Ruchi Soya is one of the largest agribusiness companies in India. Ruchi is one of the largest producers and suppliers of vegetable oil and Soya food in India. Ruchi is also the highest exporter of soya meal and lecithin from India and it's brand Nutrela being the largest selling Soya food brand in the country. Ruchi currently has capacities of 2 MTPA of refining and over 2.6 MTPA of crushing spread over 12 strategic locations.
Ruchi Soya distribution reach covers around 5,83,000 retail outlets which includes strong brand portfolio such as Nutrela, Ruchi Gold, Ruchi Star, Mahakosh, Sunrich. As of Dec' 07 edible oil accounts for 72% of the revenue, Followed by Soya products 17% and vanaspati 9%. Ruchi currently accounts for 19% market share of edible oil business in India. Currently branded portfolio accounts for 29% of the business.
The company is the highest exporter of Oil meals from India with it's export presence in most of the south east Asian countries, Middle East and Europe.
Positives
1) Ruchi has entered into national tie-ups with celebrated players like Pantaloon retail, Subhiksha, Reliance Retail, Aditya Birla Group for sale of it's product through the growing modern retail outlet in India.
2) Soya being one of the best source of Vitamins and Proteins, Ruchi is well positioned in growing wellness and health food products. The company is planing to introduce Soya based flours like multi blend flour and also 100% soya flour. Ruchi is also diversifying into mustard products.
3) The company recent venture in to protein drink N'rich is expected to add on to the topline going forward. Apart from the branded products the company is also a manufacturer for pantaloon's private label - Fresh and Pure.
Risks
1) Government current measure to curb inflation by cutting import duty on edible oil.
2) Falling Oil prices in the international market.
At the current market price of Rs. 91/- the stocks trades at around 8 times it's FY09E EPS of 11. The earnings are considerate of the government recent impact to cut import duty. Investor with medium to high risk profile can consider investment into this stock with a horizon of 12 months and a target of Rs. 130/-. Ruchi currently operates in a low margin segment and any further duty cut by government can severely impacts it's margin unless they are able to procure raw materials at a lower cost. This remains a key risk to our recommendation.
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Saturday, April 19, 2008
Ruchi Soya - An Healthy Investment
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Fundamental Analysis
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