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Advanced Enzyme

₹395.5 9.4 | 2.4%

Market Cap ₹4422 Cr.

Stock P/E 33.2

P/B 3.4

Current Price ₹395.5

Book Value ₹ 115.4

Face Value 2

52W High ₹425.1

Dividend Yield 0.28%

52W Low ₹ 265.9

Advanced Enzyme Research see more...

Overview Inc. Year: 1989Industry: Pharmaceuticals & Drugs

Advanced Enzyme Technologies Ltd is engaged in commercial enterprise of manufacturing and sale of enzymes. It's geographical segments are within India and outside India. It offers solutions to industries, consisting of human healthcare and vitamins, animal nutrition, baking, fruit and vegetable processing, brewing and malting, grain processing, protein modification, dairy processing, natural extraction, fabric processing, leather-based processing, paper and pulp processing, biofuels, biomass processing and biocatalysts. It offers products and solutions for human nutrition, which encompass serratiopeptidase, fungal lactase, fungal lipase and papain; animal nutrition, which encompass DigeGrain X, DigeGrain XL and DigeGrain M; meals processing, together with dairy and cheese processing and yeast processing; non-food processing, which includes textiles processing, leather-based and bio-fuels, and oils and fats processing, which includes oil extraction, oil refining fish oil processing, biodiesel and oleochemicals.

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Advanced Enzyme Share Price

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Advanced Enzyme Quarterly Results

#(Fig in Cr.) Dec 2021 Mar 2022 Jun 2022 Sep 2022 Dec 2022 Mar 2023 Jun 2023 Sep 2023 Dec 2023 Mar 2024
Net Sales 134 132 121 139 142 139 147 158 161 158
Other Income 1 3 2 4 9 11 7 6 14 9
Total Income 135 135 123 143 151 150 154 164 175 167
Total Expenditure 85 91 90 99 100 95 103 107 107 102
Operating Profit 50 44 33 44 50 55 51 57 68 65
Interest 0 1 1 1 1 1 1 1 1 1
Depreciation 9 9 9 9 9 8 9 9 9 9
Exceptional Income / Expenses 0 0 0 0 0 -4 0 0 0 -15
Profit Before Tax 41 34 24 34 40 42 41 48 59 40
Provision for Tax 13 9 6 8 13 10 12 13 16 10
Profit After Tax 29 25 18 26 28 32 29 35 43 30
Adjustments -1 -1 0 -0 2 0 -1 -1 -1 -2
Profit After Adjustments 27 24 18 26 29 32 29 34 42 28
Adjusted Earnings Per Share 2.5 2.2 1.6 2.3 2.6 2.9 2.6 3.1 3.7 2.5

Advanced Enzyme Profit & Loss

#(Fig in Cr.) Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 TTM
Net Sales 220 239 223 294 329 391 420 444 502 529 541 624
Other Income 4 2 3 1 3 3 6 6 9 6 25 36
Total Income 224 241 226 295 332 394 425 450 511 536 566 660
Total Expenditure 130 138 133 156 178 227 237 241 269 327 383 419
Operating Profit 94 103 93 139 154 166 188 209 241 209 183 241
Interest 10 13 9 8 4 9 5 4 3 3 3 4
Depreciation 7 10 9 9 13 18 21 26 29 35 35 36
Exceptional Income / Expenses 0 -51 0 -4 0 0 0 0 0 0 -4 -15
Profit Before Tax 77 28 75 118 137 139 162 179 210 171 140 188
Provision for Tax 26 7 23 41 44 45 46 46 59 47 37 51
Profit After Tax 51 21 52 77 93 94 116 133 151 124 104 137
Adjustments -1 -1 -1 -1 -1 -3 -5 -4 -5 -4 2 -5
Profit After Adjustments 50 20 51 76 92 90 111 129 146 120 106 133
Adjusted Earnings Per Share 4.6 1.8 4.7 7 8.2 8.1 9.9 11.6 13.1 10.7 9.4 11.9

Growth Rates

# 1 Year 3 Year 5 Year 10 Year
Sales CAGR 2% 7% 7% 9%
Operating Profit CAGR -12% -4% 2% 7%
PAT CAGR -16% -8% 2% 7%
# 1 Year 3 Year 5 Year 10 Year
Share Price CAGR 47% -5% 18% NA%
ROE Average 9% 13% 15% 21%
ROCE Average 12% 17% 20% 23%

Advanced Enzyme Balance Sheet

#(Fig in Cr.) Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023
Shareholder's Funds 163 167 212 278 464 559 679 840 971 1089 1235
Minority's Interest 3 4 4 5 21 23 26 28 62 52 49
Borrowings 117 88 54 39 19 20 7 4 10 8 8
Other Non-Current Liabilities 13 6 10 17 13 23 23 35 39 51 41
Total Current Liabilities 100 133 131 111 62 99 65 60 68 60 78
Total Liabilities 396 398 412 450 583 727 805 971 1149 1260 1411
Fixed Assets 116 115 282 285 421 491 495 563 604 619 649
Other Non-Current Assets 186 191 25 25 18 21 23 28 29 37 39
Total Current Assets 94 92 104 140 138 211 282 376 516 604 722
Total Assets 396 398 412 450 583 727 805 971 1149 1260 1411

Advanced Enzyme Cash Flow

#(Fig in Cr.) Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023
Opening Cash & Cash Equivalents 5 3 2 4 25 8 61 23 83 192 267
Cash Flow from Operating Activities 41 56 54 93 107 116 129 141 163 122 140
Cash Flow from Investing Activities -30 -9 -11 -5 -60 -78 -125 -44 -26 -4 -298
Cash Flow from Financing Activities -5 -33 -36 -63 -65 -2 -43 -39 -26 -49 -26
Net Cash Inflow / Outflow 7 13 6 26 -18 36 -39 58 111 70 -184
Closing Cash & Cash Equivalent 3 2 4 25 8 61 23 83 192 267 96

Advanced Enzyme Ratios

# Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023
Earnings Per Share (Rs) 4.58 1.81 4.68 6.97 8.2 8.08 9.95 11.58 13.06 10.7 9.45
CEPS(Rs) 5.36 2.85 5.59 7.85 9.47 10.02 12.27 14.22 16.11 14.2 12.42
DPS(Rs) 0 0.1 0.1 0.2 0.4 0.5 0.6 0.6 0.9 1 5
Book NAV/Share(Rs) 15.01 15.38 19.48 25.55 41.54 49.85 60.49 74.86 86.67 97.31 110.45
Core EBITDA Margin(%) 39.37 40.75 39.03 45.18 44.14 41.33 43.51 45.75 45.94 38.19 29.09
EBIT Margin(%) 37.71 16.78 36.24 41.4 41.24 37.41 39.84 41.27 42.01 32.8 26.57
Pre Tax Margin(%) 33.56 11.46 32.25 38.82 39.95 35.12 38.6 40.35 41.5 32.25 25.93
PAT Margin (%) 22.08 8.46 22.34 25.21 27.09 23.64 27.62 29.96 29.88 23.34 19.18
Cash Profit Margin (%) 25.31 12.48 26.22 28.07 30.81 28.27 32.66 35.77 35.55 29.93 25.65
ROA(%) 13.65 5.29 12.81 17.81 18 14.28 15.13 14.98 14.27 10.28 7.78
ROE(%) 39.1 12.7 27.31 31.32 25.06 18.34 18.82 17.61 16.77 12.04 8.94
ROCE(%) 26.71 12.25 25.49 35.68 31.53 25.88 24.96 23.21 22.93 16.66 12.26
Receivable days 56.37 52.34 54.62 47.26 48.73 50 51.03 54.84 58.02 60.03 63.55
Inventory Days 58.35 69.5 80.7 67.81 68.6 66.44 66.32 64.5 62.69 73.9 82.55
Payable days 123.65 105.36 84.8 68.75 57.95 63.8 64.17 43.59 45.81 55.08 58.32
PER(x) 0 0 0 0 50.25 26.38 18.39 12.36 26.4 26.37 24.52
Price/Book(x) 0 0 0 0 9.92 4.27 3.02 1.91 3.98 2.9 2.1
Dividend Yield(%) 0 0 0 0 0.1 0.23 0.33 0.42 0.26 0.35 2.16
EV/Net Sales(x) 0.92 0.77 0.59 0.33 14.12 6.1 4.89 3.47 7.32 5.46 4.59
EV/Core EBITDA(x) 2.15 1.79 1.42 0.7 30.12 14.33 10.91 7.37 15.22 13.83 13.56
Net Sales Growth(%) 28.34 8.63 -6.82 31.67 11.99 18.85 7.31 5.81 13.03 5.49 2.13
EBIT Growth(%) 45.24 -52.06 101.86 49.93 12.26 4.63 12.93 9.61 16.08 -18.19 -17.32
PAT Growth(%) 49.26 -58.71 146.67 48.12 21.1 0.66 23.89 14.79 13.71 -18.17 -16.1
EPS Growth(%) 40.58 -60.38 158.29 48.78 17.64 -1.5 23.16 16.39 12.82 -18.11 -11.68
Debt/Equity(x) 1.13 0.99 0.54 0.36 0.12 0.12 0.05 0.03 0.02 0.01 0.01
Current Ratio(x) 0.94 0.69 0.8 1.26 2.24 2.13 4.33 6.31 7.64 10 9.31
Quick Ratio(x) 0.49 0.32 0.39 0.72 1.13 1.37 3.15 4.96 6.25 8 7.71
Interest Cover(x) 9.09 3.16 9.08 16.04 31.91 16.34 32.13 44.94 82.76 58.89 41.36
Total Debt/Mcap(x) 0 0 0 0 0.01 0.03 0.02 0.02 0 0 0.01

Advanced Enzyme Shareholding Pattern

# Dec 2021 Mar 2022 Jun 2022 Sep 2022 Dec 2022 Mar 2023 Jun 2023 Sep 2023 Dec 2023 Mar 2024
Promoter 52.71 52.7 52.7 49.87 49.87 49.87 46.52 45.92 43.62 43.49
FII 16.39 18.01 18.72 21.68 21.74 21.86 21.9 22.27 22.54 23.01
DII 8.99 6.9 6.26 5.6 5.64 5.73 7.58 6.48 6.98 7.56
Public 21.91 22.38 22.32 22.85 22.75 22.54 24 25.33 26.87 25.94
Others 0 0 0 0 0 0 0 0 0 0
Total 100 100 100 100 100 100 100 100 100 100

Pros

  • Company is almost debt free.

Cons

  • Promoter holding is low: 43.49%.
  • Company has a low return on equity of 13% over the last 3 years.
  • Debtor days have increased from 55.08 to 58.32days.
  • Stock is trading at 3.4 times its book value.
  • The company has delivered a poor profit growth of 2% over past five years.

* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.

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