Apex Frozen Foods Ltd. · NSE:APEX
Apex Frozen Foods — Q4 FY2023 Earnings Presentation
22 slides from Apex Frozen Foods's earnings presentation, Jun 2, 2023
Slide 1: Exchange cover letter for Q4/FY23 investor presentation
Date: 02nd June, 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, Mumb
Slide 2: Apex Frozen Foods Result Presentation Q4/FY23
Apex Frozen Foods Result Presentation Q4/FY23
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 Q4/FY23
1 Key Business Updates Q4/FY23 3
Slide 5: Financial Highlights – Q4 & FY23
Financial Highlights – Q4 & FY23 FY23 ➢ Net Revenue at Rs 10,703 Mn, up 16% YoY, backed by volume growth of 8% YoY to 13,044 MT and realization growth of 5% YoY to Rs 778* per kg, with share of Ready-To-Eat (RTE) products increased to ~22% versus ~20% in FY22 ➢ Operating Profit lowered mainly on acc
Slide 6: Sales Volume Break-up
Sales Volume Break-up Shrimp Sales (MT) - Quarterly Shrimp Sales (MT) – Yearly 13,044 2,869 2,851 12,066 2,430 11,702 81% 87% 82% 85% 80% 78% 19% 13% 18% 15% 20% 22% Q4FY22 Q3FY23 Q4FY23 FY21 FY22 FY23 RTE RTC RTE RTC Shrimp sales grew 17% YoY and flat QoQ to 2,851 MT in Q4FY23 Shrimp sales grew 8%
Slide 7: Income Statement Highlights
Income Statement Highlights Particulars (Rs Mn) Q4 FY23 Q4 FY22 Y-o-Y % FY23 FY22 Y-o-Y % Net revenue* 2,119 2,092 10,703 9,262 * Net Revenue includes Other income -46 4 17 57 export benefits of Rs 102 Total Income 2,072 2,097 -1% 10,720 9,319 15% Mn for Q4FY23, Rs 109 Mn for Q4FY22, Rs 556 Mn for R
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 1,661 1,668 0.38 0.36 1,562 1,585 906 0.18 802 Mar-21 Mar-22 Mar-23 Mar-21 Mar-22 Mar-23 Working Capital (Days) Net Cashflow from Operations (Rs Mn) 126 123 1,212 94 355 129 M
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 Assets (Rs Mn) Mar-21 Mar-22 Mar-23 Shareholder’s Funds 4,398 4,684 4,900 Non-current assets 2,708 2,656 2,738 Share capital 313 313 313 Net block 2,504 2,360 2,424 Reserves & surplus 4,086 4,372 4,587 Capital work-in-progress 154 219
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 1,377 1,393 1,369 1,290 1,135 1,149 1,051 928 984 946 813 862 678 603 614 652 728 566 590 358 374 434 189 229 301 126 131 151 FY09 FY10 FY11 FY12 FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 India
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 Share Price Movement – 1 Year 400 350 300 250 200 150 100 50 0 May-22 Jun-22 Jul-22 Aug-22 Sep-22 Oct-22 Nov-22 Dec-22 Jan-23 Feb-23 Mar-23 Apr-23 May-23 NSE / BSE code APEX / 540692 21.38% Shareholding CMP (Rs/share) (as on 31-May-23) 196 Pattern as on Market Cap (Rs Mn) 6
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