Geojit: Apex Frozen Foods Posts Better Than Expected Volumes Amid Challenges
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Geojit Research Report
Apex Frozen Foods Ltd. is an integrated producer and exporter of processed shrimps in Andhra Pradesh with an own capacity of 29,240 metric tonne.
Q1 FY21 revenue de-grew by 1.6% YoY. Better realization and rupee depreciation offset the impact of 11.4%YoY decline in volumes.
Ebitda grew by 51.6% YoY mainly aided by 620 basis points increase in gross margin due to better realisation and reduction in raw material cost.
The Company has recently got all the required approvals for its newly added capacity of 20,000 metric tonne and ramp up in utilization will aid future growth.
We increase our volume assumptions to factor gradual improvement in industry supply-chain while appreciation in rupee will impact realisation.
Expect revenue/profit after tax to grow at 15%/28% compound annual growth rate over FY20E-FY22E
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