KK SECURITIES LTD Page 1

KK SECURITIES LIMITED

FOODS & INNS LTD.

20 March, 2019

| India Equity Research| Food Processing |

BUY Rs 170.50

Target Price Rs 281.00

Market Data

CMP

Sector Food Processing

Market Cap (Rs. Cr.) 264.86

Equity Capital 1.68

Beta 0.84

52 Week High/Low 117/217.45

Avg. Daily Volume 1995

Face Value (Rs.) 1.00

BSE Sensex 38360.10

Nifty 11528.70

Div. Yield 0.19%

Shareholding Pattern

(31/12/2018)

Promoters 45.22

MF/Banks/Indian -

FII/NRIs/OCBs 27.37

Indian Public 27.41

ABS (%) 3m 1yr 3yr

Nifty 3.7% 2.3% 47.40%

FIL (4.6%) 16.7% 133.5%

Foods & Inns (FIL) is a manufacturer and exporter of a range of processed tropical fruits pulps, purees and vegetables with state of the art factories in Mumbai, Chittor, Valsad, Sinnar and Gonde (Nasik). The company operates in the food processing industry. Its principal divisions are Aseptic, Canning, Spray drying, frozen fruits, IQF (Individually Quick Frozen) vegetables and snacks. Product range includes tropical fruit purees and concentrates of Mango, Guava, Papaya and recently commissioned lines for Tomato Paste, Flavor Compounds & Natural Fruit & Vegetable Powders. Margins to improve in FY20 During the year, the company’s EBITDA stood at Rs 26.0crore in FY18 vs. Rs 22.74 crore in FY17. For the same period, EBIDTA margins have improved by 136 bps from 6.42% to 7.78% due to decrease in raw material prices and improve supply chain and lower cost of production. We expect EBITDA margins to improve by ~250 bps to ~10-11% and PAT margins of ~3-4% in coming years. By-1) Installation of solar panel will have potential to save 15-20% electricity cost 2) Expansion planning of new and modern processing facilities to amplify synergies 3) Saving of raw material procuring cost due availability of cash 4) Making regular advancements in technology and acquiring or developing new technologies for its processing activities. Proceeds from Land Bank sale to unlock value Foods & Inns have sold a land bank of approx. two and a half acres in the Chembur which is in the heart of Mumbai city for ~ Rs 148 Cr. The company will further receive 15.46 Cr according to agreement with Puravankara Ltd. (we expect it to be received by Oct. 2019 due to Maharashtra Elections 2019). Also, we expect ~15 Cr to be received from the sale of TDR on DP road by Oct. 2019. The company already repaid Rs 104 Cr debt by using the proceeds from land sales. FIL now has Rs 65 Cr debt on its balance sheet. The management is keenly evaluating some organic or inorganic expansion proposals. This will help the company to enter into new products and new geographies to boost its revenue and margins. It also has plans to enter into the B2C segment. Valuation & Outlook The company has initiated cost savings wrt. –a) Installation of solar panel will have potential to save 15-12% electricity cost b) Sale of waste material resulting in revenue c) due to low cost of procurement of RM , will improve margins by 100 bps. Also company is looking for organic or inorganic expansion to add new products to its portfolio. We believe company’s focus on diversifying the product portfolio and optimization of capacity utilization during the idle season will have significant impact on the company’s performance over next 2-3 years. Given the fact that the company is planning to enter into B2C segment , we value the company by 14x FY20 EBITDA .We recommend BUY with TP of 281 (14x FY20E EBITDA). Particulars FY16 FY17 FY18 FY19E FY20E FY21E

Net Sales (Cr.) 335.5 361.5 326.1 365.2 384.3 404.4 EBITDA (Cr.) 29.4 22.7 26.1 31.4 35.7 41.7 Net Profit (Cr.) 0.6 4.7 6.3 133.5 18.3 25.7 EPS 0.38 3.44 3.94 81.38 11.16 15.67 PE (x) 403.49 45.06 39.30 1.90 13.89 9.89 EV/EBITDA (x) 14.97 18.32 16.14 9.03 7.81 6.63 RoCE (%) 8.32 4.89 5.68 7.04 9.15 10.18 RoE (%) 1.19 7.57 8.42 92.41 8.33 10.66 D/E (x) 3.67 2.40 2.37 0.33 0.13 0.10

Source: Capital line

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Exhibit 2: Production Facilities

Particulars FY19E(Tonne) FY18(Tonne)

Chittoor 30000 31000

Valsad 20000 7000

Nashik 25000 7000

Source: Company/KK research

Company Profile Incorporated in 1967, FIL is a food processing company involved in exporting tropical fruit, mainly mango pulp (comprising more than 95% of the revenues in FY18, and various other fruits which are similarly processed, including guava, papaya, etc., concentrates tomato puree spray dried fruit and vegetable powders both for domestic and International markets. The company is a government-recognized export house and exports mango pulp in aseptic and canned packaging. FIL’s fruit pulp manufacturing operations comprises of three manufacturing units in Chittoor (Andhra Pradesh) having capacity of 35,000 MT; two in Nashik (Maharashtra) having a capacity of 12,000 MT and one in Valsad (Gujarat) having capacity of 12,000 MT. Besides, the company also operates manufacturing units on rental basis largely located near the Chitoor plant. Finns Frozen Foods Ltd., subsidiary of the company has been merged with FIL. Finns frozen foods is engaged in business of manufacturing , marketing and trading of frozen Snacks, vegetables, Mango pulp and purees . Total Capacity : 75,000 MT Manufacturing Facility : 6 (Nasik 2, Valsad 1, Chittoor 3) Warehousing Facility : 8 (Domestic and International) Ownership : Public Limited Principal Division : Aseptic, Canning, Frozen fruits, vegetables & snacks and

Spray dried.

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Management meet highlights We met the management of Foods & Inns Limited to get an insight into the company’s business and growth prospects.

The company has 5 manufacturing facilities (Nasik 1, Valsad 1, and Chittoor 3). The company is operating at 96-98% capacity utilization in the peak summer season and 8-10% in the winter season.

Peak Season Plant wise :- 1) Chittoor:- April- August; 2) Valsad:-April-June; 3) Nashik:- April- June

The company has Export to domestic sales ratio 70:30.The Company exports its products to various geographies such as Europe, Middle East, USA, Japan and China to various companies in the foods and beverage industry. The Company has a strong customer base in India as well as internationally which includes leading food & beverage companies of the world such as Sumitomo Corporation (Japan), A.G. Barr (UK), Lacnor (UAE). While in domestic front PepsiCo and Coke are its major customer and contributes to 95% of domestic sales.

Management is planning to expand its domestic sales/market share by organic or inorganic expansion in the same as well as different lines of processed food product portfolio.

Guidance on cost optimization -: a) The company has installed solar panel at their Nasik plant (Gonde). The management is expecting 15-20% saving in electricity cost. The company is planning to do the same for all other plants.

The management is focusing on waste management. Earlier the company used to pay to vendors to take away the waste. Now the company will produce value added products like pectin and mango butter from Peels and Seeds of mango fruit. This will not only add new products to the company’s portfolio also will reduce the expenses as they don’t have to pay for the waste.

Finns Frozen Food which was 49% associate of the company has been merged with the company. Established to manufacture IQF vegetables & fruits pieces and frozen snacks. Products are frozen vegetables and snacks like Samosa, Onion Bhaji, frozen naan etc. The company is planning to increase its production by focusing on plant utilization.

Organic Capex for FY20 is Rs. 35 C. which will be used for the organic or inorganic expansion. Currently the company is into B2B business. Now, the company is looking to expand its product to B2C segment also by doing vertical or horizontal integration.

The company is focusing on debt restructuring to reduce D/E ratio. Repaid debt of Rs. 104 Cr. Current debt is Rs 65 Cr.

Repaid debt worth Rs. 104 Cr that will reduce interest cost

15-10% saving in electricity cost due to installation of solar panel

The company will produce value added products by waste management.

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Key Investment Highlights

Range of processes for meeting customer requirements. The Company is in the business of processing and marketing fruit pulps, concentrates and spray dried fruit and vegetable powders both into domestic and international markets. The Company believes that having all the three (3) divisions i.e. canning, aseptic and spray drying enables the Company to cater to various customer requirements. Further, due to the availability of the entire process line in-house, the Company’s dependence on third parties for providing specific and customized processed products to its customers reduces to a large extent. We believe that this ability to provide customized products to its customers is the key strength for further growth of the Company.

Expanding product portfolio to continue strong revenue growth During the period FY14 to FY18 sales grew at a CAGR of 7.0% from Rs 257 crore in FY 14 to Rs 337 crore in FY18 on the back of locational advantage in terms of multi-location and accredited manufacturing facilities, geographically diversified revenue profile, capacity expansion, more focus on domestic segment and established reputed clientele base. While total tonnage production grew at a CAGR of ~5% from 48154 tonnes in FY14 to 57369 tonnes in FY18. Due to low realization sales was flat for the last year, production grew 17% but mango prices were down by 13%. We expect organic sales to grow at 4% CAGR for next 2-3 years on back of continuous focus on sustainability and efforts to improve its supply chain. Source: Company/ KKSL research

Innovation and Product Development. The Company strives to retain its position within the industry by investing strategically in new technologies which give its customers better quality of products and cost advantages. The Company commenced its operations with processing egg powder and eventually diversified into processing of fruits and vegetables. The Company continuously attempts to provide solutions for specific customer needs through innovation and development of new product, packing blending developments. The Company has an experienced and professionally qualified team which constantly works with its customers to ensure customer satisfaction.

Volume increased by 17% but realization was lower due to 13% decrease in mango prices

Proceeds from land monetization will be used for organic & inorganic expansion

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Key Investment Highlights (Continue...) Creating, establishing and enhancing presence in newer markets. The Company believes that demand for its products currently which are being sold in the regulated markets such as Europe, USA and Japan will continue to grow. The Company is also making efforts to enhance its presence in Pacific Rim countries such as China, Japan and Indonesia and further to create its presence in countries like Australia, New Zealand, Middle East & Africa (ME&A) by participating in trade fairs, exhibitions and seminars. We believe initiatives such as introducing latest aseptic technology and investing in sustainability early on has helped the company to capture large pockets of the worldwide market.

Source: Company/ KKSL research

Strong client base The company has very strong international client base like AG Baar, Lacnor, Sumeton, Shana foods etc. All these companies are in the list of fortune 500. While in domestic front PepsiCo and Coke are major customer and contributes to 95% of domestic sales. Paper Boat and Doehler India Pvt. Ltd is the other domestic customer.

Source: Company/ KKSL research

Key Risks

Fluctuation in Raw material prices as its raw material prices constitute major portion of the production cost.

Exchange Rate Risk as significant portion of the sales comes from export.

Diversified geographical revenue base

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1 Year Forward EV/EBITDA

Valuation & Outlook With capacity expansion across segments and an improving product mix, the growth trajectory in revenues should continue. The company has a long track record and extensive experience of the promoters in the food processing industry, locational advantage in terms of multi-location and accredited manufacturing facilities, geographically diversified revenue profile and established reputed clientele base. The company is on the brink of closing 2 key capex projects in Western and Southern facilities which not only increase capacity but also increase product portfolio and its reach to the market. For the year going forward the company has other couple of sizeable capex initiatives to take advantage of the same. We recommend BUY with TP of 281 (14x FY20E EBITDA). This strong performance is expected on the back of:

Enhanced contribution from value added products.

Enhanced capacity utilization.

Debt restructuring to reduce interest cost.

Implementing cost reduction method and strategy of producing during the off-season to evade the risk of running out of capacity.

Land Bank monetization will unlock value.

B2C market foray.

Expansion in capacity & product portfolio.

1Y FWD EBITDA per share FY20E EBITDA 35.7 Target Multiple 14 less: Debt FY20 35.5 Add: Cash 9.1 No. Of shares 1.68 Target Price 281 Upside 70% Source: Company/KK research

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Source: Company/KK research

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Financial Statements

Source: Company/ KKSL research

Income Statement

Standalone numbers FY16 FY17 FY18 FY19E FY20E FY21E

Total Revenues 335.5 361.5 326.1 365.2 384.3 404.4

Cost of Materials Consumed 238.8 213.0 205.2 223.5 234.4 244.7

Purchase of Stock-In-Trade 13.3 18.1 6.7 9.1 9.6 12.1

Inventory adjustments (31.1) 3.1 (1.6) (2.9) (3.1) (3.2)

Employee Benefit Expense 16.4 20.3 19.0 21.9 23.1 24.3

Other manufacturing expenses

68.6 77.0 79.9 82.2 84.6 84.9

Total Operating Expenses 306.1 331.4 309.2 333.8 348.6 362.8

EBITDA 29.4 22.7 26.1 31.4 35.7 41.7

Depreciation 8.0 10.2 10.5 10.7 10.9 11.9

EBIT 21.4 12.5 15.6 20.7 24.9 29.7

Finance cost 19.7 18.4 18.1 13.0 3.6 3.0

Other income 3.8 14.9 7.2 15.4 13.0 10.0

PBT 5.5 9.0 7.5 23.1 34.2 36.7

Total Taxes 4.9 4.3 1.2 22.0 15.9 11.0

PAT 0.6 4.7 6.3 133.5 18.3 25.7

Source: Cogencis

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Financial Statements

Source: Company/ KKSL research

Balance Sheet (Cr.)

FY16 FY17 FY18 FY19E FY20E FY21E

Share Capital 1.5 1.6 1.6 1.6 1.6 1.6

Reserves and Surplus 51.6 69.8 76.3 209.2 221.9 247.0

Net worth 53.0 71.4 78.0 210.9 223.6 248.7

Long term borrowings 7.1 3.8 5.5 5.5 5.5 5.5

Deferred tax Liabilities 8.2 11.3 10.8 10.8 10.8 10.8

Long term provisions 1.3 1.8 1.4 1.8 1.9 2.0

Noncurrent liabilities 16.6 17.0 17.7 18.1 18.2 18.3

Short term borrowings 187.7 167.8 179.7 65.0 30.0 25.0

Trade payables 42.9 27.0 67.1 61.1 65.0 66.5

Other current liabilities 21.2 17.9 16.2 20.3 25.4 31.7

Short term provisions 2.2 1.2 1.3 1.5 1.5 1.5

Current Liabilities 238.0 254.1 258.3 151.7 118.3 125.4

Total liabilities 307.6 342.5 354.0 380.7 365.1 385.4

Tangible assets 106.0 106.4 98.3 100.4 105.7 111.2

Capital WIP 1.5 0.7 1.8 1.8 1.8 1.8

Noncurrent Investment 2.0 21.8 22.1 22.1 22.1 22.1

Long term loans and advances 10.4 5.0 5.1 5.1 5.1 5.1

Non-current assets 119.9 134.6 129.3 131.5 136.7 142.2

Current investments 0.0 0.0 0.0 0.0 0.0 0.0

Inventories 114.1 112.4 110.4 109.9 114.0 122.8

Trade receivables 45.7 58.3 66.9 67.5 69.3 75.1

Cash and Bank balances 8.8 9.4 11.9 41.1 5.4 3.5

Short term loans and advances 13.0 12.6 13.2 13.2 13.2 13.2

Other current assets 6.0 15.2 22.3 22.7 22.7 22.7

Current assets 187.7 207.9 224.7 254.4 224.6 237.3

Total Assets 307.6 342.5 354.0 380.7 365.1 385.4

Source: Cogencis

(Assumption: - Balanced 30 Cr will be received by Oct 2019. The company will pay its debt by using this cash proceeding)

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Financial Statements

Source: Company/ KKSL research

Cash Flow (Cr.)

Particulars FY16 FY17 FY18 FY19E FY20E FY21E

ADJUSTED NOPAT 5.8 9.6 12.6 14.5 17.4 20.8

INC IN NFA 18.5 0.3 (8.1) 2.2 5.3 5.5

INC IN CAP WIP (15.6) (0.8) 1.1 0.0 0.0 0.0

INC IN OP WORKING CAP (2.1) (14.6) 5.3 3.1 (14.2) (19.6)

INC IN LT WORKING CAP 13.2 11.7 7.6 8.5 8.9 9.0

REINVESTMENTS 14.0 16.4 6.3 13.7 0.9 (3.1)

Free Cash Flow to Firm (FCFF) (8.3) (6.8) 6.4 0.7 16.5 23.9

Ratios FY16 FY17 FY18 FY19E FY20E FY20E

Basic

EPS 0.38 3.44 3.94 81.38 11.16 15.67

Cash EPS 5.27 9.09 10.47 87.91 17.80 22.95

DPS 0.25 0.30 0.30 0.30 0.30 0.30

Valuation

P/E 403.49 45.06 39.30 1.90 13.89 9.89

Price/Book Value 4.79 3.56 3.18 1.21 1.11 1.00

EV/Sales 1.36 1.18 1.32 0.78 0.73 0.68

EV/EBITDA 14.97 18.32 16.14 9.03 7.81 6.63

Margins Ratios

EBITDA (%) 9.1% 6.4% 8.2% 8.6% 9.3% 10.3%

EBIT (%) 6.6% 3.5% 4.9% 5.7% 6.5% 7.3%

PAT (%) 0.2% 1.3% 2.0% 36.5% 4.8% 6.4%

Profitability Ratios

RoE 1.19% 7.57% 8.42% 92.41% 8.33% 10.66%

RoCE 8.32% 4.89% 5.68% 7.04% 9.15% 10.18%

RoIC 0.20% 4.66% 5.97% 58.04% 7.29% 9.88%

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