Foods & Inns Ltd. · NSE:FOODSIN
Foods & Inns — Q3 FY24 Earnings Presentation
35 slides from Foods & Inns's earnings presentation, Feb 2, 2024
Slide 1: Covering letter to stock exchanges
Date: 02nd February, 2024 To, To, BSE Limited National Stock Exchange of India Limited The General Manager, Exchange Plaza, 5th Floor, Department of Corporate Services, Plot No. C/1, G Block, P.J. Towers, Dalal Street, Bandra Kurla Complex, Mumbai – 400 001 Bandra (East),Mumbai – 400 051 Scrip Code:
Slide 2: Investor Presentation – Feb'24
Investor Presentation – Feb’24
Slide 3: Disclaimer
Disclaimer This presentation and the accompanying slides (the “Presentation”), which have been prepared by Foods & Inns (the “Company”), have been prepared solely for information purposes and do not constitute any offer, recommendation or invitation to purchase or subscribe for any securities, and s
Slide 4: Table Of Content
Table Of Content 01 02 Q3FY24 Highlights Company Overview 03 04 Business Verticals Financials Foods & Inns | Q3FY24 Presentation 3
Slide 5: Q3FY24 Highlights
Q3FY24 Highlights
Slide 6: Financial Updates
Financial Updates Revenue EBITDA & EBITDA Margin PAT & PAT Margin 679 Cr* 86 Cr 32 Cr 9MFY24 9MFY24 9MFY24 1.7% YoY 28.7 % YoY 2.7% YoY Impacted due to lower call offs Margin up 267 Bps to 12.7% Margin maintained at 4.6% in Q2 & Q3 FY24 152 Cr 20 Cr 4 Cr Q3FY24 Q3FY24 Q3FY24 24.7% YoY 4.9 % YoY 66.3
Slide 7: Operational Updates
Operational Updates Revenue Mix (In Cr) Total Sales (MT) 17,001 199 15,215 18 15 150 6,448 5,837 25 10 Sales Volume (MT) Commentary 166 115 10,553 9,378 • Pulping volumes impacted in Q3FY24 on account of lower call-offs till Dec’23 for Mango Q3FY23 Q3FY24 Q3FY23 Q3FY24 Pulp. Mango Pulp Other Pulp Ot
Slide 8: Other Business Updates
Other Business Updates • Fruits And Vegetable Pulping: Processed lower quantities of Guava and Tomato in Q3FY24 due to lower crops in Nashik and Latur region. Unseasonal rain damaged some of the vegetable crops which we were processing for export markets. • Spray Dried Powders: Onboarded new clients
Slide 9: Profit & Loss Highlights
Profit & Loss Highlights Consolidated (Rs Cr) Q3FY24 Q3FY23 YoY Q2FY24 QoQ 9MFY24 9MFY23 YoY Revenue from Operations 150 199 237 675* 664 Other Income 2 2 0 4 4 Total Income 152 201 -24.72% 237 -36.03% 679 668 1.66% Raw Material Costs 58 96 142 613 639 Changes in inventories 38 42 19 -156 -194 Emplo
Slide 10: Key Focus Area For Growth
Key Focus Area For Growth Core Business Restructured Market Expansion Sustainability of Pulping Brand Portfolio • Continued focus on • Focus on growing brand • Continuously adding • The Pectin Project: capitalizing on the sales in each of the newer geographies, Invested and set up a JV growing deman
Slide 11: Foods & Inns Positioning in its Business Segment (1/2)
Foods & Inns Positioning in its Business Segment (1/2) Global Industry India’s Share in F&I’s Share in F&I’s Sales Tailwinds Size Global Industry Global Industry in FY23 5,08,000 MT Mango Pulping 79-80% ~15% ~Rs 800 Cr Growing consistently (Rs 5,250 Cr) 46,19,141 MT Significant headroom for growth i
Slide 12: Foods & Inns Positioning in its Business Segment (2/2)
Foods & Inns Positioning in its Business Segment (2/2) • Growth opportunity for India due to the energy crisis led production disruption in Europe which has ~25% share globally. Spray Drying • F&I has doubled its capacity in Mar-23 to 1,100 MT; It is a High Margin and High RoCE business making it a
Slide 13: Company Overview
Company Overview
Slide 14: Pioneer In High-quality Food Processing
Pioneer In High-quality Food Processing Foods and Inns is recognized as one of India’s largest processor and exporter of processed fruit & vegetable products. We primarily manufacture and sell a variety of processed tropical Fruit & Vegetable Pulps, Purees, Spices, Spray Dried Powders, Frozen Food,
Slide 15: Our Growth Story
Our Growth Story 1980 2000 2019 2023-24 Acquisition of fruit First company to Acquisition of branded Commissioned new Tetra Recart canning line in Valsad, introduce mono block spice company Kusum facility at Gujarat. Gujarat from Coca-Cola PLC and multi-tube Masala, foray into B2C Doubled Spray Dryi
Slide 16: 7 State-of-the-Art Self Owned Facilities
7 State-of-the-Art Self Owned Facilities State District/City Product Line Aseptic Gonde, Nashik* Spray Drying Spices Maharashtra (2 owned + 1 leased) Sinnar, Nashik Frozen Foods Aseptic Ahmednagar (leased) Concentrate Aseptic Valsad Canning Gujarat (2 owned units) Aseptic Vankal Tetra Recart Frozen
Slide 17: Product-wise Capacity Details
Product-wise Capacity Details State Location Product Line Capacity (MT/Hr) Aseptic 8 Spray Drying 0.25 Spice Plant: Nashik - Gonde Blending 1.50 Grinding 1.00 ETO 0.50 Maharashtra Nashik - Sinnar Frozen Vegetables 0.7 Frozen Snacks 0.5 Frozen Breads 0.25 Frozen Puree 2 Ahmednagar (Leased plant) Asep
Slide 18: Inaugurated New Facility to Manufacture Pectin – Beyond Mango
Inaugurated New Facility to Manufacture Pectin – Beyond Mango The Pectin Project Creating Wealth from Waste: • We have set up a manufacturing unit to process fruit waste including mango waste and manufacture Pectin, Oils and Butter. The total cost is at ~ Rs 10 Cr • 1st Phase launched with a Capacit
Slide 19: Quality Control Certifications And Processes Act As Entry Barriers
Quality Control Certifications And Processes Act As Entry Barriers Foods & Inns | Q3FY24 Presentation 18
Slide 20: Marquee Customers and Well-Diversified Market Presence
Marquee Customers and Well-Diversified Market Presence Market-Wise Revenue share in FY23 1.1% 0.7% 0.1% 0.5% 1.5% 4.6% 4.8% 5.4% US Canada UK Europe 13.8% Middle East India China 6.6% Rest of Asia New Zeland Russia 60.9% Africa Foods & Inns | Q3FY24 Presentation 19
Slide 21: Experience Management With Oversight By Strong Board
Experience Management With Oversight By Strong Board Mr. Bhupendra Dalal Chairman Non-Executive, Non-Independent Director Holds a degree of B.Com & L.L.B. worked towards acquisition of fruit canning plan at Valsad built by Coca-Cola Corporation. F&I changed its course to become a major force in frui
Slide 22: Sustainability Agricultural Initiative
Sustainability Agricultural Initiative Sustainable agriculture entails environmental protection, responsible farm management and human and workplace rights. We have run programs with the IDH (Sustainable Trade Initiative) of the Netherlands to help smallholder mango farmers produce more sustainably
Slide 23: Business Verticals
Business Verticals
Slide 24: Fruits And Vegetable Pulping
Fruits And Vegetable Pulping Mango Pulp: Mainstay of the Company, contributing ~82% of overall revenues (FY23). Well established business which involves processing a wide variety of mangoes like Alphonso, Kesar, Totapuri, etc. Other Pulp: To improve our asset utilization and absorb fixed overheads d
Slide 25: Spray Drying
Spray Drying ▪ Food Preservation Technique: Converts fruits & vegetables from Liquid form to high-quality Powder form, having low moisture content. The process involves breaking up a liquid or slurry food ingredient into small droplets using a spray nozzle and bringing it into contact with hot dryin
Slide 26: Frozen Food
Frozen Food ▪ Our Offerings: Wide range of premium frozen fruits, vegetables, snacks, and flatbreads made with high-quality, contract-grown ingredients that are frozen using advanced IQF technology. We cater to global brands and large-format modern retail through the private label mode. ▪ Advantage:
Slide 27: Spices & Masala
Spices & Masala ▪ Kusum Spices: In FY19, we acquired Kusum Spices to gain a foothold in India’s large and growing Spices Market. The Company has a legacy of over 50 years of selling Indian Spices in domestic and export of USFDA approved products to 12 countries including the US, UK, Oman, and UAE ▪
Slide 28: Emerging Verticals For FNI
Emerging Verticals For FNI B2C: Via Restructured Brands ▪ Consolidated our strategy and will market our consumer division products under the brand Greentop, Kusum, and Madhu to house an interesting range of products in the vertical of frozen food, plant-based high-protein foods, fruit and vegetable
Slide 29: Annual Financials
Annual Financials
Slide 30: Operational Highlights
Operational Highlights Total Sales (MT) Total Sales Mix (MT) Revenue Break-up (Rs Cr) Export Domestic Total Mango Pulp Other Products Pulping Others 103,467 87 78,379 18% 25% 25% 26% 75% 67 46,220 69% 890 82% 75% 75% 56% 74% 68 550 44% 31% 25% 312 FY21 FY22 FY23 FY20 FY21 FY22 FY23 FY21 FY22 FY23 Ro
Slide 31: Consistent Growth In Revenue And Profitability
Consistent Growth In Revenue And Profitability Total Income (Rs Cr) EBITDA (Rs Cr) & Margin (%) PAT (Rs Cr) & Margin (%) 10.1% 4.7% 8.9% 2.4% 1002 8.5% 102 1.0% 47 629 57 381 32 15 4 FY21 FY22 FY23 FY21 FY22 FY23 FY21 FY22 FY23 Working Capital (Days) ROE & ROCE (%) Debt/Equity (times) ROE ROCE 18.8%
Slide 32: Profit & Loss Highlights
Profit & Loss Highlights Consolidated (Rs Cr) FY21 FY22 FY23 2 YR CAGR (%) Revenue from Operations 371 632 996 Other Income 11 6 6 Total Income 381 639 1,002 62% Raw Material Costs 227 481 791 Changes in inventories 16 -69 -90 Purchases of Stock-in-Trade 1 0 0 Employee Expenses 23 31 40 Other Operat
Slide 33: Balance Sheet Highlights
Balance Sheet Highlights Liabilities (Rs Cr) Mar-21 Mar-22 Mar-23 Sep-23 Assets (Rs Cr) Mar-21 Mar-22 Mar-23 Sep-23 Total Equity 182 197 312 357 Non-Current Assets 160 211 256 274 Share Capital 5 5 5 5 Plant, Property & 113 111 156 162 Equipment Other Equity 177 192 307 351 Right of use of Assets 0
Slide 34: Share Price Information
Share Price Information 250 7,000 225 6,000 200 Volumes in ‘000s 175 5,000 Price in Rs 150 4,000 125 100 3,000 75 2,000 50 1,000 25 0 0 Jan-23 Feb-23 Mar-23 Apr-23 May-23 Jun-23 Jul-23 Aug-23 Sep-23 Oct-23 Nov-23 Dec-23 Jan-24 Volume (# Shares) Share Price (INR) Capital Market Information (as on 1-F
Slide 35: Let's Connect
Let’s Connect Mr Anand Krishnan Chief Financial Officer Foods & Inns Ltd. Phone: +91 22 22613102 anand@foodsandinns.com Pooja Sharma / Suyash Samant Stellar IR Advisors Pvt. Ltd. Investor Relations Phone: +91 22 62398024 pooja.sharma@stellar-ir.com suyash@stellar-ir.com Foods & Inns | Q3FY24 Present