EnNutrica procure milk directly from Farmers who have Free Range Cattle Farm and more organically oriented to produce milk from cattle by feeding the cattle with a wide variety of Nutritious food from different sources paving way for premium milk proteins quality. They work closely with the farmers to make sure that the animals are fed in the right way. They educate the farmers on best feeding practices and best rearing practices to train them and monitor them continuously with a team of Veterinarian Doctors to ensure that the final product is at its best performance.
The Promoters of Dindigul Company are Rajadharshini Rajasekaran, R Rajasekaran and Indrayani Biotech Limited, R Rajasekaran has over experience of 20 years in the dairy processing industry and has played an instrumental role in expanding the domestic operations of the Company. Rajadharshini Rajasekaran has an experience of more than 10 years in their Industry.
Financially, Dindigul (EnNutrica) revenue increased from ₹1,763.13 Lakhs in FY21 to ₹2,831.88 Lakhs in FY22 and further revenue jumped to ₹8,157.74 Lakhs in FY23 and currently at ₹6,874.75 Lakhs for 9MFY24. Similarly, EBITDA saw losses in FY21 at ₹-83.93 Lakhs and ₹-153.34 Lakhs in FY22 but turnedaround at ₹927.28 Lakhs in FY23 and currently at ₹934.76 Lakhs for the 9MFY24. The shows loss of ₹462.02 Lakhs in FY21 and ₹416.58 Lakhs loss in FY22 but turned the table in FY23 to profit of ₹516.67 Lakhs and further profit in 9MFY24 of ₹588.89 Lakhs. This indicates steady financial performance.
For the Dindigul Farm IPO, the company is issuing shares at a pre-issue EPS of ₹3.59 and a post-issue EPS of ₹2.15. The pre-issue P/E ratio is 15.04x, while the post-issue P/E ratio is 25.12x against the industry P/E ratio of 14.84x. The company's ROCE for 9MFY24 is 0.62%, and ROE for 9MFY24 is -0.95%. These metrics suggest that the IPO is fully priced.
The Grey Market Premium (GMP) indicates potential listing gains of 100% - 110%. Given the company's financial performance and the valuation of the IPO, we recommend Investors to avoid the IPO for listing gains or long term Investment purposes.
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