-500%

0%

500%

1000%

1500%

74Buy

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This Real-Time Stock Analysis Report wasgenerated on 2nd January, 2022 at 07:25 AM, andmay not be valid if you are reading it later.

Some factors/data, as well as the buy/sell/hold callmight have changed.

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MOJO PROFESSIONAL 2

Ajanta Soya BUY | Report as on 2 January 2022 at 07:25 AM

https://www.marketsmojo.com?utm_source=Researchreport_Verdictpdf_020120220725

https://www.marketsmojo.com/mojo/verdict?sid=318299&exch=bse&utm_source=Researchreport_Verdictpdf_020120220725

Low Debt to Equity RatioCompany’s average Debt to Equity ratio over the past few yearsis low at -0.31 times

No clear trend in Debt to Equity Ratio numbers

Total Debt Debt to Equity Ratio

Sep 2021 1.80 -0.31

Sep 2020 10.63 -0.31

Sep 2019 9.54 -0.29

Sep 2018 - -0.36

Healthy EBIT to InterestCompany has healthy average EBIT to Interest ratio of 11.92times

EBIT to Interest has seen a high fall of % over previous period

Total Debt EBIT to Interest

Sep 2021 1.80 11.92

MOJO PROFESSIONAL 3



CAPITAL STRUCTURE

COMPANY HAS A LOW DEBT TO EQUITYRATIO (AVG) AT -0.31 TIMES


HEALTHY LONG TERM GROWTH ASOPERATING PROFIT HAS GROWN BY ANANNUAL RATE 48.74%

13.7%CAGR

Poor Growth in Net Salesof 13.7% CAGR

Company has experienced an increasein its Net Sales in each of the past 3consecutive years

Company’s Net Sales growth hasincreased in each of the past 3consecutive years

Net Sales has seen a high growth of46.07% over previous period

48.7%CAGR

High Growth in OperatingProfit of 48.7% CAGR

Company has experienced an increasein its Operating Profit in each of thepast 3 consecutive years

Company’s Operating Profit growthhas increased in each of the past 3consecutive years

Operating Profit has seen a highgrowth of 253.33% over previousperiod

41.7%CAGR

Net Profit of 41.7% CAGRCompany has experienced an increasein its Net Profit in each of the past 3consecutive years

Company’s Net Profit growth hasincreased in each of the past 3consecutive years

Net Profit has seen a high growth of300% over previous period

MOJO PROFESSIONAL 4



GROWTH

549549453453

737737827827

1,2081,208

Sep 2017 Sep 2018 Sep 2019 Sep 2020 Sep 20210Cr

500Cr

1000Cr

1500Cr

11

-5-5

1313 1515

5353

Sep 2017 Sep 2018 Sep 2019 Sep 2020 Sep 2021-20Cr

0Cr

20Cr

40Cr

60Cr

66

-6-6

99 1111

4444

Sep 2017 Sep 2018 Sep 2019 Sep 2020 Sep 2021-20Cr

0Cr

20Cr

40Cr

60Cr


WITH A GROWTH IN NET PROFITOF 115.09%, THE COMPANYDECLARED VERY POSITIVERESULTS IN SEP 21

Rs 18.7 crPAT - Quarterly

Near term PAT trend is positivePAT (Rs Cr)Highest at Rs 18.67 cr.in the last five quarters

37.5%Sales Growth

Near term sales trend is positiveNet Sales (Rs Cr)At Rs 370.49 cr has Grown at 37.5 %over average Net Sales of the previous four quartersof Rs 269.42 Cr

23.8%PBT Growth

Near term PBT trend is positivePBT less Other Income (Rs Cr)At Rs 14.09 cr has Grown at 23.8 %over average PBT of the previous four quarters of Rs11.38 Cr

MOJO PROFESSIONAL 5



FINANCIAL TRENDPositive

results for

5consecutive

quarters

7.317.31 7.677.679.479.47 8.688.68

18.6718.67

Sep 2020 Dec 2020 Mar 2021 Jun 2021 Sep 2021

239.79239.79 240.5240.5 260.8260.8

336.59336.59370.49370.49


7.557.559.589.58

15.5715.5712.8112.81

14.0914.09



Rs 11.6 crEarnings perShare (EPS) -

Quarterly

Increasing profitability; companyhas created higher earnings forshareholdersEPS (Rs)Highest at Rs 11.60in the last five quarters

Key Result

Highlights

Standalone- figures in RsCr

Sep'21 Jun'21 Change%

Net Sales 370.5 336.6 10.1%

Operating Profit (PBDIT) excl Other Income 15.0 13.4 11.8%

Interest 0.5 0.2 172.2%

Exceptional Items 0.0 0.0

Standaloned Net Profit 18.7 8.7 115.1%

Operating Profit Margin (Excl OI) 4.1 4.0 0.1%

MOJO PROFESSIONAL 6



FINANCIAL TREND

4.544.54 4.764.765.885.88 5.395.39

11.611.6



STOCK IS TECHNICALLY IN A BULLISHRANGE

Current Price

230.4550 Day Moving Average

0.00200 Day Moving Average

0.00

Bullish Daily Moving Averages indicating near term price strength

Factors with upward momentum

Indicator Technical Trend

MACD Bullish (weekly)

MACD Bullish (monthly)

Bollinger Band Bullish (weekly)

Bollinger Band Bullish (monthly)

KST Bullish (weekly)

KST Bullish (monthly)

Consistent Returns over the last 3 years

MOJO PROFESSIONAL 7



TECHNICALS

3 Months81.24%81.24%

-0.26%-0.26%

Stock BSE 500

1 Year

283.13%283.13%

30.11%30.11%

Stock BSE 500

3 Years933.41%933.41%

63.76%63.76%

Stock BSE 500


WITH ROE OF 56.1, IT HAS A FAIRVALUATION WITH A 4.7 PRICE TO BOOKVALUE

Fair valuationas compared to its Fundamentals

Fairas compared to its past valuations

KeyValuationMultiplesvs Peers

Company Valuation Price to BookRatio

PE Ratio PEG Ratio Dividend Yield

Ajanta Soya Fair 4.7 8.3 0 0%

BCL Industries Fair 2.4 12.6 0.1 1.6%

Vijay Solvex Very Attractive 2.2 8.9 0.1 0%

KSE Very Attractive 3.1 11.1 0 4.1%

Gokul Refoils Fair 1.4 16.9 0.4 0%

MOJO PROFESSIONAL 8



VALUATION

Ajanta SoyaAjanta SoyaBCL IndustriesBCL Industries

Vijay SolvexVijay SolvexKSEKSE

Gokul RefoilsGokul Refoils

Attractive

Valuation

Expensive

Weak Fundamental Strong

Fund

amen

tal Valuation

Price to Book Value vs ROE

Jun-20

17

Dec-20

17

Jun-20

18

Dec-20

18

Jun-20

19

Dec-20

19

Jun-20

20

Dec-20

20

Dec-20

21-20

20

60

0

4.8

9.6


https://www.marketsmojo.com/Stocks?StockId=318299&Exchange=0&utm_source=Researchreport_Verdictpdf_020120220725





CONSISTENT RETURNS OVER THE LAST 3YEARS

283.13%UP

Along with generating283.13% returns in the last1 year, the stock hasoutperformed BSE 500 ineach of the last 3 annualperiods

ReturnComparisonwith PeersClosest peers by

market cap

Company 1 Month 3 Month 1 Year 3 Years

Ajanta Soya 4.89% 81.24% 283.13% 933.41%

Ruchi Soya Inds. -7.51% -19.13% 26.24% 9322.57%

Guj. Ambuja Exp 7.55% -0.44% 43.63% 41.38%

Agro Tech Foods. 7.27% -3.79% 10.08% 63.7%

AVT Natural Prod 4.81% -5.04% 58.89% 188.43%

MOJO PROFESSIONAL 9



RETURNS

Ajanta Soya Ltd BSE500

Jan-19

Aug-21

Feb-1

9Apr-

19Jun

-19

Aug-19Oct-

19

Dec-19

Jan-20

Mar-20

May-20

Jul-20

Sep-2

0

Nov-20

Jan-21

Feb-2

1Apr-

21Jun

-21Oct-

21

Dec-21

-500%

0%

500%

1000%

1500%







MOJO PROFESSIONAL 10



RESULTANALYSIS


QUARTER RESULTS VARIANCE ANALYSIS

Standalone results triggered in Rs Cr

Sep'21 Jun'21 QoQ Sep'20 YoY Comments

Total Operating income 370 337 10.1% 240 54.5% High Growth in previous quarterand same quarter last year

Total Expenditure (Excl Depreciation) 355 323 10% 231 53.9% High Growth in previous quarterand same quarter last year

Operating Profit (PBDIT) excl Other Income 15 13 11.8% 9 70% High Growth in previous quarterand same quarter last year

Other Income 3 0 600% 2 48.9% High Growth in previous quarterand same quarter last year

Operating Profit (PBDIT) 18 14 27.6% 11 66.5% High Growth in previous quarterand same quarter last year

Interest 0 0 172.2% 1 -44.9%

Exceptional Items 0 0 0% 0 0%

Depreciation 0 0 0% 0 12.5%

Profit Before Tax 17 13 26.6% 9 79.6% High Growth in previous quarterand same quarter last year

Tax -2 5 -144.2% 2 -201% Fall in previous quarter and samequarter last year

Provisions and contingencies 0 0 0% 0 0%

Net Profit 19 9 115.1% 7 155.4% High Growth in previous quarterand same quarter last year

Margins

Sep'21 Jun'21 Mar'21 Dec'20 Sep'20 Avg. (4Qtrs)

Comments

OPM 4.1% 4.0% 6.1% 4.4% 3.7% 4.5% In line with average (4 Qtrs)

GPM 4.6% 4.1% 7.2% 5.0% 4.0% 5.1% In line with average (4 Qtrs)

NPM 5.0% 2.6% 3.6% 3.2% 3.1% 3.1% Higher than average (4 Qtrs) – Promising




QUARTERLY VARIANCE


NET SALES - YOY GROWTH IN YEAR ENDEDMAR 2021 IS 22.53% VS 9.43% IN MAR 2020

Standaloned Net Profit: YoY Growth in year ended Mar 2021 is 156.53% vs 2,550.00% inMar 2020

Operating Profit (PBDIT) excl Other Income: YoY Growth in year ended Mar 2021 is129.13% vs 666.18% in Mar 2020

Interest: YoY Growth in year ended Mar 2021 is -40.74% vs -32.50% in Mar 2020

Operating Profit Margin (Excl OI): YoY Growth in year ended Mar 2021 has improved fromMar 2020

22.53%NET SALES

KeyAnnual Results

Figures in Rs Cr | Seasonal companies are compared with the same quarter last year

Mar'21 Mar'20 Change(%)

Net Sales 931.40 760.13 22.53%

Operating Profit (PBDIT) excl Other Income 36.34 15.86 129.13%

Interest 1.76 2.97 -40.74%

Exceptional Items 0.00 0.00

Standaloned Net Profit 25.14 9.80 156.53%

Operating Profit Margin (Excl OI) 3.90 2.09 1.81%

Net Sales-YoY Growth in year ended Mar 2021 is 22.53% vs9.43% in Mar 2020

Standaloned Net Profit-YoY Growth in year ended Mar 2021is 156.53% vs 2,550.00% in Mar 2020

Operating Profit (PBDIT) excl Other Income-YoY Growth inyear ended Mar 2021 is 129.13% vs 666.18% in Mar 2020

Operating Profit Margin (Excl OI)-YoY Growth in year endedMar 2021 has improved from Mar 2020

Figures in Rs Crore




ANNUAL RESULT

703.06703.06

346.45346.45

694.65694.65 760.13760.13931.40931.40

Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 20210

500

1000

7.137.130.940.94

-0.40-0.40

9.809.80

25.1425.14

Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021-20

0

20

40

5.665.66

-0.40-0.40

2.072.0715.8615.86

36.3436.34


0

25

50

0.810.81

-0.12-0.12

0.300.30

2.092.09

3.903.90

Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021-2.5

0

2.5

5


BALANCE SHEET AND CASH FLOWANALYSIS

1.79% Increase

in Borrowings in quarterended Mar 2021 vs in

Mar 2020 Figures in Rs Cr

Mar'21 Mar'20 Change%

Borrowings 2.85 2.80 1.79%

Other Long Term Liabilities 0.00 0.00

Fixed Assets 35.54 31.61 12.43%

Investments 4.86 4.70 3.40%

Current Assets 115.97 77.59 49.47%

Other Long Term Liabilities: No Other Long Term Liabilities in the last few periods;

Fixed Assets: YoY Growth in year ended Mar 2021 is 12.43% vs -1.16% in Mar 2020

Investments: YoY Growth in year ended Mar 2021 is 3.40% vs 3.98% in Mar 2020

Current Assets: YoY Growth in year ended Mar 2021 is 49.47% vs -32.58% in Mar 2020

2.64%GROWTH

Figures in Rs Cr

Cash From Operation - YoY Growth in year ended Mar2021 is 2.64% vs -2.84% in Mar 2020

Mar'21 Mar'20 Change%

Cash Flow from Operating Activities 21.74 21.18 2.64%




BALANCESHEET AND CASHFLOW

20.8720.87

-44.78-44.78

21.8021.80 21.1821.18 21.7421.74


-25

0

25

50


MAJORITY SHAREHOLDERS : NONINSTITUTION

Majority shareholders: Non Institution

Pledged Promoter Holdings: None

Mutual Funds: Held in 0.00 Schemes (0.00%)

FIIs: Held by 0 FIIs (0%)

Promoter with highest holding: Cosmic Alloys And Metal WorksPvt Ltd (11.18%)

Highest Public shareholder: Sangeetha S (9.7%)

Individual Investors Holdings: 42.84%

Promoter holding-Promoter holding has decreased by -0%.However, the number of shares held by the Promoters hasremained constant during the period

No holdings by FII in the last few quarters

FII Holdings-No change in FII holdings

No holdings by MF in the last few quarters

MF Holdings-No change in MF holdings

No holdings by Other DII in the last fewquarters

Other DII Holdings-No change in Other DII holdings

Figures in Rs Crore




SHAREHOLDING

Promoters46.85%Promoters46.85%

Non Institution53.15%Non Institution53.15%

46.85%46.85% 46.85%46.85% 46.85%46.85% 46.85%46.85% 46.85%46.85%

0.00%0.00% 0.00%0.00% 0.00%0.00% 0.00%0.00% 0.00%0.00%

Sep 2020 Dec 2020 Mar 2021 Jun 2021 Sep 20210%

25%

50%


PEER COMPARISONAjanta Soya KSE Gokul Refoils Kriti Nutrients Ruchi Infrastr.

Size

Market Cap (Cr.) 371 666 414 195 206

Annual Sales (TTM) (Cr.) 1,208 1,649 2,692 690 65

Annual Net Profit (TTM) (Cr.) 44 60 24 9 -3

Growth Factors (TTM)

Net Sales Growth 1 year 46.1% 12.4% 25.2% 21.9% -7.4%

Operating Profit Growth 1 year 234.7% -25.5% 5.5% -51.6% 873.1%

Net Profit Growth 1 year 274.2% -22.5% 8.1% -57.9% 54.6%

Net Sales Growth 5 year 13.7% 10.9% 7.9% 13.6% -5.1%

Operating Profit Growth 5 year 48.7% 82.4% 12.5% -0.8% 92.2%

Net Profit Growth 5 year 41.7% 90.5% 52.4% 9.2% 33.9%

Capital Structure Factors

EBIT to Interest 52 42.7 1.8 10.2 0.7

Debt to EBITDA 0.1 0.2 7 0.2 4.9

Net Debt to Equity -0.4 -0.1 0.7 -0.1 1

Sales to Capital Employed 19.7 8.8 5.5 7 0.3

Management Quality Factors

ROCE (latest) 73.5% 39.2% 7.4% 10.3% 3.3%

ROE(latest) 56.1% 27.5% 8.4% 8.5% -2.4%

Tax Ratio 25.5% 24.9% 23.9% 25.8% 33.9%

Operating CF to Net Profit 86.5% 31.7% 27.4% 86.5% -349.2%

Dividend Payout Ratio - 50.9% - 4.8% -

Valuation Factors

PE Ratio 8.3 11.1 16.9 22.1 -70.5

Price to Book 4.7 3.1 1.4 1.9 1.7

PEG Ratio 0 - 0.4 - -

Dividend Yield - 4.1% - 0.5% -

EV to EBITDA 6.2 8.4 14.7 13.8 12.8

EV to Capital Employed 7.2 3.4 1.3 1.9 1.4

Shareholding

Promoter Holdings 46.9% 25.7% 72.1% 66.4% 65.7%

Promoter Pledged Holdings - 0% - - -

Total Institutional Holding - 0.1% 1% 0% 10.7%

FII Holdings - 0.1% 0% - -

Returns

1 Month 4.9% -9.1% 35.9% -1.9% 52.2%

3 Months 81.2% -8.6% 50.3% -8.3% 42.7%

YTD 283.1% -2.4% 134.6% 5.7% 33.3%

1 Year 283.1% -2.4% 134.6% 5.7% 33.3%

3 Years 933.4% 12% 181.1% 2.2% 126.1%




PEER COMPARISION







COMPANY BACKGROUND

INDUSTRY : Refined Oil& Vanaspati

376 cr (Micro Cap)

About the CompanyAjanta Soya Limited is one of the foremost manufacturers of Vanaspati, EdibleRefined Oils & Bakery Shortening for different Bakery Products like Biscuits, Puff,and Creams etc. The Company has one of the Best Refining Capabilities, State-of-Art Technology, Fully Equipped Most Modern Laboratory through which, it providesuperior quality refined vegetable oils to ensure the utmost nutritional value andlong shelf - life.

Sushil Goyal

Abhey Goyal

Hemant Kumar Bansal

Harsh Chander Kansal

Sushila Jain

Managing Director

Non Executive Director

Independent Director



Board of Directors

1 more board of director

Company Coordinates

Company Details:

S P 916, R I I C O Industrial Area , Phase I I I, Bhiwadi, Alwar

Dist, Bhiwadi Rajasthan : 301019

Tel: (01493)-511034, 511017

Fax: (01493)-511023

Email: [email protected], [email protected]

Website: www.ajantasoya.com

Registrat Details:

Skyline Financial Services Pvt Ltd , D-153/A, 1st Floor, Okhla

Industrial Area, Phase - I, New Delhi

Fax: 91-11-26292681

Email: [email protected]




COMPANY BACKGROUND


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