Amira adding new customers in India and internationally, it said

Amira adding new customers in India and internationally, it said

Amira Nature Foods, the US-listed supplier of packaged Indian rice, saw profits more than double in the first half of its financial year on the back of the expansion of its customer base.

The company booked profit after tax of US$13.6m for the six months to the end of September, compared to $6.6m a year earlier.

EBITDA was up 40.2% at $28.6m on the back of a 36.8% increase in net revenue to $218.3m.

For the second quarter, profit after tax was $6.3m, versus $3.3m a year ago. EBITDA was up 38.1% at $14.1m, against $10.2m a year earlier. Net revenue grew 36.1% to $108m.

Reflecting on the quarterly numbers, Karan Chanana, Amira's chairman and CEO, said the results were "strong" and added: "Our results reflect our ability to consistently add new customers in India and internationally, enter new markets as well as the continued growing demand for our premium product offerings."

Show the press release

 

 

Amira Nature Foods Ltd Announces Second Quarter Fiscal 2014 Financial Results

Second Quarter Revenue Increased 36.1% to $108.0 Million

Second Quarter EBITDA Increased 38.1% to $14.1 Million

 

 

November 11, 2013 04:01 PM Eastern Standard Time

DUBAI, United Arab Emirates--(BUSINESS WIRE)--Amira Nature Foods Ltd (the "Company") (NYSE: ANFI), a leading global provider of packaged Indian specialty rice, today reported financial results for the second quarter and six months ended September 30, 2013.

“We are pleased to report strong second quarter financial results, as our revenue increased 36.1% and EBITDA grew 38.1%. Our results reflect our ability to consistently add new customers in India and internationally, enter new markets as well as the continued growing demand for our premium product offerings.”

Second Quarter Financial Highlights:

  • Revenue increased 36.1% to $108.0 million, compared to $79.4 million
  • EBITDA increased 38.1% to $14.1 million, compared to $10.2 million
  • Profit after tax increased 90.0% to $6.3 million, compared to $3.3 million
  • Basic and diluted earnings per share (1) was $0.18 compared to $0.09

(All comparisons above are to the second quarter of fiscal 2013)

Karan A. Chanana, Amira’s Chairman and Chief Executive Officer, stated, “We are pleased to report strong second quarter financial results, as our revenue increased 36.1% and EBITDA grew 38.1%. Our results reflect our ability to consistently add new customers in India and internationally, enter new markets as well as the continued growing demand for our premium product offerings.”

Mr. Chanana continued, “As we begin the second half of fiscal 2014, we are well positioned to deliver another strong year. Our business continues to benefit from our successful execution on our strategic initiatives, including our expanding product portfolio, which includes our recently launched Amira Organic business division. We have been encouraged by our customers’ responses to our organic products and are excited about the long-term potential for this segment of our business. Based on our year-to-date results and outlook for the remainder of the year, we are reiterating our annual revenue and EBITDA guidance.”

Second Quarter Fiscal 2014 Results

Revenue for the second quarter of fiscal 2014 increased 36.1% to $108.0 million, compared to $79.4 million for the same period in fiscal 2013. The revenue increase was primarily due to increased sales volume both in India and internationally.

Cost of materials including change in inventory of finished goods increased $20.8 million, or 34.0%, to $82.0 million in the second quarter of fiscal 2014 from $61.2 million in the second quarter of fiscal 2013. This increase primarily reflects the growth in revenue. As a percentage of revenue, cost of material decreased to 75.9% in the second quarter of fiscal 2014, compared to 77.1% in the second quarter of fiscal 2013, primarily due to improved operating efficiencies and economies of scale.

EBITDA increased 38.1% to $14.1 million in the second quarter of fiscal 2014, compared to $10.2 million in the same period last year. A reconciliation of EBITDA to the IFRS measure of profit after tax is provided in the “Non-IFRS Financial Measures” section of this release.

Profit after tax for the second quarter of fiscal 2014 increased 90.0% to $6.3 million, compared to $3.3 million in the quarter of fiscal 2013. Basic and diluted earnings per share(1) was $0.18 compared to $0.09 for the second quarter of fiscal 2013.

First Six Months Fiscal 2014 Results

For the first six months of fiscal 2014, net revenue increased 36.8% to $218.3 million, compared to $159.5 million for the same period of fiscal 2013. EBITDA increased 40.2% to $28.6 million, compared to $20.4 million for the same period in fiscal 2013. Profit after tax increased 107.2% to $13.6 million, compared to $6.6 million in the same period in fiscal 2013.

Basic and diluted earnings per share(1) was $0.38 compared to $0.18 for the first six months of fiscal 2013.

Balance Sheet and Cash Flow Highlights

At September 30, 2013, the Company’s cash and cash equivalents were $46.2 million and adjusted net working capital was $223.2 million. Net debt (after deducting cash and cash equivalents) as of September 30, 2013 was $102.6 million. As of September 30, 2013, inventory decreased $15.8 million to $165.7 million from $181.5 million as of March 31, 2013. As of September 30, 2013, trade receivables were $69.5 million, an increase of $2.7 million from $66.8 million as of March 31, 2013. Reconciliations of adjusted net working capital and net debt to the IFRS measures of working capital and total current and non-current debt, respectively, are provided in the “Non-IFRS Financial Measures” section of this release.

Fiscal 2014 Outlook

The Company reiterates its previously issued guidance and continues to expect full year fiscal 2014 revenue in the range of $480 million to $507 million and EBITDA in the range of $62 million to $66 million. This is in line with long-term guidance previously provided to the investment community in connection with Amira’s initial public offering. The Company’s guidance is based on foreign exchange rates as of September 30, 2013.

Conference Call

The Company will hold an investor conference call today at 4:30 p.m. Eastern time. The dial-in number for this conference call is (877) 407-3982 for North American listeners and (201) 493-6780 for international listeners. Live audio of the conference call will be simultaneously webcast in the investor relations section of the Company's website at http://www.amirafoods.com.

An audio replay will be available following the completion of the conference call by dialing (877) 870-5176 for North American listeners or (858) 384-5517 for international listeners (conference ID 13572661). The webcast of the teleconference will be archived and available on the Company’s website.

About Amira Nature Foods

Founded in 1915, Amira has evolved into a leading global provider of packaged Indian specialty rice, with sales in over 40 countries today. Amira sells Basmati rice, a premium long-grain rice grown only in certain regions of the Indian sub-continent, under their flagship Amira brand as well as under other third party brands. Amira sells its products primarily in emerging markets through a broad distribution network. Amira’s headquarters are in Dubai, United Arab Emirates, and it also has offices in India, Malaysia, Singapore, the United Kingdom, and the United States.

Original source: Amira Nature Foods