Apex Frozen Foods Ltd. · NSE:APEX
Apex Frozen Foods — Q1 FY2023 Earnings Presentation
22 slides from Apex Frozen Foods's earnings presentation, Aug 1, 2022
Slide 1: Apex Frozen Foods Result Presentation Q1FY23
Apex Frozen Foods Result Presentation Q1FY23
Slide 2: 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 3: Key Business Updates Q1 FY23
1 Key Business Updates Q1 FY23 3
Slide 4: Robust Financial Performance in Q1FY23
Robust Financial Performance in Q1FY23 Net Revenue Revenue growth backed by growth in both volume and realization Rs. 3,058 Mn ▪ Total shrimp sales at 3,761 MT, grew by 16% YoY and 55% QoQ 39% YoY 54% QoQ ▪ Average sales realization at Rs 813* per kg, grew by 20% YoY and remained flat QoQ EBITDA Rs.
Slide 5: Improved Sales Volumes In Q1FY23
Improved Sales Volumes In Q1FY23 Shrimp Sales (MT) Shrimp Sales – Q1FY23 Geographical Mix (%) China Europe 3,761 2% 14% 3,246 2,430 USA 84% Q1FY22 Q4FY22 Q1FY23 Shrimp sales growth of 16% YoY and 55% QoQ to 3,761 MT was led by improved container availability and consistent supply of raw shrimp in Q1
Slide 6: Income Statement Highlights
Income Statement Highlights Particulars (Rs Mn) Q1FY23 Q1FY22 YoY % Q4FY22 QoQ % FY22 Net revenue 3,058 2,203 39% 1,983 54% 8,970 Other income* 192 85 126% 114 69% 349 Total Income 3,250 2,288 42% 2,097 55% 9,319 Raw material costs 2,072 1,550 34% 1,415 46% 6,150 Employee expenses 119 119 0% 108 10%
Slide 7: Key Operational and Financial Ratios
Key Operational and Financial Ratios Key Operational Data Q1FY23 Q1FY22 Q4FY22 FY22 Volumes sold (MT) 3,761 3,246 2,430 12,066 Average realisation (Rs/Kg)* 813 679 816 743 Key Ratios (% of Total Income) Q1FY23 Q1FY22 Q4FY22 FY22 Other income (% of Net Revenue)^ 6.3% 3.9% 5.7% 3.9% Raw material cost
Slide 8: Key Growth Drivers
Key Growth Drivers 1 Improving Product Mix with 2 Current Capacity Offers Growing Share of RTE sales Headroom for Growth Enhancing RTE capacity from 5,000 MT to Sales (MT) to Capacity ratio at ~51% 10,000 MT at marginal capex Advantage India Long Standing Customer Relationships 4 India is world’s la
Slide 9: Company At a Glance
2 Company At a Glance 9
Slide 10: The Growth Journey So Far…
The Growth Journey So Far… Leased Capacity Owned Capacity RTE capacity expansion of ~1,200 MT 29,240 MT 5,000 MT, likely by end of FY23 ▪ IPO and Listing on BSE & NSE in Sep’17 ▪ Backward Integration: Three owned Hatcheries in AP over 2016-19 ▪ Focus on VAP: Pre-processing unit in Well placed to ▪ O
Slide 11: …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 – FY22 18% 2% Catering to wide array of customers such as Food USA Companies, Retail Chains, Restaurants, Club Stores and Europe Distributors spread across multiple geographies
Slide 12: 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 29,240 MTPA, along with Cold Storage capacity of ~3,500 MT L
Slide 13: Processing Capacity Offers Headroom for Growth
Processing Capacity Offers Headroom for Growth Total Capacity – 29,240 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: 5000 MTPA* Cold St
Slide 14: 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 15: Annexures
3 Annexures 15
Slide 16: Key Operational Highlights
Key Operational Highlights PROCESSING CAPACITY (MTPA) VOLUMES SOLD (MT) Leased 14,146 Owned 13,051 12,243 11,702 12,067 29,240 29,240 29,240 6,000 6,000 9,240 9,240 FY18 FY19 FY20* FY21 FY22 FY18 FY19 FY20 FY21 FY22 WORKING CAPITAL (DAYS) ^ TOTAL DEBT TO EQUITY (TIMES) 0.36 0.38 0.35 126 126 0.27 0.
Slide 17: Income Statement Highlights
Income Statement Highlights Profit & Loss (Rs Mn) FY18 FY19 FY20 FY21 FY22* Net revenue 9,986 8,747 8,271 8,185 8,970 Other income 199 215 190 75 349 Total income 10,185 8,962 8,461 8,260 9,319 Raw material costs 7,031 5,810 5,735 5,531 6,150 Employee expenses 389 482 437 398 430 Other expenses 1,46
Slide 18: Balance Sheet Highlights
Balance Sheet Highlights Liabilities (Rs Mn) Mar-20 Mar-21 Mar-22 Assets (Rs Mn) Mar-20 Mar-21 Mar-22 Shareholder’s Funds 3,959 4,398 4,754 Non-current assets 2,913 2,708 2,619 Share capital 313 313 313 Net block 2,802 2,504 2,360 Reserves & surplus 3,646 4,086 4,442 Capital work-in-progress 28 154
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 360 320 280 240 200 Aug-21 Sep-21 Oct-21 Nov-21 Dec-21 Jan-22 Feb-22 Mar-22 Apr-22 May-22 Jun-22 Jul-22 Aug-22 NSE / BSE code APEX / 540692 20.03% Shareholding CMP (Rs/share) (as on 16-Aug-22) 340.4 Pattern as on Market Cap (Rs Mn) 10,636 7.35%
Slide 22: Thank You
Thank You Apex Frozen Foods Stellar Investor Relations Mr Chowdary Karuturi, Executive Director Ms Pooja Sharma / Ms Amritha Poojari ir@apexfrozenfoods.com pooja.sharma@stellar-ir.com / amritha@stellar-ir.com CIN: L15490AP2012PLC080067 22