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*AAKASHAYA PATRA EXCLUSIVE STOCK FOR INVESTMENT:* 17.05.2020
ADVANCED ENZYME TECHNOLOGIES
CMP 155 ENTRY 140 TO 150 STOPLOSS 120 TARGET 300++ TIME: 36 MONTHS


5 years CAGR sales growth 11.94%
5 years CAGR PAT growth 40.75%


Advanced Enzymes is a research driven company with global leadership in the manufacturing of enzymes.Company is committed to providing eco-safe solutions to a wide variety of industries like human health care and nutrition, animal nutrition, baking, fruit & vegetable processing, brewing & malting, grain processing, protein modification, dairy processing, speciality applications,textile processing and others. It is 1st Indian enzyme
manufacturing company and amongst top 15 global enzyme companies. Company has 7 world class manufacturing facilities located in India and USA. It has 7 R&D locations across India, Germany and USA.Company produces over 68 enzymes and probiotics,over 400 proprietary products. Company exports to 45+ countries and having 700+ customers worldwide.

It has an equity base of just Rs.22.34 crore that is supported by reserves of around Rs.721 crore. The Promoters hold 57.88%, Mutual Funds hold 8.78%, FIIs hold 13.32% while the other investing public holds 20.02% stake in the company.

For Q3FY20, its PAT soared 37.46% to Rs.33.61 crore from Rs.24.45 crore on 10% higher sales of Rs.111.94 crore fetching an EPS of Rs.3.01. In 9MFY20, PAT zoomed 24.23% to Rs.97.96 crore from Rs.78.85 crore on 8% higher sales of Rs.333.72 crore fetching an EPS of Re.8.77. At CMP
stock is trading at PE ratio of just 13.5x. It has paid 30% dividend for FY19.


The Company's equity is Rs.150.52 crore while company has reserve of around Rs.1625 crore. With a share book value of Rs.117.96, its P/BV ratio works out to just 0.20x.Promoters hold 69.03%, Mutual Funds hold 7.70% (Nippon small cap fund hold 6.36%),Investor Mukul Agarwal hold 1.55% while investing public hold 21.72% stake in the company.

For Q3FY20, NCL posted 64% higher PAT of Rs.15.07 crore on 17% higher of Rs.144.25 crore and an EPS of Rs.1. In 9MFY20, it posted a PAT of Rs.36.60 crore on sales of Rs.411.24 crore with an EPS of Rs.2.43. On income front, it has reported 94.59% CAGR growth in last 10 years and on PAT front, it has reported 78.76% CAGR growth in last 10 years.At CMP, NCL trades at P/E ratio of just 7.7x and is available at 90.44% discount to its recent high of Rs.247. Company has never reported loss in any quarter post its listing in September 2015. Company came with an IPO at Rs.155 per share in August 2015 and raised money again with QIP issue at Rs.183 per share in 2017

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