Foods & Inns Ltd. · NSE:FOODSIN
Foods & Inns — Q2 FY2024 Earnings Presentation
36 slides from Foods & Inns's earnings presentation, November 2023
Slide 1: Investor Presentation – Nov'23
Investor Presentation – Nov’23
Slide 2: 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 3: Table Of Content
Table Of Content 01 02 Q2FY24 Highlights Company Overview 03 04 Business Verticals Financials Foods & Inns | Q2FY24 Presentation 3
Slide 4: Q2FY24 Highlights
Q2FY24 Highlights
Slide 5: Robust Performance Continued In Q2 & H1FY24
Robust Performance Continued In Q2 & H1FY24 Total Income (Rs Cr) EBITDA (Rs Cr) & Margin (%) PAT (Rs Cr) & Margin (%) 38 13.9% 33 11.5% 5.7% 5.6% 28 246 23 237 33 18 28 14 13 13 8 Q2FY23 Q2FY24* Q2FY23 Q2FY24 Q2FY23 Q2FY24 13% 550 80 12.7% 70 500 10.0% 60 5.3% 450 50 400 40 4.5% 527 67 467 30 350 47
Slide 6: Operational Updates
Operational Updates Revenue Mix (%) Total Sales (MT) 22,287 21,710 10% 22% 8,847 7,841 Sales Volume (MT) Commentary 90% 78% • Processing of Mangoes was higher by 40+% in 13,440 13,869 this season based on the orders received from the larger brands. Q2FY23 Q2FY24 Q2FY23 Q2FY24 • However, Q2 saw lower
Slide 7: Other Business Updates
Other Business Updates • Spray Dried powders: Developed and added fat-based powders to powders portfolio, and we see good traction going forward. A few large brands have finished audit of our newer facility, and look forward to having long term contracts with them. • Frozen Food: Witnessing a signif
Slide 8: Promotional Activity - World Food India 2023
Promotional Activity - World Food India 2023 A great platform promoted by MOFPI and the Govt. of India which helped us showcase all our products. There was special interest shown in Tetra Recart products as we launched our Tetra Recart packaging solutions during the exhibition. There were several en
Slide 9: Profit & Loss Highlights
Profit & Loss Highlights Consolidated (Rs Cr) Q2FY24 Q2FY23 YoY Q1FY24 QoQ H1FY24 H1FY23 YoY Revenue from Operations 237* 245 288 525* 466 Other Income 0 0 2 2 1 Total Income 237 246 -3.52% 291 -18.46% 527 467 12.97% Raw Material Costs 142 219 413 555 543 Changes in inventories 19 -63 -213 -194 -235
Slide 10: Balance Sheet Highlights
Balance Sheet Highlights Liabilities (Rs Cr) Mar-23 Sep-23 Assets (Rs Cr) Mar-23 Sep-23 Total Equity 312 357 Non-Current Assets 256 274 Share Capital 5 5 Plant, Property & Equipment 156 162 Other Equity 307 351 Right of use of Assets 5 3 Non-Current Liabilities 59 74 Capital WIP 61 75 Borrowings 57
Slide 11: 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 12: 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 13: 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 14: Company Overview
Company Overview
Slide 15: 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 16: Our Growth Story
Our Growth Story 1980 2000 2019 2023 Acquisition of fruit First company to Acquisition of branded Commissioned new Tetra canning line in Valsad, introduce mono block spice company Kusum Recart facility at Gujarat. Gujarat from Coca-Cola PLC and multi-tube Masala, foray into B2C Doubled Spray Drying
Slide 17: 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 18: 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 19: 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 • The facility inaugurated on 22-No
Slide 20: Quality Control Certifications And Processes Act As Entry Barriers
Quality Control Certifications And Processes Act As Entry Barriers Foods & Inns | Q2FY24 Presentation 20
Slide 21: 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 | Q2FY24 Presentation 21
Slide 22: 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 23: 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 24: Business Verticals
Business Verticals
Slide 25: 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 26: 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 27: 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 28: 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 29: 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 30: Annual Financials
Annual Financials
Slide 31: 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 32: Consistent Growth In Revenue And Profitability
Consistent Growth In Revenue And Profitability Total Income (Rs Cr) EBITDA (Rs Cr) & Margin (%) PAT (Rs Cr) & Margin (%) 12.7% 10.1% 5.3% 8.9% 4.7% 8.5% 1002 102 2.4% 1.0% 47 629 527 57 67 381 32 15 28 4 FY21 FY22 FY23 H1FY24 FY21 FY22 FY23 H1FY24 FY21 FY22 FY23 H1FY24 Working Capital (Days) ROE & R
Slide 33: 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 34: Balance Sheet Highlights
Balance Sheet Highlights Liabilities (Rs Cr) Mar-21 Mar-22 Mar-23 Assets (Rs Cr) Mar-21 Mar-22 Mar-23 Total Equity 182 197 312 Non-Current Assets 160 211 256 Share Capital 5 5 5 Plant, Property & Equipment 113 111 156 Other Equity 177 192 307 Right of use of Assets 0 8 5 Non-Current Liabilities 13 5
Slide 35: 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 Nov-22 Dec-22 Jan-23 Feb-23 Mar-23 Mar-23 Apr-23 May-23 Jun-23 Jul-23 Jul-23 Aug-23 Sep-23 Oct-23 Oct-23 Nov-23 Volume (# Shares) Share Price (INR) Capital Market I
Slide 36: 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 | Q2FY24 Present