Avanti Feeds shares gain after foray into pet care segment

The newly Incorporated subsidiary company is estimated to complete the project implementation in two years.

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Shares of Avanti Feeds on July 19 edged up after the company incorporated its subsidiary Avanti Pet Care Private Limited, which will expand its business into manufacturing and trading of pet food and pet care products.

“The subsidiary company shall inter-alia deal in manufacturing and trading of pet foods and feeds, pet healthcare products like medicines, shampoo, soaps, creams, grooming and other grooming-related pet care products, including pet equipment related to pet care,” the company said in a regulatory filing. “This is an identical product as the existing shrimp feed.”

The newly Incorporated subsidiary company is estimated to complete the project implementation in two years.

Investors recognised that the expansion into new business can be revenue accretive for Avanti Feeds. The stock, thus hit a high of Rs 417 during the day before trading at Rs 408, which was up over a percent from last day’s close.

Avanti Pet Care was incorporated on July 18 under Corporate Identification Number (CIN: U46204TS2023PTC175105) in Hyderabad.

Analysts have been bullish on the stock even as they believe that the weakness in shrimp production is likely to continue in FY24.

“The stability in the farm-gate prices suggests that shrimp culture activities are expected to gradually improve. Factoring in the current demand slowdown, we value AFL at 13x FY25 EPS (3 year average = 15x) to arrive at a target price of Rs 469, and maintain ‘buy’ rating due to improvement in margins,” said Vincent Andrews, Research Analyst at Geojit Financial Services.

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