Advanta India Limited is expected to expand its revenue at a CAGR of 24.1% from 2012-2017. The company has entered into a GM corn agreement with Monsanto for Brazil and Philippines. This agreement is expected to give its results in 2015. EDITDA of the company is expected to be a little under pressure as the company is focusing on research and development expenditures. The company is planning to introduce 15 new products which will generate positive cash flow for the company and will increase its revenues. Also increase in research and development expenditure will improve the quality of current products of the company. This will lead to production of more cost efficient products in future and will increase the operating margin of the company. The report focuses on providing analysis’s on the company’s valuation in the industry and also provides for a detailed analysis of the company’s enterprise value and it’s positioning against its competitors. The company has showcased a revenue multiple of 2.2x as on 31st December 2012. The report inculcates a comprehensive analysis of the company’s balance sheet, cash flow statement and income statement. The future projections of the same have been included in the report complemented with the future forecast of company’s ration analysis. For more information on the Equity Research Report please refer to the below mentioned link: http://www.kenresearch.com/detail-company-report/12/advanta-india.html

1. 1
ADVANTA INDIA LIMITED
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2. TABLE OF CONTENTS
1. Executive Summary: Advanta India Limited
2. Advanta India Limited Business Overview
Introduction
Expertise
Product
2.1 Corporate Timeline
2.2 Major Investments in the Company Evolution
2.3 Ownership Structure
2.4 Advanta India Limited Organisational Structure
3. Advanta India Limited Products Portfolio
3.1 Oil Seeds
3.2 Field Crops
3.3 Vegetable Crops
4. Advanta India Limited Financial and Operational Performance
4.1 Valuation Analysis and Financial Summary
4.2 Advanta India Limited Geographical Revenue Segmentation, FY’2011 and FY’2012
4.3 DCF (Discounted Cash Flow) Valuationa and Upside Potential
5. Advanta India Limited Annotated Stock Chart and Analyst Recommendations
5.1. Advanta India Limited Annotated Stock Price Performance
5.2. Analyst Recommendations
Expected Bullish Stock Performance
Buy Recommendation in Long term
Expectation of Earning Growth
6. SWOT Analysis
Strengths
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3. Weaknesses
Opportunities
Threats
7. Advanta India Limited Key Professionals
7.1. Board of Directors Profile
7.2. Management Profile
8. Macro Analysis of Seed Industry
8.1. Indian Hybrid Seed Industry Overview and Size, FY’2008- FY’2012
8.1.1 Indian Hybrid Seed Industry Segmentation, FY’2012
8.1.2 Market Share of Major Players in the Indian Hybrid Seed Market, FY’2012
8.2 Australian Seed Industry Market Size, FY’2008-FY’2012
8.3 Argentina Seed Industry Market Size, FY’2008-FY’-2012
9 Competitive Analysis
9.1 By Products Offered/Revenue/Business Strategy
9.2 By Financial Performance (Topline/ Enterprise Value/ Multiples)
9.3 A Relative Valuation Analysis of Indian Seed Industry
10. Advanta India Limied Management Outlook and Future Projection
10.1. Advanta India Limited Future Projections
10.2. Advanta India Limited Company Financials Future Projections
10.3. Advanta India Limited Ratio Analysis
11. Appendix
11.1. Market Definitions
11.2. Abbreviations
11.3. Research Methodology
Data Collection Methods
Approach
Non-linear Factor Based Regression Model
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4. 11.4. Disclaimer
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5. LIST OF FIGURES
Figure 1: Advanta India Limited Corporate Timeline 1994-2012
Figure 2: Advanta India Limited Ownership Structure in Percentage as on 31st December 2012
Figure 3: Advanta India Limited Organizational Structure
Figure 4: Advanta India Limited Product Portfolio
Figure 5: Advanta India Limited Annotated Stock Price Performance on the Basis of Volume
Traded and Stock Prices in Thousand Shares and INR per Share, 29th February 2012-1st March
2013
Figure 6: India Hybrid Seed Industry Market Size and Contribution in the Overall Indian Seed
Market on the Basis of Revenue in INR Crore and Percentage, FY’2008-FY’2012
Figure 7: India Hybrid Seed Industry Segmentation on the Basis of Contribution in the Overall
Hybrid Seed Industry in Percentage, FY’2012
Figure 8: Market Share of Major Players in Indian Hybrid Seed Market on the Basis of
Contribution by Revenue in Percentage, FY’2012
Figure 9: Australia Seed Industry Market Size on the Basis of the Revenue in INR crore,
FY’2008-FY’2012
Figure 10: Argentina Seed Industry Market Size on the Basis of Revenue in INR Crore,
FY’2008-FY’2012
Figure 11: Advanta India Limited Future Projections on the Basis of Revenue, EBITDA Margin
and Net Profit Margin in INR Crore and Percentage, 2013-2017
Figure 12: Non-linear Regression Analysis and Scatter Chart Based upon Indian Hybrid Seed
Industry Market size, FY’2008-FY’2012
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6. LIST OF TABLE
Table 1: Advanta India Limited Financial Summary on the Basis of Revenue, Growth and Net
Profit Margin in INR Crore and Percentage, 2008-2012
Table 2: Advanta India Limited Major Investments in Company Evaluation on the Basis Deal
Stake, Deal Value and Implied Enterprise Value
Table 3: Advanta India Limited Ownership Structure on the Basis of Shares Held as on 31st
December 2012
Table 4: Advanta India Limited Promoters Stake on the Basis of Number of Shares Held and the
Percentage of Shares Held in Shares Outstanding, as on 31st December 2012
Table 5: Advanta India Limited Revenue Segmentation on the Basis of Contribution by Products
in the Overall Revenue, in FY’2011-FY’2012
Table 6: Advanta India Limited Recent Developments in Oil Seeds
Table 7: Advanta India Limited Recent Developments in Field Crops
Table 8: Advanta India Limited Recent Developments in Vegetable Crops
Table 9: Advanta India Limited Financial Performance on the Basis of Revenue, EBITDA
Margin and Net Profit Margin in INR Crore, and Percentage, 2008-2012
Table 10: Advanta India Limited Valuation Analysis on the Basis of Market Capitalization, Net
Debt and Enterprise Value in INR Crore and Units as on 1st March 2013
Table 11: Advanta India Limited Valuation Multiples on the Basis of Revenue, EBITDA and Net
Profit Multiples, 2008 -2012
Table 12: Advanta India Limited Revenue Segmentation on the Basis of Geographical
Contribution in Overall Revenue in Percentage, FY’2011-FY’2012
Table 13: Advanta India Limited Discounted Cash Flow Valuation on the Basis of Weighted
Average Cost to Capital, Present Value of Company Valuation and Target Share Price
Table 14: Advanta India Limited Sensitivity Analysis of Discounted Cash Flow Analysis,
Perpetuity Growth Rate and Weighted Average Cost of Capital on the Basis of Perpetuity
Growth Rate Method in INR Crore and in Percentage
Table 15: Advanta India Limited Board of Directors
Table 16: Advanta India Limited Management Profile
Table 17: Company Comparables on the basis of Products Offered, Revenue and Business
Strategies
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7. Table 18: Company Comparable Analysis on the Basis of Financial Performance in INR Crore
and Valuation Multiples as on LTM 31st December 2012
Table 19: Company Comparables on the Basis of Revenue in INR Crore, FY’2008-LTM year
ending 31st December 2012
Table 20: Relative Valuation Analysis on the Basis of Deal Value, Deal Stake, Implied
Enterprise Value and Multiples in INR Crore, Percentage and Multiples
Table 21: Advanta India Limited Company Balance Sheet, 2011-2015
Table 22: Advanta India Limited Company Income Statement, 2011-2015
Table 23: Advanta India Limited Company Cash Flow Statement, 2011-2015
Table 24: Advanta India Limited Ratio Analysis on the Basis of Liquidity, Asset Management,
Profitability and Leverage Ratios in Multiple and Percentage, 2008-2015
Table 25: Regression Coefficients of the Advanta India Limited
Table 26: Regression Intercepts of the Advanta India Limited
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8. EXECUTIVE SUMMARY: ADVANTA INDIA LIMITED
Recommendation: ~ Target Price: INR ~ Date: 1st March 2013
Advanta India Limited is an agronomic seed company with major operations in India, Australia, Thailand,
the US and Argentina. The company is involved in production of hybrid seeds of field crop and vegetable
seeds. The company specializes in the production of hybrid sunflower seeds by technical plant breeding
and application of bio-technological methods. The company was listed on the Bombay Stock Exchange
the National Stock Exchange of India in 2007 and having its registered office in Hyderabad.
Key  Advanta is dominant player in the Thailand corn market
Differentiators  Dominates the international sorghum market
 The company has 16 subsidiaries all over the world representing its
global presence
 First Indian multinational seed company
Competition and  Advanta dominates the sunflower seed market in Argentina with ~%
Positioning market share as of 31st December 2011




Key  In 2011 the company established a new research and breeding station in
Developments Toulouse, France so as to cater the growing demand of the European
markets




Financial Advanta India Limited Financial Summary on the Basis of Revenue, Growth
Summary and Net Profit Margin in INR Crore and Percentage, 2008-2012
Particulars 2008 2009 2010 2011 2012
Revenue
Growth%
Net Profit%
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9. CORPORATE TIMELINE
Advanta was established in 1994 as a joint venture between ITC Limited and Zeneca Limited.
On 24th January 1994 the company started its production of hybrid seeds from its registered
office at Hyderabad. The joint venture was named as ITC Zeneca Limited with the objective of
production of hybrid seeds in the Indian seed market. In 1994, the company acquired seed
business of Hysun India Limited…
In 2007, Advanta India Limited came with an IPO of INR ~ crore. The IPO was of ~ equity
shares at a price of INR ~ per equity share…
Advanta India Limited Corporate Timeline 1994-2012
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10. ADVANTA INDIA LIMITED ORGANISATIONAL STRUCTURE
The company currently has ~ plants in India, out of which ~ plants are located in Andhra Pradesh
and ~ plant in Haryana. Out of 16 subsidiaries across the world Advanta Netherland Holdings
BV was the highest profit making subsidiary of Advanta, generating a net profit of INR ~ crore
during 2011 and Advanta Holdings BV was the highest loss making subsidiary of INR ~ crore in
2011…
Advanta India Limited holds ~ shares that is 100.0% of Advanta Semillas SAIC and ~ shares of
Pacific Seeds Pty. Limited implying 100.0% stake in the subsidiary…
Advanta India Limited Organizational Structure
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11. ADVANTA INDIA LIMITED PRODUCTS PORTFOLIO
The company engages in ~ types of hybrid seed products in India and across the globe such as
sorghum, corn, cotton, sunflower, mustard, canola and others and for vegetable such as tomato,
cauliflower, sweet corn, hot pepper, okra and others. Business cycle of the company is to
research and develop, produce and distribute the seeds to farmers through its distributors…
Advanta India Limited Product Portfolio
OIL SEEDS
Oil seeds are produced as a source of the production for different types of oil. The oil seed
portfolio of the company consists of the three hybrid seeds namely sunflower, canola and Indian
mustard. These three products contribute the largest proportion of the company’s revenue...
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12. The company operates in the Australian canola seed market through its 100.0% owned
subsidiary namely, Pacific Seeds Pty Limited. Pacific Seeds is involved in the production of ~
types of hybrid canola seed variety such as HYOLA@404RR, HYOLA@474CL,
HYOLA@971CL, HYOLA@555TT and others. The company has achieved ~ % growth in its
global canola business in 2011 y-o-y. The company has a pan India presence in the Indian hybrid
mustard market. UPL group in collaboration with state government of Gujarat has entered into a
project for the production of coral-432 with the average selling price of seeds INR 22.5 and
average selling price of oil INR 56.0 under normal conditions.
Advanta India Limited Recent Developments in Oil Seeds
Countries Recent Developments in Product Portfolio
India
Mexico
ADVANTA INDIA LIMITED FINANCIAL AND
OPERATIONAL PERFORMANCE
VALUATION ANALYSIS AND FINANCIAL SUMMARY
The company’s revenue has showcased a CAGR growth of 16.4% from 2008 to 2012. Increase
in revenue was due to the expansion of company’s operations in various countries in the last five
years by mergers and acquisitions of different companies. Additionally, over the years the
company has been spending considerable amount on research and development. These research
and development expenditure has produced new and improved products for the company such as
PAC 801, PAC 807 and others in hybrid rice seed which had enhanced the company’s revenues.
The revenue for 2012 was INR 1073.0 crore showcasing a growth of 17.7% by y-o-y…
Net profit of the company has increased at a CAGR of ~% from 2008 to 2012…
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13. The company has been valued at INR ~ crore as on 1st March 2013. The revenue multiple of the
company has shown a declining trend. Revenue multiple represents the amount that has to be
paid by the investor for purchasing the company’s sales. The revenue multiple has declined at a
CAGR of ~% from 2008-2012 showcasing a decline in the value of the company against the
company’s sales as the amount of sales has been increasing over the years which implies that the
company is now more cheaper to purchase as compare to what it was in 2008…
Advanta India Limited Financial Performance on the Basis of Revenue, EBITDA Margin
and Net Profit Margin in INR Crore, and Percentage, 2008-2012
Particulars (in INR Crore and Percentage) 2008 2009 2010 2011 2012
Revenue
y-o-y Growth%
EBITDA%
Net Profit%
Advanta India Limited Valuation Analysis on the Basis of Market Capitalization, Net Debt
and Enterprise Value in INR Crore and Units as on 1st March 2013
Particulars (in INR Crore and Units)
Share Price*
Share Outstanding (in Units)
Market Capitalization
Net Debt
Associates/ Minority Interest
Enterprise Value
Advanta India Limited Valuation Multiples on the Basis of Revenue, EBITDA and Net
Profit Multiples, 2008-2012
Particulars 2008 2009 2010 2011 2012
EV/Revenue
EV/ EBITDA
EV/Net Profit
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14. DCF (DISCOUNTED CASH FLOW) VALUATIONA AND UPSIDE
POTENTIAL
Advanta India Limited Discounted Cash Flow Valuation on the Basis of Weighted Average
Cost to Capital, Present Value of Company Valuation and Target Share Price
Particulars Value (in INR Crore, Percentage and Units)
WACC
Revenue CAGR over 2013-17E
Present Value of Cash Flow till 2017E
Terminal Growth
Present Value (PV) of terminal cash flow
PV of firm
Less: Current Debt
Total present value of the Equity
Number of Equity Shares Outstanding (in Units)
DCF - Target price (INR)
Advanta India Limited Sensitivity Analysis of Discounted Cash Flow Analysis, Perpetuity
Growth Rate and Weighted Average Cost of Capital on the Basis of Perpetuity Growth
Rate Method in INR Crore and in Percentage
Particulars (in INR Crore and Percentage) Weighted Average Cost of Capital
Perpetuity Growth Rate
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15. MACRO ANALYSIS OF SEED INDUSTRY
MARKET SHARE OF MAJOR PLAYERS IN THE INDIAN HYBRID
SEED MARKET, FY’2012
The Indian hybrid seed industry is dominated by Nuziveedu Seeds Private Limited. The
company has a market share of ~% in the overall Indian hybrid seed industry, followed by
Maharashtra Hybrid Corporation (Mahyco) and Vibha Agrotech Limited which have a share of
~% and ~% respectively. As per the historical trend, the revenue of the seed companies has been
inclining…
For Monsanto India, corn hybrid was the single biggest focus in seed business. Through its
Project Golden Rays project the company has signed a public-private partnership with Rajasthan
state government for increasing the maize hybrid yields by two folds. The project involves 7.8
lakh tribal farmers. The company has a share of 4.4% in the overall hybrid seed market…
Market Share of Major Players in Indian Hybrid Seed Market on the Basis of Contribution
by Revenue in Percentage, FY’2012
Nuziveedu Seeds Private limited
Maharashtra Hybrid Corporation
(Mahyco)
Monsanto India Limited (MIL)
Rasi Seeds Private Limited
Bayer CropScience Ltd. - India
Du Pont Pioneer
Syngenta India Ltd.
Advanta India Limited
Others
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16. AUSTRALIAN SEED INDUSTRY MARKET SIZE, FY’2008-FY’2012
Australia is the second largest exporter of canola in the world. Australian seed market has
declined at CAGR of ~% from USD ~ million to USD ~ million from FY’2008 to FY’2012.
Decline in the Australian seed industry was mainly due to natural disaster in the country which
effected the production of seeds.
During the early FY’2000, the seeds industry of Australia was at its peak. The seed sales grew by
~% to USD ~ million in FY’2007 from USD ~ million in FY’2005 due to pleasant weather
conditions in the country, higher commodity prices and positive market sentiments…
Australian government policies had also played a major role in the performance of the seed
industry of the country. Australian government has strict regulations which have restricted the
entry of major players in the country. These strict regulations of the government restricted the
growth of the industry and debarred the nation from adoption of hybrid seeds which actually
have the potential to increase the agricultural productivity with the limited use of resources.
Australia Seed Industry Market Size on the Basis of the Revenue in INR crore, FY’2008-
FY’2012
2,500.0
2,000.0
INR Crore
1,500.0
1,000.0
500.0
0.0
FY'2008 FY'2009 FY'2010 FY'2011 FY'2012
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17. COMPETITIVE ANALYSIS
BY FINANCIAL PERFORMANCE (TOPLINE/ ENTERPRISE VALUE/
MULTIPLES)
Table: Company Comparable Analysis on the Basis of Financial Performance in INR
Crore and Valuation Multiples as on LTM 31st December 2012
(INR Crore, unless Stated) Last Twelve Months (LTM) Year Ending
December 2012
Company Market Net Enterprise EV/Revenue EV/EBITDA P/E
Cap Debt Value (EV)
JK Agri Genetics
Limited
Advanta India
Limited
Monsanto India
Limited
Nath Seeds India
Limited
Kaveri Seeds
Company Limited
Mean
Median
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18. Table: Company Comparables on the Basis of Revenue in INR Crore, FY’2008-LTM year
ending 31st December 2012
Revenue (in INR Crore) FY’2008 FY’2009 FY’2010 FY’2011 FY’2012 LTM
JK Agri Genetics Limited*
Advanta India Limited**
Monsanto India Limited
Kaveri Seeds Company Limited
Nath Seeds India Limited
ADVANTA INDIA LIMITED FUTURE PROJECTION
Advanta India Limited has been focusing the European hybrid seed market. After doing research
for over 4 years, the company is planning its first hybrid sunflower seed sale in Romania,
Ukraine, Romania and France. Advanta will launce ~ hybrids sunflower seeds products to
farmers of these countries under ALTA brand. The ~ hybrids sunflower seeds will generator
their brand name in future and expected to capture sizable market share in the European seed
market. This will lead to an increase in profits of the company in future.
The company has recently entered into a genetically modified (GM) corn agreement with
Monsanto for two countries namely, Brazil and Philippines. GM corn is developed by adding
animal’s DNA into seeds DNA and thus amplifies the utility of the seeds…
…The company is expected to showcase a revenue growth of CAGR ~% from 2012 to 2017.
Additionally, the company is spending substantial amount on research and development of
products and these new products will generate positive cash flow in future and will increase the
revenue of the company. All these factors will lead to an increase in company’s revenue from
INR 1,073.0 crore in 2012 to ~ crore in 2017.
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19. Advanta India Limited Future Projections on the Basis of Revenue, EBITDA Margin and
Net Profit Margin in INR Crore and Percentage, 2013-2017
3,500.0 16.0%
3,000.0 14.0%
12.0%
2,500.0
in Percentage
INR Crore
10.0%
2,000.0
8.0%
1,500.0
6.0%
1,000.0
4.0%
500.0 2.0%
0.0 0.0%
FY'2013 FY'2014 FY'2015 FY'2016 FY'2017
Revenue EBITDA Margin Net Profit Margin
ADVANTA INDIA LIMITED COMPANY FINANCIALS FUTURE
PROJECTIONS
Over the years Advanta India Limited has been showing a constant growth in its shareholders’
funds as the company has been constantly generating after tax net profit expect in 2010. Net
worth of the company has increased at a CAGR of ~% from 2009-2012, representing increase in
profitability margin of the company. The company is expected to follow the same trend in future
and anticipated to increase its net worth at CAGR of ~% from 2012-2015. As of now the
contribution of outsider’s funds in the total assets of the business is greater than shareholders’
equity but with the increase in profitability the company is expected to reverse this scenario and
debt to equity ratio will decrease in future...
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20. The company’s cash flow from operation has showcased a positive growth trend in 2011 and
2012. It is anticipated that the cash flow from operation of the company will increase at a CAGR
of ~% from 2011-2015 largely due to increase in after tax net profit of the company. In 2015 it is
expected that the company will increase its revenue from operations by ~% y-o-y. An average
annual growth of ~% is expected in the company’s capital expenditure from 2011-2015 due to
commercialization and expansion of business.
Overall cash and cash equivalent balance of the company is expected to increase at a CAGR of
~% from 2011-2015…
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