Empire Spices and Foods Limited is a prominent player in the Indian FMCG sector, specializing in the production and distribution of a wide range of spices, pickles, sauces, and other food products. Established in 1994, the company has grown significantly and is recognized for its quality products under various brand names, including Ram Bandhu and Temptin. Recent Developments Product Portfolio Expansion: Empire Spices has developed a diverse range of products, including ground spices, blended spices, pickles, papads, sauces, and snacks. The company’s brand portfolio includes Ram Bandhu, RBM, Temptin, Spice One, and Zaiqa. Market Reach: The company's products are available in approximately 500,000 retail outlets across eight states in India and are also exported to several countries including the USA, UK, Germany, UAE, and Singapore. Financial Performance: For the financial year ending March 31, 2023, Empire Spices reported operating revenues ranging from ₹100 crore to ₹500 crore. The EBITDA has seen a slight decrease of 3.7% compared to the previous year; however, the net worth increased by 18.66%, indicating overall financial stability. Growth Prospects: The Indian packaged and blended spices market is projected to grow at a CAGR of more than 8% in the coming years. Empire Spices is expected to benefit from this growth due to its established market presence and product quality. Business Operations Empire Spices and Foods Limited operates primarily in the following areas: Manufacturing of Spices: Producing ground spices and blended spices. Pickles and Sauces Production: Offering a variety of pickles and sauces to enhance culinary experiences. Export Activities: Expanding its reach in international markets by exporting products to various countries.
| P&L Statement | 2020 | 2021 | 2022 | 2023 |
|---|---|---|---|---|
| Revenue | 182 | 239 | 247 | 297 |
| Cost of Material Consumed | 108 | 135 | 140 | 187 |
| Gross Margins | 40.66 | 43.51 | 43.32 | 37.04 |
| Change in Inventory | -11 | 7 | 0 | -14 |
| Employee Benefit Expenses | 18 | 19 | 21 | 25 |
| Other Expenses | 49 | 51 | 65 | 73 |
| EBITDA | 18 | 27 | 21 | 26 |
| OPM | 9.89 | 11.3 | 8.5 | 8.75 |
| Other Income | 1 | 0 | 0 | 0.24 |
| Finance Cost | 4 | 3 | 2 | 3.15 |
| D&A | 3 | 4 | 4 | 4.64 |
| EBIT | 15 | 23 | 17 | 21.36 |
| EBIT Margins | 8.24 | 9.62 | 6.88 | 7.19 |
| PBT | 10 | 20 | 19 | 17.41 |
| PBT Margins | 5.49 | 8.37 | 7.69 | 5.86 |
| Tax (2021) | 2 | 7 | 5 | 3.73 |
| PAT | 8 | 13 | 14 | 13.68 |
| NPM | 4.4 | 5.44 | 5.67 | 4.61 |
| EPS | 16.53 | 26.86 | 29.17 | 28.5 |
| Financial Ratios | 2020 | 2021 | 2022 | 2023 |
|---|---|---|---|---|
| Operating Profit Margin | 9.89 | 11.3 | 8.5 | 8.75 |
| Net Profit Margin | 4.4 | 5.44 | 5.67 | 4.61 |
| Earning Per Share (Diluted) | 16.53 | 26.86 | 29.17 | 28.5 |
| Assets | 2020 | 2021 | 2022 | 2023 |
|---|---|---|---|---|
| Fixed Assets | 58 | 67 | 77 | 76 |
| CWIP | 5 | 0 | 0 | 15 |
| Investments | 0 | 0 | 0 | 0 |
| Trade Receivables | 3 | 4 | 5 | 7.78 |
| Inventory | 35 | 27 | 35 | 49.15 |
| Other Assets | 8 | 13 | 8 | 20.07 |
| Total Assets | 109 | 111 | 125 | 168 |
| Liabilities | 2020 | 2021 | 2022 | 2023 |
|---|---|---|---|---|
| Share Capital | 4.84 | 4.84 | 4.8 | 4.8 |
| FV | 10 | 10 | 10 | 10 |
| Reserves | 38 | 50 | 65 | 77.55 |
| Borrowings | 33 | 21 | 29 | 45 |
| Trade Payables | 20 | 18 | 14 | 26 |
| Other Liabilities | 13.16 | 17.16 | 12.2 | 14.65 |
| Total Liabilities | 119 | 121 | 135 | 178 |
| Cash-Flow Statement | 2020 | 2021 | 2022 | 2023 |
|---|---|---|---|---|
| PBT | 10 | 20 | 19 | 17.41 |
| OPBWC | 20 | 26.4 | 26 | 25.18 |
| Change in Receivables | 1 | -1 | -1 | -2.12 |
| Change in Inventories | -14 | 8 | -7 | -14 |
| Change in Payables | 4 | -1.4 | -4 | 14 |
| Other Changes | 1 | 1.2 | -0.5 | -7.75 |
| Working Capital Change | -8 | 6.8 | -12.5 | -9.87 |
| Cash Generated From Operations | 12 | 33.2 | 13.5 | 15.31 |
| Tax | -2.5 | -4.6 | -4.5 | -4.5 |
| Cash Flow From Operations | 9.5 | 28.6 | 9 | 10.81 |
| Purchase of PPE | -13 | -17 | -12 | -19 |
| Sale of PPE | 0.2 | 8 | 0 | 0.009 |
| Cash Flow From Investment | -12.5 | -9.2 | -12 | -18.99 |
| Borrowing | 10 | -12 | 3 | 15 |
| Divided | -0.8 | -0.7 | -0.7 | -0.72 |
| Equity | 0 | 0 | 0 | 0 |
| Others From Financing | -4.4 | -3.3 | -2 | -1.85 |
| Cash Flow from Financing | 4.8 | -16 | 0.3 | 12.43 |
| Net Cash Generated | 1.8 | 3.4 | -2.7 | 4.25 |
| Cash at the Start | 0.4 | 0.6 | 4 | 0.69 |
| Cash at the End | 2.2 | 4 | 1.3 | 4.94 |
| Shareholding Pattern | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|
| Promoters | 79.57% | 80.03% | 80.08% | - |
| Others | 20.43% | 19.97% | 19.92% | - |
