BSE: 523660 | NSE: WATERBASE | Animal Feed | Small Cap
Past 10 year's financial track record analysis by Moneyworks4me indicates that Waterbase Ltd is a average quality company.
The key valuation ratios of Waterbase Ltd's currently when compared to its past seem to suggest it is in the Somewhat Undervalued zone.
The Price Trend analysis by MoneyWorks4Me indicates it is Weak which suggest that the price of Waterbase Ltd is likely to Fall in the short term. However, please check the rating on Quality and Valuation before investing.
Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end.
| Mar'15 | Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROCE % ⓘ | 29.9% | 2.3% | 17.6% | 28.6% | 26.7% | 13.9% | 5% | 0.6% | -1.1% | -4.9% | - |
| Value Creation Index ⓘ | 1.1 | -0.8 | 0.3 | 1.0 | 0.9 | 0.0 | -0.7 | -1.0 | -1.1 | -1.4 | - |
Growth Parameters ⓘGrowth Parameters Colour Code Guide ⓘ | |||||||||||
| Sales ⓘ | 278 | 319 | 322 | 343 | 365 | 322 | 212 | 299 | 304 | 339 | 276 |
| Sales YoY Gr. | - | 14.8% | 1% | 6.5% | 6.6% | -11.8% | -34.4% | 41.2% | 1.8% | 11.6% | - |
| Adj EPS ⓘ | 5.1 | 3.9 | 3 | 7.2 | 6.9 | 4.5 | 1.4 | 0.1 | -0.9 | -2.5 | -4.3 |
| YoY Gr. | - | -22.3% | -23.9% | 141.5% | -4.3% | -35.2% | -69% | -95% | -1371.4% | NA | - |
| BVPS (₹) ⓘ | 25.4 | 25.6 | 31.5 | 36.1 | 41.8 | 44.4 | 45.9 | 44.9 | 44.1 | 41.7 | 39.6 |
| Adj Net Profit ⓘ | 19.5 | 15.2 | 11.6 | 29.9 | 28.6 | 18.6 | 5.7 | 0.3 | -3.7 | -10.4 | -18 |
| Cash Flow from Ops. ⓘ | 12.4 | 0.1 | -13.1 | 54.6 | 19.8 | 43.8 | 51.9 | 2.3 | -36.6 | 6.7 | - |
| Debt/CF from Ops. ⓘ | 1 | 88.2 | -5.2 | 0.5 | 1.4 | 0.3 | 0 | 0 | -1 | 3.9 | - |
CAGR Colour Code Guide ⓘ
| 9 Years | 5 Years | 3 Years | 1 Years | |||||
|---|---|---|---|---|---|---|---|---|
| Sales ⓘ | 2.3% | -1.5% | 17.1% | 11.6% | ||||
| Adj EPS ⓘ | -192.5% | -181.6% | -221.6% | NA | ||||
| BVPSⓘ | 5.7% | -0% | -3.2% | -5.6% | ||||
| Share Price | 3.5% | -10.9% | -10.4% | -6.6% | ||||
Performance Ratio Colour Code Guide ⓘ
| Mar'15 | Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Return on Equity % ⓘ | 21 | 15.2 | 10.3 | 21.8 | 17.8 | 10.4 | 3.1 | 0.2 | -2 | -5.8 | -10.5 |
| Op. Profit Mgn % ⓘ | 11.2 | 7.5 | 9.5 | 16.8 | 14.2 | 10 | 6.7 | 0.3 | 1.4 | -1.2 | -6.2 |
| Net Profit Mgn % ⓘ | 7 | 4.8 | 3.6 | 8.7 | 7.8 | 5.8 | 2.7 | 0.1 | -1.2 | -3.1 | -6.4 |
| Debt to Equity ⓘ | 0.1 | 0.1 | 0.6 | 0.2 | 0.2 | 0.1 | 0 | 0 | 0.2 | 0.2 | 0 |
| Working Cap Days ⓘ | 155 | 137 | 176 | 218 | 223 | 246 | 342 | 227 | 259 | 249 | 98 |
| Cash Conv. Cycle ⓘ | 87 | 76 | 103 | 114 | 121 | 136 | 162 | 90 | 115 | 115 | 57 |
Sales growth is growing at healthy rate in last 3 years 17.06%
Return on Equity is Poor
Sales growth is not so good in last 4 quarters at -14.02%
| Standalone | Consolidated | |
|---|---|---|
| TTM EPS (₹) | -4.3 | -4.3 |
| TTM Sales (₹ Cr.) | 276 | 276 |
| BVPS (₹.) ⓘ | 39.6 | 39.6 |
| Reserves (₹ Cr.) ⓘ | 122 | 122 |
| P/BV ⓘ | 1.83 | 1.83 |
| PE ⓘ | 0.00 | 0.00 |
| From the Market | |
|---|---|
| 52 Week Low / High (₹) | 65.05 / 105.01 |
| All Time Low / High (₹) | 1.84 / 417.50 |
| Market Cap (₹ Cr.) | 300 |
| Equity (₹ Cr.) | 41.4 |
| Face Value (₹) | 10 |
| Industry PE ⓘ | 34.7 |
| Pledged * | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| PARTICULARS | Mar'15 | Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 |
|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 278 | 319 | 322 | 343 | 365 | 322 | 212 | 299 | 304 | 339 |
| Operating Expenses ⓘ | 247 | 295 | 291 | 285 | 314 | 290 | 197 | 298 | 300 | 343 |
| Manufacturing Costs | 15 | 11 | 17 | 16 | 16 | 15 | 12 | 19 | 21 | 28 |
| Material Costs | 199 | 244 | 238 | 218 | 247 | 227 | 139 | 219 | 226 | 255 |
| Employee Cost | 11 | 14 | 16 | 19 | 21 | 21 | 21 | 26 | 28 | 27 |
| Other Costs ⓘ | 21 | 26 | 19 | 33 | 30 | 27 | 25 | 35 | 25 | 33 |
| Operating Profit ⓘ | 31 | 23 | 30 | 58 | 51 | 32 | 14 | 1 | 4 | -4 |
| Operating Profit Margin (%) | 11.1% | 7.4% | 9.4% | 16.8% | 14.1% | 10.0% | 6.7% | 0.2% | 1.3% | -1.2% |
| Other Income ⓘ | 2 | 2 | 2 | 2 | 6 | 2 | 3 | 9 | 3 | 3 |
| Interest ⓘ | 1 | 1 | 9 | 4 | 3 | 3 | 1 | 1 | 2 | 3 |
| Depreciation ⓘ | 1 | 2 | 5 | 6 | 7 | 7 | 7 | 8 | 9 | 10 |
| Exceptional Items ⓘ | 0 | -21 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit Before Tax ⓘ | 30 | 2 | 18 | 49 | 47 | 25 | 8 | 0 | -4 | -13 |
| Tax ⓘ | 11 | 1 | 6 | 19 | 16 | 6 | 2 | 0 | -1 | -3 |
| Profit After Tax | 20 | 1 | 12 | 30 | 31 | 19 | 6 | 0 | -3 | -10 |
| PAT Margin (%) | 7.0% | 0.2% | 3.6% | 8.7% | 8.4% | 5.7% | 2.8% | 0.0% | -1.1% | -3.1% |
| Adjusted EPS (₹) | 5.1 | 0.2 | 3.0 | 7.2 | 7.5 | 4.5 | 1.4 | 0.0 | -0.8 | -2.5 |
| Dividend Payout Ratio (%) | 30% | 0% | 33% | 21% | 20% | 0% | 70% | 0% | 0% | 0% |
| PARTICULARS | Mar'15 | Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 |
|---|---|---|---|---|---|---|---|---|---|---|
Equity and Liabilities | ||||||||||
| Shareholders Fund | 99 | 100 | 122 | 150 | 173 | 184 | 190 | 186 | 183 | 173 |
| Share Capital ⓘ | 39 | 39 | 39 | 41 | 41 | 41 | 41 | 41 | 41 | 41 |
| Reserves ⓘ | 61 | 61 | 83 | 108 | 132 | 142 | 149 | 145 | 141 | 131 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Debt | 12 | 10 | 62 | 22 | 18 | 9 | 0 | 0 | 38 | 26 |
| Long Term Debt | 0 | 0 | 14 | 13 | 8 | 5 | 0 | 0 | 0 | 0 |
| Short Term Debt | 12 | 10 | 48 | 8 | 10 | 4 | 0 | 0 | 38 | 26 |
| Trade Payables | 31 | 23 | 35 | 52 | 27 | 20 | 29 | 25 | 46 | 32 |
| Others Liabilities ⓘ | 23 | 31 | 47 | 74 | 89 | 89 | 90 | 83 | 87 | 76 |
| Total Liabilities ⓘ | 166 | 164 | 265 | 297 | 307 | 302 | 310 | 294 | 353 | 306 |
Fixed Assets | ||||||||||
| Gross Block | 62 | 65 | 71 | 76 | 95 | 99 | 102 | 109 | 128 | 135 |
| Accumulated Depreciation | 45 | 46 | 9 | 15 | 22 | 29 | 36 | 44 | 53 | 63 |
| Net Fixed Assetsⓘ | 17 | 18 | 62 | 61 | 73 | 70 | 66 | 65 | 75 | 72 |
| CWIP ⓘ | 1 | 3 | 3 | 9 | 1 | 1 | 0 | 3 | 4 | 2 |
| Investmentsⓘ | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Inventories | 39 | 16 | 71 | 83 | 89 | 62 | 58 | 59 | 75 | 83 |
| Trade Receivables | 57 | 76 | 82 | 90 | 73 | 74 | 48 | 39 | 87 | 43 |
| Cash Equivalents | 29 | 21 | 11 | 7 | 7 | 23 | 57 | 42 | 26 | 17 |
| Others Assetsⓘ | 22 | 29 | 36 | 47 | 65 | 72 | 81 | 86 | 86 | 89 |
| Total Assets ⓘ | 166 | 164 | 265 | 297 | 307 | 302 | 310 | 294 | 353 | 306 |
| PARTICULARS | Mar'15 | Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash Flow From Operating Activity ⓘ | 12 | 0 | -13 | 55 | 20 | 44 | 52 | 2 | -37 | 7 |
| PBT ⓘ | 30 | 22 | 18 | 49 | 47 | 25 | 8 | 0 | -4 | -13 |
| Adjustment ⓘ | 0 | 3 | 13 | 19 | 14 | 13 | 15 | 5 | 9 | 11 |
| Changes in Working Capital ⓘ | -9 | 3 | -40 | 0 | -24 | 13 | 34 | -2 | -41 | 7 |
| Tax Paid ⓘ | -9 | -7 | -4 | -14 | -18 | -8 | -5 | -1 | 0 | 2 |
| Cash Flow From Investing Activity ⓘ | -4 | -4 | -7 | -6 | -8 | -4 | -53 | 28 | -15 | 1 |
| Capex | -5 | -5 | -8 | -12 | -10 | -4 | -1 | -13 | -17 | -6 |
| Net Investments | 0 | 0 | 0 | 4 | 1 | -1 | -53 | 38 | 0 | 5 |
| Others ⓘ | 1 | 1 | 1 | 2 | 1 | 1 | 2 | 3 | 2 | 2 |
| Cash Flow From Financing Activityⓘ | -5 | -5 | -15 | -9 | -13 | -20 | -10 | -5 | 31 | -14 |
| Net Proceeds from Shares ⓘ | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Net Proceeds from Borrowing ⓘ | -1 | 0 | -7 | 0 | -3 | -9 | -8 | 0 | 12 | 0 |
| Interest Paid ⓘ | 0 | 0 | -9 | -4 | -3 | -3 | -2 | -1 | -2 | -3 |
| Dividend Paid ⓘ | -3 | -2 | 0 | -5 | -7 | -7 | 0 | -4 | 0 | 0 |
| Others ⓘ | 0 | -2 | 0 | 0 | 0 | 0 | 0 | 0 | 21 | -11 |
| Net Cash Flow ⓘ | 4 | -9 | -36 | 40 | -2 | 20 | -11 | 25 | -21 | -7 |
| PARTICULARS | Mar'15 | Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 |
|---|---|---|---|---|---|---|---|---|---|---|
| Ratios | ||||||||||
| ROE (%) | 21.25 | 0.7 | 10.5 | 22.04 | 19.12 | 10.39 | 3.17 | 0.05 | -1.88 | -5.87 |
| ROCE (%) | 29.94 | 2.33 | 17.57 | 28.57 | 26.72 | 13.86 | 4.96 | 0.64 | -1.11 | -4.88 |
| Asset Turnover Ratio | 1.72 | 1.93 | 1.5 | 1.22 | 1.21 | 1.06 | 0.69 | 0.99 | 0.94 | 1.03 |
| PAT to CFO Conversion(x) | 0.6 | 0 | -1.08 | 1.83 | 0.65 | 2.32 | 8.67 | N/A | N/A | N/A | Working Capital Days |
| Receivable Days | 69 | 76 | 89 | 92 | 82 | 83 | 105 | 53 | 75 | 69 |
| Inventory Days | 58 | 32 | 49 | 82 | 86 | 85 | 104 | 72 | 80 | 85 |
| Payable Days | 49 | 36 | 44 | 73 | 58 | 38 | 65 | 46 | 57 | 55 |
Waterbase Limited is the largest integrated aquaculture unit in India located in the heart of shrimp country at Nellore in Andhra Pradesh. The company's mission is to give customers the best value for money with quality seed, feed, or processed produce.
The company began operations in 1993 and has stood committed to following and disseminating the best aquaculture techniques. Today, the company is a $18 million company (Rs 1 billion) with facilities that comprise a shrimp hatchery, feed plant, grow-out farms, and an ultra-modern process plant.
Waterbase Limited is a part of the 80-year-old, $ 2 billion Thapar Group, one of India's largest business houses. The Thapar Group has interests in areas such as paper, chemicals, glass, textiles, electronics, light and heavy engineering.
Raw or cooked, peeled or unpeeled, breaded and battered; it exports shrimp in different forms to the quality-conscious markets of Japan, USA, and Europe. In addition, the company supplies value-added shrimp in different forms to many of its customers.
Species it grows and processes:
Black Tiger, (P Monodon), White (P Indicus), Scampi (M. Rosenbergii)
Aquaculture is a business that demands constant monitoring and innovation. The company's process is geared to grow, harvest, and process quality shrimp. It follows HACCP guidelines and is among the few Indian companies that have FDA approval for exports to USA.
Product range of the company includes:
HLSO
HO
IQF
PDTO
Stretched/Tray pack
Cooked - full range
Raw breaded butterfly shrimp
Value-added convenience foods
World-class feed for different types of shrimp culture
Clientele:
USA
Japan
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