Add Avanti Feeds, target price Rs 590: ICICI Securities

ICICI Securities has given a add rating to Avanti Feeds with a target price of Rs 590. The share price moved down by 0.44 per cent from its previous close of Rs 499.20. The stock’s last traded price is Rs 497.

Avanti Feeds Ltd., incorporated in the year 1993, is a Mid Cap company (having a market cap of Rs 6777.54 Crore) operating in Aquaculture sector.

Avanti Feeds Ltd. key Products/Revenue Segments include Shrimps Feed which contributed Rs 3162.33 Crore to Sales Value (99.99 % of Total Sales), Export Incentives which contributed Rs .24 Crore to Sales Value (0.00 % of Total Sales)for the year ending 31-Mar-2020.


Financials
For the quarter ended 30-06-2020, the company reported a Consolidated sales of Rs 955.40 Crore, down 7.67 % from last quarter Sales of Rs 1034.81 Crore and down 12.63 % from last year same quarter Sales of Rs 1093.49 Crore. The Company reported net profit after tax of Rs 115.74 Crore in latest quarter.

Promoter/FII Holdings
Promoters held 43.7 per cent stake in the company as of June 30, 2020, while FIIs held 32.7 per cent, DIIs 17.4 per cent and public and other 6.2 per cent.