Consumer Food · Founded 1940 · www.amritcorp.com · BSE 507525 · · ISIN INE866E01026
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1. Business Overview
Amrit Corp. Ltd. is an Indian diversified company primarily engaged in the consumer food sector, with significant operations in poultry & poultry products, cattle feed, and dairy. The company operates an integrated poultry business, from breeding and hatching to farming and processing, supplying live birds and processed chicken products. In dairy, it procures, processes, and markets milk and various dairy products under brands like 'Glimmer'. Additionally, it manufactures and sells cattle feed. The company also has a presence in the real estate sector, which involves development and leasing of properties. It generates revenue through the sale of poultry products, dairy products, cattle feed, and through real estate activities.
2. Key Segments / Revenue Mix
Amrit Corp. Ltd. operates primarily in three main segments:
Poultry & Poultry Products: This segment includes integrated poultry operations (breeding, hatching, farming, processing, and sale of live birds and processed chicken). This is historically a significant contributor to revenue.
Dairy: Involves the procurement, processing, and sale of milk and milk products (e.g., ghee, paneer, curd) under the 'Glimmer' brand.
Cattle Feed: Manufacturing and sale of various types of cattle feed.
Real Estate: This segment is involved in property development and rental income, often considered a non-core asset utilization.
Specific percentage contributions vary by fiscal year and are not always readily available without deep dive into latest annual reports. However, the food-related segments (poultry, dairy, feed) constitute the core operational revenue.
3. Industry & Positioning
Amrit Corp. operates within the competitive Indian consumer food industry, specifically in the poultry, dairy, and animal feed sub-sectors.
Poultry: The Indian poultry market is large and growing, driven by increasing protein consumption and a shift towards organized players. It is competitive, with both large national brands and numerous regional players. Amrit Corp. is an established regional player, particularly in certain Northern Indian states, with an integrated model aiming for cost efficiency.
Dairy: The Indian dairy sector is vast, characterized by strong demand for milk and value-added products. It comprises cooperatives, large national private players, and regional brands. Amrit Corp. positions itself as a regional brand in the packaged dairy segment.
Animal Feed: This market is linked to the growth of the livestock and dairy sectors, and is also fragmented with both organized and unorganized players.
The company typically competes on brand recognition in its operating geographies, product quality, and distribution reach within its strongholds.
4. Competitive Advantage (Moat)
Amrit Corp. possesses a few potential competitive advantages:
Integrated Poultry Operations: Its farm-to-fork model in poultry can provide cost efficiencies, quality control, and better supply chain management compared to less integrated players.
Established Regional Brands & Distribution: Brands like 'Glimmer' in dairy and its poultry products have established recognition and distribution networks in specific geographical pockets, fostering customer loyalty within those regions.
Experience & Scale (Regional): Decades of experience in the poultry and feed business provide operational know-how and a certain scale advantage in its primary operating areas.
5. Growth Drivers
Key factors that can drive Amrit Corp.'s growth over the next 3-5 years include:
Increasing Protein Consumption: Rising disposable incomes and growing health consciousness in India are driving higher demand for protein-rich foods like poultry and dairy.
Urbanization & Changing Lifestyles: Urbanization and busy lifestyles contribute to increased demand for packaged, convenient, and hygienic food products.
Shift from Unorganized to Organized Sector: Consumers are increasingly preferring branded and quality-assured products from organized players in poultry and dairy.
Product Diversification & Value-Added Products: Expanding product portfolios within dairy (e.g., flavored milk, yogurts) and poultry (further processed chicken items) can drive higher margins and sales.
Geographical Expansion: Extending reach into new districts or states where its brands are not yet dominant can unlock new markets.
6. Risks
Amrit Corp. faces several business risks:
Commodity Price Volatility: Significant fluctuations in the prices of key raw materials like maize, soya meal (for poultry and cattle feed), and raw milk can impact profitability.
Disease Outbreaks: Avian diseases (e.g., avian influenza) can severely impact poultry operations, leading to culling, reduced demand, and significant financial losses.
Intense Competition: The Indian consumer food sector, especially poultry and dairy, is highly competitive with numerous national and regional players, leading to pricing pressure.
Regulatory Changes: Changes in food safety standards, environmental regulations, or import/export policies can affect operations and costs.
Supply Chain Disruptions: Issues in sourcing raw materials, logistics, or distribution can impact production and sales.
Real Estate Market Fluctuations: The real estate segment is subject to market cycles, regulatory changes, and liquidity risks.
7. Management & Ownership
Amrit Corp. Ltd. is a promoter-led company, with the Saraogi family holding a significant ownership stake and being actively involved in its management. The promoters have a long history in the poultry and feed business. Information on specific management quality requires a deeper dive into their governance practices, past performance, and strategic decisions, which is beyond the scope of this overview without detailed research into annual reports and public filings. As of public records, the promoter group holds a substantial majority stake, indicating a closely-held and promoter-controlled entity.
8. Outlook
Amrit Corp. operates in fundamentally growing sectors (poultry and dairy) driven by India's consumption story. Its integrated poultry model and established regional brands provide a base for potential growth. The company stands to benefit from increasing demand for protein, shifting consumer preferences towards organized and branded food products, and urbanization trends. However, its exposure to volatile commodity prices, intense competition, and the inherent risks of disease outbreaks in poultry pose significant challenges to consistent performance. The real estate segment, while opportunistic, can provide diversification or capital, but also adds cyclical risk. Future performance will largely depend on the management's ability to scale operations efficiently, innovate in product offerings, manage costs effectively, and navigate competitive pressures while leveraging its regional strengths.
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| #(Fig in Cr.) |
|---|
| Net Sales |
| Other Income |
| Total Income |
| Total Expenditure |
| Operating Profit |
| Interest |
| Depreciation |
| Exceptional Income / Expenses |
| Profit Before Tax |
| Provision for Tax |
| Profit After Tax |
| Adjustments |
| Profit After Adjustments |
| Adjusted Earnings Per Share |
| #(Fig in Cr.) | Mar 2023 | Mar 2024 | Mar 2025 | TTM |
|---|---|---|---|---|
| Net Sales | 108 | 129 | 130 | |
| Other Income | 10 | 37 | 19 | |
| Total Income | 119 | 166 | 148 | |
| Total Expenditure | 115 | 125 | 132 | |
| Operating Profit | 4 | 41 | 16 | |
| Interest | 2 | 0 | 0 | |
| Depreciation | 3 | 4 | 4 | |
| Exceptional Income / Expenses | 0 | 0 | 0 | |
| Profit Before Tax | -1 | 37 | 12 | |
| Provision for Tax | -1 | 8 | 1 | |
| Profit After Tax | -1 | 29 | 11 | |
| Adjustments | -0 | -0 | -1 | |
| Profit After Adjustments | -1 | 29 | 10 | |
| Adjusted Earnings Per Share | -3.1 | 102.9 | 31.8 |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Sales CAGR | 1% | 0% | 0% | 0% |
| Operating Profit CAGR | -61% | 0% | 0% | 0% |
| PAT CAGR | -62% | 0% | 0% | 0% |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Share Price CAGR | 0% | 11% | 6% | 11% |
| ROE Average | 5% | 6% | 6% | 6% |
| ROCE Average | 5% | 7% | 7% | 7% |
| #(Fig in Cr.) | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|
| Shareholder's Funds | 201 | 244 | 247 |
| Minority's Interest | -0 | 0 | 0 |
| Borrowings | 1 | 0 | 1 |
| Other Non-Current Liabilities | 4 | 11 | 11 |
| Total Current Liabilities | 21 | 14 | 22 |
| Total Liabilities | 227 | 269 | 282 |
| Fixed Assets | 31 | 44 | 52 |
| Other Non-Current Assets | 113 | 117 | 106 |
| Total Current Assets | 83 | 109 | 124 |
| Total Assets | 227 | 269 | 282 |
| #(Fig in Cr.) | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|
| Opening Cash & Cash Equivalents | 1 | 2 | 0 |
| Cash Flow from Operating Activities | 3 | -4 | 11 |
| Cash Flow from Investing Activities | 28 | 8 | -7 |
| Cash Flow from Financing Activities | -30 | -5 | -8 |
| Net Cash Inflow / Outflow | 1 | -1 | -3 |
| Closing Cash & Cash Equivalent | 2 | 0 | -3 |
| # | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|
| Earnings Per Share (Rs) | -3.11 | 102.93 | 31.82 |
| CEPS(Rs) | 7.61 | 116.65 | 45.35 |
| DPS(Rs) | 4 | 6 | 5 |
| Book NAV/Share(Rs) | 659.49 | 851.4 | 753.86 |
| Core EBITDA Margin(%) | -6.08 | 3.44 | -2.17 |
| EBIT Margin(%) | 0.63 | 29.05 | 9.19 |
| Pre Tax Margin(%) | -1.3 | 28.87 | 8.88 |
| PAT Margin (%) | -0.48 | 22.38 | 8.43 |
| Cash Profit Margin (%) | 2.13 | 25.2 | 11.45 |
| ROA(%) | -0.28 | 11.63 | 3.97 |
| ROE(%) | -0.43 | 13.19 | 4.52 |
| ROCE(%) | 0.43 | 16.52 | 4.77 |
| Receivable days | 19.78 | 16.69 | 19.35 |
| Inventory Days | 80.37 | 35.84 | 38.38 |
| Payable days | 41.39 | 10.44 | 11.39 |
| PER(x) | 0 | 0 | 0 |
| Price/Book(x) | 0 | 0 | 0 |
| Dividend Yield(%) | 0 | 0 | 0 |
| EV/Net Sales(x) | 0.02 | -0.01 | -0.04 |
| EV/Core EBITDA(x) | 0.64 | -0.04 | -0.33 |
| Net Sales Growth(%) | -76.8 | 18.96 | 0.53 |
| EBIT Growth(%) | -97.66 | 5422.2 | -68.21 |
| PAT Growth(%) | -103.58 | 5619.64 | -62.11 |
| EPS Growth(%) | -127.39 | 3404.65 | -69.08 |
| Debt/Equity(x) | 0.04 | 0.01 | 0.03 |
| Current Ratio(x) | 3.85 | 7.73 | 5.52 |
| Quick Ratio(x) | 3.27 | 6.81 | 4.89 |
| Interest Cover(x) | 0.33 | 163.31 | 30.47 |
| Total Debt/Mcap(x) | 0 | 0 | 0 |
| # | Dec 2019 | Mar 2020 | Jun 2020 | Sep 2020 | Dec 2020 | Mar 2021 | Jun 2021 | Sep 2021 | Dec 2021 | Mar 2022 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 74.86 | 74.86 | 74.86 | 74.56 | 74.56 | 74.56 | 74.56 | 74.56 | 74.56 | 74.56 |
| FII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| DII | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 |
| Public | 25.12 | 25.13 | 25.13 | 25.43 | 25.43 | 25.43 | 25.43 | 25.43 | 25.43 | 25.43 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 |
| # | Dec 2019 | Mar 2020 | Jun 2020 | Sep 2020 | Dec 2020 | Mar 2021 | Jun 2021 | Sep 2021 | Dec 2021 | Mar 2022 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 0.24 | 0.24 | 0.24 | 0.23 | 0.23 | 0.23 | 0.23 | 0.23 | 0.23 | 0.23 |
| FII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Public | 0.08 | 0.08 | 0.08 | 0.08 | 0.08 | 0.08 | 0.08 | 0.08 | 0.08 | 0.08 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 0.32 | 0.32 | 0.32 | 0.3 | 0.3 | 0.3 | 0.3 | 0.3 | 0.3 | 0.3 |
| # | Dec 2019 | Mar 2020 | Jun 2020 | Sep 2020 | Dec 2020 | Mar 2021 | Jun 2021 | Sep 2021 | Dec 2021 | Mar 2022 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 74.86 | 74.86 | 74.86 | 74.56 | 74.56 | 74.56 | 74.56 | 74.56 | 74.56 | 74.56 |
| FII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| DII | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 |
| Public | 25.14 | 25.14 | 25.14 | 25.44 | 25.44 | 25.44 | 25.44 | 25.44 | 25.44 | 25.44 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 |
| # | Dec 2019 | Mar 2020 | Jun 2020 | Sep 2020 | Dec 2020 | Mar 2021 | Jun 2021 | Sep 2021 | Dec 2021 | Mar 2022 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 0.24 | 0.24 | 0.24 | 0.23 | 0.23 | 0.23 | 0.23 | 0.23 | 0.23 | 0.23 |
| FII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Public | 0.08 | 0.08 | 0.08 | 0.08 | 0.08 | 0.08 | 0.08 | 0.08 | 0.08 | 0.08 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 0.32 | 0.32 | 0.32 | 0.3 | 0.3 | 0.3 | 0.3 | 0.3 | 0.3 | 0.3 |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Sales CAGR | +1% | — | — | — |
| Operating Profit CAGR | -61% | — | — | — |
| PAT CAGR | -62% | — | — | — |
| Share Price CAGR | 0% | +11% | +6% | +11% |
| ROE Average | +5% | +6% | +6% | +6% |
| ROCE Average | +5% | +7% | +7% | +7% |
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