Apex Frozen Foods Ltd. · NSE:APEX
Apex Frozen Foods — H1 FY2024 Earnings Presentation
22 slides from Apex Frozen Foods's earnings presentation, Nov 17, 2023
Slide 1: Exchange filing cover letter for investor presentation
Date: 17th November, 2023. To To The General Manager, The General Manager, Department of Corporate Services, Listing Department, Bombay Stock Exchange Limited, National Stock Exchange of India Limited PhirozeJeejeebhoy Towers, Exchange Plaza, Plot No C/1, G Block, Dalal Street, BandraKurla Complex,
Slide 2: Result Presentation Q2 & H1FY24
Apex Frozen Foods Result Presentation Q2 & H1FY24
Slide 3: Safe Harbour
Safe Harbour This presentation and the accompanying slides (the “Presentation”), which have been prepared by Apex Frozen Foods Ltd (the “Company”) solely for information purposes and do not constitute any offer, recommendation or invitation to purchase or subscribe for any securities and shall not f
Slide 4: Key Business Updates Q2 & H1FY24
1 Key Business Updates Q2 & H1FY24 3
Slide 5: Financial Highlights – Q2 & H1FY24
Financial Highlights – Q2 & H1FY24 Net Revenue impacted on account of: ► Continued subdued demand from our key market – USA, which led to lower volumes sold at 3,084 MT in Q2FY24. Promotional activities by Retail and Food Service companies are being carried out, albeit gradually ► Tapering global sh
Slide 6: Sales Volume Break-up
Sales Volume Break-up Shrimp Sales (MT) - Quarterly Shrimp Sales (MT) – Half Yearly 3,565 3,447 3,084 7,326 6,531 73% 82% 78% 74% 80% 27% 18% 22% 26% 20% Q2FY23 Q1FY24 Q2FY24 H1FY23 H1FY24 RTE RTC RTE RTC Continued weakness in key markets like the USA impacted Shrimp sales The Share of RTE sales low
Slide 7: Income Statement Highlights
Income Statement Highlights Particulars (Rs Mn) Q2 FY24 Q2 FY23 Y-o-Y % Q1 FY24 Q-o-Q % H1 FY24 H1 FY23 Y-o-Y % Net revenue* 2,405 3,084 2,538 4,944 6,279 Other income 10 6 2 12 62 Total Income 2,415 3,091 -22% 2,540 -5% 4,955 6,341 -22% Raw material costs 1,689 2,143 1,816 3,505 4,214 Employee expe
Slide 8: Balance Sheet Ratios and Operating Cashflow
Balance Sheet Ratios and Operating Cashflow Gross Debt and Net Debt (Rs Mn) Total Debt To Equity (Times) Gross debt Net Debt 0.38 0.36 1,668 1,661 1,585 1,562 0.18 0.17 906 832 802 677 Mar-21 Mar-22 Mar-23 Sep-23 Mar-21 Mar-22 Mar-23 Sep-23 Working Capital (Days) Net Cashflow from Operations (Rs Mn)
Slide 9: Key Growth Drivers
Key Growth Drivers 1 Improving Product Mix with 2 Current Capacity Offers Growing Share of RTE sales Headroom for Growth Enhanced RTE capacity from 5,000 MT to Sales (MT) to Capacity ratio below 50% 10,000 MT at marginal capex; The additional capacity of 5,000 MT was commissioned by end of May-23 Ad
Slide 10: Company At a Glance
2 Company At a Glance 9
Slide 11: The Growth Journey So Far…
The Growth Journey So Far… Leased Capacity Owned Capacity ~1,200 MT 34,240 MT ▪ IPO and Listing on BSE & NSE in Sep’17 ▪ Backward Integration: Three owned ▪ Improved Product Mix: Share of Hatcheries in AP over 2016-19 RTE products in overall sales ▪ Focus on VAP: Pre-processing unit in increased fro
Slide 12: …To Having Built a Well-Integrated Operations
…To Having Built a Well-Integrated Operations One Of The Leading Exporters Of Processed Shrimp In India Key Export Markets – FY23 5% Catering to wide array of customers such as Food 19% USA Companies, Retail Chains, Restaurants, Club Stores and Europe Distributors spread across multiple geographies
Slide 13: Strategically Located Facilities
Strategically Located Facilities E n a b l i n g s m o o t h t ra n s i t i o n o f p ro d u c t s t o t h e n e x t s ta g e Three Hatcheries with a total capacity of 1.2-1.4 billion SPF seed Two Processing plants with a total capacity of 34,240 MTPA, along with Cold Storage capacity of ~3,500 MT L
Slide 14: Processing Capacity Offers Headroom for Growth
Processing Capacity Offers Headroom for Growth Total Capacity – 34,240 MTPA Process: Washing, Weighing, Beheading, Grading, Peeling, De- veining, Cooking and Freezing Unit 2 - G. Ragampeta, AP Unit 1 - Kakinada, AP Ready-to-Cook: 15,000 MTPA Ready-to-Cook: 9,240 MTPA Ready-to-Eat: 10,000 MTPA* Cold
Slide 15: Product Offering – Moving up the Value Chain
Product Offering – Moving up the Value Chain READY-TO-EAT (RTE) SPECIALTY PRODUCT Cooked Peeled & De-veined Tail–on PEELED PRODUCT Butterfly shrimp Cooked in Shell Skewered shrimp Shrimp Rings BASE PRODUCT Peeled, Deveined, Tail-on Seasoned shrimp Dusted and Breaded Peeled, Un-deveined, Tail-on Head
Slide 16: Annexures
3 Annexures 15
Slide 17: Income Statement Highlights
Income Statement Highlights Profit & Loss (Rs Mn) FY20 FY21 FY22 FY23 Net revenue* 8,271 8,185 9,262 10,703 Other income 190 75 57 17 Total income 8,461 8,260 9,319 10,720 Raw material costs 5,735 5,531 6,150 7,419 Employee expenses 437 398 430 460 Other expenses 1,228 1,346 1,818 1,993^ EBITDA 1,06
Slide 18: Balance Sheet Highlights
Balance Sheet Highlights Liabilities (Rs Mn) Mar-21 Mar-22 Mar-23 Sep-23 Assets (Rs Mn) Mar-21 Mar-22 Mar-23 Sep-23 Shareholder’s Funds 4,398 4,684 4,900 5,019 Non-current assets 2,708 2,656 2,738 2,737 Share capital 313 313 313 313 Net block 2,504 2,360 2,424 2,572 Reserves & surplus 4,086 4,372 4,
Slide 19: India's Seafood Exports Driven by Surging Shrimp Exports
India’s Seafood Exports Driven by Surging Shrimp Exports Frozen Shrimp Other Seafood Total Seafood 1,735 1,377 1,393 1,369 1,290 1,135 1,149 984 1,051 1,024 928 946 813 862 778 641 811 637 678 559 603 700 682 694 572 673 700 662 477 548 728 711 566 614 652 590 301 358 374 434 126 131 151 189 229 FY0
Slide 20: Key Considerations for the Sector
Key Considerations for the Sector Demand Slowdown Disease Related Volatile Pricing Being an export-oriented sector, Global imbalances in demand- Highly susceptible to outbreak of any slowdown in consumption in supply can impact pricing. diseases, which can have a key markets like the USA, EU and Exc
Slide 21: Share Capital Information
Share Capital Information Shareholding Pattern as on Sept 30, 2023 NSE / BSE code APEX / 540692 CMP (Rs/share) (as on 16-Nov-23) 211 27.28% Market Cap (Rs Mn) 6,580 # Shares (Mn) 31.25 0.10% Face Value (Rs/share) 10.00 72.62% Sector Aquaculture Location Kakinada, AP Promoter Institutions Others Sour
Slide 22: Thank You
Thank You Apex Frozen Foods Stellar Investor Relations Mr Chowdary Karuturi, Managing Director Ms Pooja Sharma / Ms Amritha Poojari ir@apexfrozenfoods.com pooja.sharma@stellar-ir.com / amritha@stellar-ir.com CIN: L15490AP2012PLC080067 21