AI assistant
Avanti Feeds ltd. Interim / Quarterly Report 2021
62448_rns_2021-02-10_33fe90aa-bc58-4b67-9949-794c19839b2e.pdf
Interim / Quarterly Report
Open in viewerOpens in your device viewer
Ref: AFL/BSE & NSE/2020-21/
To, The Deputy General Manager, SSE Limited, 1st Floor, New Trading Ring, Rotunda Building, P.J. Towers, Dalal Street, Mumbai - 400 001.
BSE Code: 512573
10th February, 2021
The Listing Manager, National Stock Exchange India Ltd., Exchange Plaza, Sandra (East), Mumbai - 400 051.
NSE Code: AVANTIFEED
Dear Sir,
Sub: AVANT! FEEDS LIMITED - Schedule of Audio Conference Call for Investors on 13th February, 2021 - Intimation - Reg.
Ref: Regulation 30 read with part A of Schedule Ill of SEBI (LODR) Regulations 2015.
* * *
We are to inform that an Audio Conference Call for Investors will be held on Saturday, the 13th February, 2021 at 04.00 P.M. IST to discuss the Un-audited Financial Results for the Quarter and nine months period ended 31.12.2020.
We enclose herewith an Invitation for the above Audio Conference Call including the details of Dial-in numbers along with presentation on Un-audited Financial Results for the Quarter and nine months period ended 31.12.2020.
This is for your information and record.
Thanking you.
Yours faithfully, for Avanti Feeds Limited
�.��G
Joint Managing Director, Company Secretary & CFO
Encl.: As above
Corporate Office: G-2, Concorde Apartments, 6-3-658, Somajiguda, Hyderabad-500082, Telangana State, India. . +91 (L,Ol 23310260 /61 .!, +91 (40123311604 11i•J www.avantifeeds.com a van ti hofdava n tifeeds. com
Registered Office: Flat No.103, Ground Floor, R Square, Pandurangapuram, Visal<hapatnam - 530003, Andhra Pradesh, India. CIN: L16001AP1993PLC095778
Avanti Feeds Limited Q3FY21 Earnings Audio Conference Call on
Saturday, 13th February, 2021 at 4:00 PM IST
Avanti Feeds Limited (AFL) will host an Audio Conference Call for investors and analysts to discuss its results and developments in Q3FY21. The call will be addressed by the senior management
Details of the Audio Conference Call:
Date & Timing : Saturday, 13th February, 2021 @ 4:00 PM IST
Senior Management: Mr. C Ramachandra Rao, Joint Managing Director Mr. A. Venkata Sanjeev, Executive Director Mr. Alluri Nikhilesh, Executive Director, Avanti Frozen Foods Pvt. Ltd [Subsidiary] Mrs. Santhi Latha, GM (Finance & Accounts) Ms. Lakshmi Sharma- Company Secretary, Avanti Frozen Foods Pvt. Ltd.
Conference dial-in
| India | : 1800 121 3575, 044 7126 1301 |
|---|---|
| Hong Kong | : 001 800 0044 0033 (Toll free), 800 903 171 |
| Singapore | : +65 3158 1878, 001 800 0044 0033 (Toll free)/ 800 101 1941 (Toll free) |
| USA | : +1 212 994 0035, +1 347 899 4169, 1877 387 0849 (Toll free), 1800 974 0768 (Toll free) |
| UK | : +44 20 3478 5527, 0800 016 3439 00 (Toll free), 800 0044 0033 (Toll free) |
For further information:
Mr. Sherwin Fernandes KFintech Pvt. Ltd. P: +91 22 4155 2523 E: [email protected]
This presentation has been prepared by Avanti Feeds Limited based on information and data which the Company considers reliable, but the Company makes no representation or warranty, express or implied, whatsoever, and no reliance shall be placed on, the truth, accuracy, completeness, fairness and reasonableness of the contents of this Presentation.
Certain matters discussed in this presentation may contain statements regarding the Company's market opportunity and business prospects that are individually and collectively forward looking statements. Such forward looking statements are not guarantees for future performance and or subject to known and unknown risks, uncertainties, and assumptions that are difficult to predict.
These risks and uncertainties include but are not limited to, performance of the Indian economy and of the economies of various international markets, the performance of the industry in India and worldwide, competition, the company's ability to successfully implement its strategy, company's future levels of growth and expansion, technological implementation, changes and advancements, changes in revenue, income or cash flows, withdrawal of governmental fiscal incentives, the company's market preferences and its exposure to market risks, as well as other risks.
INDEX
| INDEX | |
|---|---|
| Result Highlights | 5 |
| Operational Highlights | 9 |
| The Path Forward | 12 |
| Financial Statements | 15 |
| Annexure | 19 |
QUARTERLY RESULTS SNAPSHOT
| QUARTERLY RESULTS SNAPSHOT | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| Consolidated P&L (Rs mn) |
Q3FY21 | Q3FY20 | Y-o-Y | Q2FY21 | Q-o-Q | 9MFY21 | 9MFY20 | Y-o-Y | |
| Segment Revenues Shrimp Feed Shrimp Processing |
6,763.3 2,391.0 |
6,576.6 2,650.3 |
2.8 -9.8 |
8,958.5 2,357.7 |
-24.5 1.4 |
20,475.5 9,549.0 |
23,962.3 6,842.6 |
-14.6 39.6 |
|
| Revenues from operations COGS Op. expenses |
9,154.3 7,135.3 1,096.7 |
9,226.9 7,622.9 969.8 |
-0.8 -6.4 13.1 |
11,316.2 8,652.0 1,130.5 |
-19.1 -17.5 -3.0 |
30,024.5 23,129.7 3,147.8 |
30,804.8 24,508.5 3,003.7 |
-2.5 -5.6 4.8 |
|
| Operating Profits Other income Depreciation |
922.3 282.2 116.9 |
634.2 196.0 91.3 |
45.4 44.0 28.1 |
1,533.8 187.4 95.5 |
-39.9 50.6 22.4 |
3,747.0 743.2 306.8 |
3,292.7 586.1 281.1 |
13.8 26.8 9.1 |
|
| EBIT Interest expenses |
1,087.6 4.9 |
738.9 6.8 |
47.2 -27.9 |
1,625.6 2.0 |
-33.1 140.4 |
4,183.4 9.5 |
3,597.7 13.1 |
16.3 -27.6 |
|
| PBT Taxes PAT Profit/Loss on shr of associate |
1,082.8 214.0 868.8 -6.8 |
732.2 142.0 590.2 -1.7 |
47.9 50.7 47.2 307.2 |
1,623.6 372.0 1,251.5 -1.4 |
-33.3 -42.5 -30.6 397.9 |
4,173.9 896.2 3,277.8 -5.7 |
3,584.6 712.9 2,871.7 4.0 |
16.4 25.7 14.1 -241.5 |
|
| 862.0 5.5 |
588.5 3.5 6.4 |
46.5 56.7 |
1,250.2 8.2 11.1 |
-31.0 -32.7 |
3,272.1 21.3 10.9 |
2,875.7 19.1 9.3 |
13.8 11.9 |
- Consolidated revenues for Q3FY221 stood at Rs 9,154mn with slight decrease of -0.8% compared to Q3FY20 • EBIT stood at Rs 1,083mn an increase of 48% as compared to Q3FY20 • Consolidated PAT at Rs 862mn growth of 46.5% YoY with a PAT margin of 9.4% vs. 6.4% in Q3FY21 vs Q3FY20. • Sales volume(MT) YoY declined for shrimp feeds segment by 4% and for Processed shrimp segment by 18%.
CONSOL QUARTERLY RESULTS HIGHLIGHTS
6
CONSOL 9M HIGHLIGHTS
MANAGEMENT COMMENTARY
- SHRIMP FEED • Revenue grew 3.7% YoY in Q3FY21 to Rs 6820.7 mn on account of better realization even with decrease in sales volume • EBITDA of Q3FY21 is Rs. 835.02mn with an increase of 80% due to increase in realization price • PAT in Q3FY21 increased by 76% YoY to Rs 564mn
SHRIMP PROCESSING AND EXPORT
- In Q3FY21 shrimp processing revenue is decreased by 12% YoY due to lower sales volumes • EBITDA in Q3FY21 grew 4.3% on account of lower operating expenses aiding margins to touch 15.8% on revenue. • PAT registered a growth of 8.3% at Rs 297.8 mn on account of better realization price and lower operating expenses.
REGION-WISE SHRIMP EXPORTS
| OPERATIONAL METRICS- | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| QUARTERLY | |||||||||
| Q3FY19 | Q4FY19 | Q1FY20 | Q2FY20 | Q3FY20 | Q4FY20 | Q1FY21 | Q2FY21 | Q3FY21 | |
| Production (MT) | |||||||||
| Shrimp Feed Shrimp Processing |
94,016 2,935 |
1,05,043 2,752 |
1,39,911 3,279 |
1,25,202 3,651 |
1,03,889 3,979 |
1,18,400 2,836 |
1,14,161 3,304 |
1,28,256.0 2,436.0 |
96,736.0 |
| 3,637.0 | |||||||||
| Sales (MT) | |||||||||
| Shrimp Feed | 93,635 | 1,02,748 | 1,39,625 | 1,28,045 | 1,03,874 | 1,13,125 | 1,13,241 | 1,31,299.0 | 99,710.0 |
| Shrimp Processing | 3,174 | 2,850 | 2,799 | 3,340 | 3,642 | 3,616 | 2,611 | 2,963.0 | 3,002.0 |
| Particulars (INR mn) | |||||||||
| Shrimp Feed revenues | 6,069.1 | 6,621.9 | 9,059.2 | 8,326.5 | 6,576.6 | 7,641.6 | 7,761.1 | 8,958.5 | 6,820.7 |
| EBITDA | 895.3 | 859.5 | 1,265.4 | 1,224.3 | 474.5 | 1,032.0 | 1,176.9 | 1,271.2 | 835.2 |
| % Margins | 14.8 | 13.0 | 14.0 | 14.7 | 7.2 | 13.5 | 15.2 | 14.2 | 12.2 |
| Particulars (INR mn) | |||||||||
| Shrimp Processing | 2,284.1 | 1,954.9 | 1,875.8 | 2,316.5 | 2,650.3 | 2,706.5 | 1,792.9 | 2,357.8 | 2,333.7 |
| EBITDA | 340.9 | 268.8 | 279.5 | 280.9 | 354.1 | 330.6 | 387.6 | 449.9 | 369.4 |
| % Margins | 14.9 | 13.8 | 14.9 | 12.1 | 13.4 | 12.2 | 21.6 | 19.1 | 15.8 |
| Particulars (INR mn) | |||||||||
| Consolidated Revenues | 8,353.2 | 8,576.8 | 10,935.0 | 10,643.0 | 9,226.9 | 10,348.1 | 9,554.0 | 11,316.2 | 9,154.3 |
| EBITDA | 1,236.2 | 1,128.7 | 1,548.7 | 1,505.2 | 828.6 | 1,362.6 | 1,564.5 | 1,721.1 | 1,204.5 |
| % Blended Margins | 14.8 | 13.2 | 14.2 | 14.1 | 9.0 | 13.2 | 16.4 | 15.2 | 13.2 |
OPERATIONAL HIGHLIGHTS ANNUALLY
| OPERATIONAL HIGHLIGHTS ANNUALLY | |||||||
|---|---|---|---|---|---|---|---|
| FY15 | FY16 | FY17 | FY18 | FY19 | FY20 | ||
| Production (MT) | |||||||
| Shrimp Feed | 235,752 | 252,032 | 348,851 | 4,28,452 | 4,19,472 | 4,87,402 | |
| Shrimp Processing | 3,521 | 4,394 | 5,289 | 9,105 | 11,384 | 13,745 | |
| Sales (MT) | |||||||
| Shrimp Feed | 233,489 | 252,590 | 341,660 | 4,30,314 | 4,21,691 | 4,84,669 | |
| Shrimp Processing | 3,409 | 4,377 | 5,155 | 7,857 | 11,065 | 13,397 | |
| Particulars (INR mn) |
|||||||
| Shrimp Feed revenues | 15,093.5 | 17,322.3 | 22,316.9 | 28,117.2 | 27,352.6 | 31,603.9 | |
| EBITDA | 1,627.3 | 2,122.3 | 3,089.3 | 6,457.7 | 3,516.9 | 4,000.5 | |
| % Margins | 10.8 | 12.3 | 13.8 | 23.0 | 12.9 | 12.7 | |
| Particulars (INR mn) |
|||||||
| Shrimp Processing | 2,669.1 | 2,860.6 | 3,840.6 | 5,811.8 | 7,525.2 | 9,549.0 | |
| EBITDA | 276.6 | 380.2 | 446.9 | 851.3 | 1,093.8 | 1,245.0 | |
| % Margins | 10.4 | 13.3 | 11.6 | 14.6 | 14.5 | 13.0 | |
| Particulars (INR mn) |
|||||||
| Consolidated Revenues | 17,762.6 | 20,182.9 | 26,157.4 | 33,929.0 | 34,877.8 | 41,152.9 | |
| 1,903.9 | 2,502.5 | 3,536.2 | 7,308.9 | 4,610.8 | 5,245.6 | ||
| EBITDA |
The impact of COVID-19 The Global demand and production is most likely to come down by about 20% to 25% in FY21 compared to FY20 and on actual performance during Q1, Q2, Q3 of FY21. In India basing on the present shrimp culture during past 10 months, the decrease in shrimp production is estimated by about 15% to 20% during FY21.
SHRIMP CULTURE SCENARIO IN INDIA In view of the anticipated drop in shrimp consumption globally by about 20% to 25%, correspondingly Shrimp Production is likely to come down and Shrimp Feed Consumption in India during FY 20-21 is expected to be around 10 lakh MT as compared to 11.50 lakh MT in FY19- 20. During FY21 the Company is expecting to maintain its market share of 45% to 48%. SHRIMP PROCESSING AND EXPORT MARKET POTENTIAL The demand for Shrimp has dropped globally by about 30% to 35% as an immediate reaction of COVID-19 due to closure of restaurants, malls and public eating places like Food Courts, it is gradually picking up due to increase in demand from retail sector and it is hoped that stability will be restored in upcoming months as the Covid-19, Vaccinations are going on Globally.
- SHRIMP FEED • Considering the current scenario in Shrimp culture in India, the Company sales during 2020-21 is expected to be maintained at the same level of 4.85 lakh MT as in the previous year. SHRIMP PROCESSING AND EXPORT • Continued focus on export of Value added products and exploring opportunities in new markets is bearing results. • Value added products accounted for around 27% of total exports in Q3FY21 and also Q3FY20.
- As you know, Avanti has not only been keeping its farmer base intact, it is also adding new farmers and new areas to its sales network year after year.
| PROFIT & LOSS STATEMENT - | QUARTERLY | ||||||||
|---|---|---|---|---|---|---|---|---|---|
| Consolidated Profit & Loss (INR mn) | Q3FY19 | Q4FY19 | Q1FY20 | Q2FY20 | Q3FY20 | Q4FY20 | Q1FY21 | Q2FY21 | Q3FY21 |
| Income from Operations | 8,353.2 | 8,576.8 | 10,934.9 | 10,643.0 | 9,226.9 | 10,348.1 | 9,554.0 | 11,316.2 | 9,154.3 |
| Other Income | 139.7 | 194.7 | 180.3 | 209.8 | 196.0 | 116.2 | 273.6 | 187.4 | 282.2 |
| Total Income | 8,492.9 | 8,771.5 | 11,115.2 | 10,852.8 | 9,422.9 | 10,464.3 | 9,827.6 | 11,503.6 | 9,436.5 |
| Operating Expenses | 7,642.8 | 9,566.6 | 9,353.0 | 8,592.6 | 9,101.7 | 8,263.1 | 9,782.5 | 8,232.0 | |
| 7,256.7 | |||||||||
| EBITDA | 1,236.2 | 1,128.7 | 1,548.7 | 1,499.9 | 830.3 | 1,362.6 | 1,564.5 | 1,721.1 | 1,204.5 |
| Margin % | 14.8 | 13.2 | 14.2 | 14.1 | 9.0 | 13.2 | 16.4 | 15.2 | 13.2 |
| Depreciation | 90.3 | 90.5 | 92.3 | 97.5 | 91.3 | 96.0 | 94.3 | 95.5 | 116.9 |
| EBIT | 1,145.9 | 1,038.2 | 1,456.3 | 1,402.4 | 738.9 | 1,266.6 | 1,470.2 | 1,625.6 | 1,087.6 |
| Margin % | 13.7 | 12.1 | 13.3 | 13.2 | 8.0 | 12.2 | 15.4 | 14.4 | 11.9 |
| Financial Charges | 5.4 | 11.0 | 4.0 | 2.3 | 6.8 | 6.8 | 2.6 | 2.0 | 4.9 |
| PBT | 1,140.5 | 1,027.1 | 1,452.3 | 1,400.1 | 732.2 | 1,259.8 | 1,467.6 | 1,623.6 | 1,082.8 |
| Margin % | 13.7 | 12.0 | 13.3 | 13.2 | 7.9 | 12.2 | 15.4 | 14.3 | 11.8 |
| Tax | 288.8 | 263.4 | 438.1 | 132.7 | 142.0 | 272.8 | 310.2 | 372.0 | 214.0 |
| PAT (after minority interest) Margin % |
853.2 10.2 |
762.0 8.9 |
1,014.5 9.3 |
1,272.7 12.0 |
588.5 6.4 |
987.1 9.5 |
1,159.9 12.1 |
1,250.2 11.0 |
862.0 9.4 |
| PROFIT & LOSS STATEMENT - | ANNUALLY | ||||||
|---|---|---|---|---|---|---|---|
| Consolidated Profit & Loss (INR mn) | FY14 | FY15 | FY16 | FY17 | FY18 | FY19 | FY20 |
| Income from Operations | 11,316.1 | 17,806.6 | 20,182.9 | 26,157.4 | 33,929.0 | 34,877.8 | 41,152.9 |
| Other Income | 36.8 | 79.8 | 165.5 | 235.4 | 482.5 | 538.3 | 702.3 |
| Total Income | 11,352.9 | 17,886.3 | 20,348.4 | 26,392.8 | 34,411.5 | 35,416.1 | 41,855.3 |
| Operating Expenses | 10,210.8 | 15,996.7 | 17,885.0 | 22,856.1 | 27,102.6 | 30,804.7 | 36,613.9 |
| EBITDA | 1,142.1 | 1,889.7 | 2,463.4 | 3,536.7 | 7,308.9 | 4,611.4 | 5,245.6 |
| Margin % | 10.1 | 10.6 | 12.2 | 13.5 | 21.5 | 13.2 | 12.7 |
| Depreciation | 55.4 | 88.0 | 102.3 | 136.9 | 237.6 | 358.4 | 377.1 |
| 1,086.8 | 1,801.7 | 2,361.1 | 3,399.8 | 7,071.4 | 4,253.0 | 4,864.3 | |
| EBIT | |||||||
| Margin % | 9.6 | 10.1 | 11.7 | 13.0 | 20.8 | 12.2 | 11.8 |
| Financial Charges | 35.0 | 13.7 | 18.4 | 30.5 | 29.6 | 26.9 | 19.9 |
| PBT | 1,051.8 | 1,788.0 | 2,342.7 | 3,369.3 | 7,041.7 | 4,226.1 | 4,848.6 |
| Margin % | 9.3 | 10.0 | 11.6 | 12.9 | 20.8 | 12.1 | 11.8 |
| Tax | 354.3 | 632.7 | 792.0 | 1,104.3 | 2,380.2 | 1,214.3 | 985.7 |
| PAT (after minority interest) | 704.1 | 1,159.2 | 1,575.0 | 2,263.0 | 4,664.8 | 3,066.2 | 3,862.9 |
| Margin % | 6.2 | 6.5 | 7.8 | 8.7 | 13.7 | 8.8 | 9.4 |
BALANCE SHEET & KEY RATIOS
| BALANCE SHEET & KEY RATIOS | |||||||
|---|---|---|---|---|---|---|---|
| Consolidated Balance Sheet (INR mn) | FY14 | FY15 | FY16 | FY17 | FY18 | FY19 | FY20 |
| Share capital | 90.8 | 90.8 | 90.8 | 90.8 | 90.8 | 136.2 | 136.2 |
| Reserves and Surplus | 1,704.3 | 2,562.1 | 4,137.1 | 7,247.4 | 11,407.7 | 13,436.8 | 15,811.5 |
| Non-current liabilities | 587.4 | 590.4 | 126.6 | 421.6 | 326.4 | 375.7 | 217.5 |
| Current liabilities | 1,600.3 | 1,532.4 | 1,871.4 | 2,926.1 | 3,437.7 | 2,199.4 | 2,634.2 |
| Total Equity and Liabilities | 3,982.8 | 4,775.7 | 6,226.0 | 10,686.0 | 15,262.6 | 16,148.2 | 18,799.5 |
| Non-current assets | 2,396.8 | 3,303.2 | 4,401.5 | 2,996.9 | 3,639.3 | 4,352.0 | 3,646.8 |
| Current assets | 1,586.0 | 1,472.5 | 1,824.5 | 7,689.1 | 11,623.3 | 11,796.1 | 15,152.7 |
| Total Assets | 3,982.8 | 4,775.7 | 6,226.0 | 10,686.0 | 15,262.6 | 16,148.2 | 18,799.5 |
| Key Ratios | FY14 | FY15 | FY16 | FY17 | FY18 | FY19 | FY20 |
| RoCE (%) | 31.0 | 36.5 | 36.5 | 30.1 | 40.2 | 22.1 | 24.2 |
| RoE (%) | 39.2 | 43.7 | 37.3 | 29.2 | 40.6 | 22.6 | 24.2 |
| Net debt to equity (x)*** | 0.2 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest coverage (x) | 31.1 | 131.3 | 128.4 | 124.5 | 238.6 | 158.3 | 244.7 |
| Inventory days | 64.2 | 45.5 | 51.6 | 47.5 | 56.5 | 39.7 | 48.2 |
| Receivables days | 14.5 | 6.9 | 6.3 | 3.1 | 5.4 | 5.1 | 7.9 |
| Payable days | 43.3 | 20.8 | 29.2 | 37.9 | 38.6 | 22.8 | 23.6 |
STOCK INFORMATION
Promoters FPI Foreign Body Corporates DII Retail
Shareholding Pattern as on 31st Dec 2020 Relative stock price performance vs BSE Sensex
as on 4th Feb 2021
Thank You
- Ms. Lakshmi Sharma
- +91-40-23310260
- [email protected]
- G-2, Concorde Apartments, 6-3-658, Somajiguda, Hyderabad-500082 Telangana, India.