In This Article:
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Net Revenue (Q2 FY25): INR 200 crores.
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Net Revenue (Q1 FY25): INR 186 crores.
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Net Revenue (Q2 FY24): INR 241 crores.
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Net Revenue (H1 FY25): INR 386 crores.
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Net Revenue (H1 FY24): INR 494 crores.
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Gross Margin (Q2 FY25): 27%.
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Gross Margin (H1 FY25): 29%.
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Shrimp Volumes Sold (Q2 FY25): 2,710 metric tons.
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Shrimp Volumes Sold (Q1 FY25): 2,571 metric tons.
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Shrimp Volumes Sold (Q2 FY24): 3,084 metric tons.
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Shrimp Volumes Sold (H1 FY25): 5,281 metric tons.
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Shrimp Volumes Sold (H1 FY24): 6,531 metric tons.
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Average Realization (Q2 FY25): INR 695 per kilo.
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EU Market Share (Q2 FY25): 51% of overall sales mix.
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EU Market Share (H1 FY25): 45% of overall sales mix.
Release Date: November 19, 2024
For the complete transcript of the earnings call, please refer to the full earnings call transcript.
Positive Points
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Global shrimp prices have improved after a prolonged period, encouraging higher stocking by shrimp farmers in India.
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Inventories in the US, a major market for shrimp, are clearing up, leading to improved demand.
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The European Union market remains robust, with an increased share in Apex's sales mix, indicating geographical diversification.
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Freight costs have been reducing, which is expected to positively impact profit margins.
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Apex is optimistic about future growth prospects, particularly with the potential approval of ready-to-eat products for the European Union market.
Negative Points
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Low demand and supply of shrimp affected overall shipments and profit margins.
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Higher raw material and freight costs have impacted profit margins.
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Ready-to-eat volume has decreased significantly due to loss of sales to certain retail customers in the United States.
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The company faces challenges due to countervailing duties and antidumping duties, which could impact costs and competitiveness.
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Shrimp volumes sold have decreased compared to the previous year, indicating supply challenges.
Q & A Highlights
Q: How has the shrimp supply from Ecuador to the USA been affected recently? A: Shipments from Ecuador to the USA have reduced due to energy-related issues in Ecuador, including electricity failures impacting the farm, feed, and processing industries. This has led to a 17% reduction in imports from Ecuador to the USA compared to the previous year. - Karuturi Chowdary, CFO
Q: What is the current status of Apex Frozen Foods' ready-to-eat shrimp volumes? A: The ready-to-eat volume has decreased to 10% in H1 FY25 from 20% last year, mainly due to a loss of sales to certain retail customers in the USA. This segment is primarily retail-focused, and the reduction in demand has impacted sales. - Karuturi Chowdary, CFO