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Geojit Research Report
Avanti Feeds Ltd. is a leading manufacturer of shrimp feeds with a capacity of 7,75,000 million tonne and a shrimp processor and exporter with a capacity of 22,000 million tonne. The company has a tie-up with Thai Union Group, Thailand.
Avanti Feeds' revenue grew by 3% YoY, mainly due to higher realisation (up 6% YoY) in the feed segment while volumes were flat. However, processing segment revenue declined by ~7% YoY due to de-growth volumes (down 18% YoY).
Ebitda grew by 19%YoY as Ebitda margin improved by 100 basis points to 7.3%. Soyabean meal prices have come down by ~30% from its peak, but wheat and fish meal prices are still on the higher side.
Avanti Feeds has added new capacity of 1.75 lakh million tonne in feed and is adding 7,000 million tonne in processing segment by FY24.
Q3 FY23 witnessed sluggishness in shrimp culture activity due to demand slowdown in export markets. However, shrimp culture is expected to pick up in the subsequent months as farm-gate prices rise.
Revenue/profit after tax to grow at 11%/37% compound annual growth rate over FY23E-25E.
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