Apex Frozen Foods Ltd. · NSE:APEX
Apex Frozen Foods — Q1 FY2024 Earnings Presentation
22 slides from Apex Frozen Foods's earnings presentation, Aug 16, 2023
Slide 1: Stock exchange filing cover letter
Date: 16th August, 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, Mu
Slide 2: Result Presentation Q1FY24
Apex Frozen Foods Result Presentation Q1FY24
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 Q1FY24
1 Key Business Updates Q1FY24 3
Slide 5: Financial Highlights – Q1 FY24
Financial Highlights – Q1 FY24 Net Revenue at Rs 2,538 Mn, grew 20% QoQ in-line with the seasonality factor. However, when compared on YoY basis, the decline in revenue was mainly on account of: ► Volume decline of 8% YoY to 3,447 MT, mainly due to continued subdued demand from our key market – USA.
Slide 6: Sales Volume Break-up
Sales Volume Break-up Shrimp Sales (MT) - Quarterly Shrimp Sales (MT) – Yearly 3,761 13,044 3,447 12,066 2,851 11,702 75% 82% 82% 85% 80% 78% 25% 18% 18% 15% 20% 22% Q1FY23 Q4FY23 Q1FY24 FY21 FY22 FY23 RTE RTC RTE RTC Shrimp sales grew 21% QoQ but lowered YoY in Q1FY24 primarily due to Shrimp sales
Slide 7: Income Statement Highlights
Income Statement Highlights Particulars (Rs Mn) Q1 FY24 Q1 FY23 Y-o-Y % Q4 FY23 Q-o-Q % FY23 Net revenue* 2,538 3,195 2,119 10,703 Other income 2 56 -46 17 Total Income 2,540 3,250 -22% 2,072 23% 10,720 Raw material costs 1,816 2,072 1,593 7,419 Employee expenses 125 119 99 460 Other expenses 468 71
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 1,735 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 Share Price Movement – 1 Year 400 350 300 250 200 150 100 Aug-22 Sep-22 Oct-22 Nov-22 Dec-22 Jan-23 Feb-23 Mar-23 Apr-23 May-23 Jun-23 Jul-23 Aug-23 NSE / BSE code APEX / 540692 22.85% Shareholding CMP (Rs/share) (as on 14-Aug-23) 221 Pattern as on Market Cap (Rs Mn) 6,905
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