Apex Frozen Foods hits 20% upper circuit, rises 46% in a week post Q4 nos

Apex Frozen Foods' Q4FY21 sales volume grew by around 30 per cent YoY on the back of easing of the transport situation

Shares of Apex Frozen Foods were locked in the upper circuit of 20 per cent at Rs 395.80, also its 52-week high on the BSE in Monday's session with only buyers seen on the counter. Till 02:45 pm, a combined 3.6 million shares had changed hands and there were pending buy orders for around 165,000 shares on the NSE and BSE.

In the past week, the stock has zoomed 46 per cent as compared to a 0.20 per cent rise in Sensex, following the company’s March quarter (Q4FY21) results. The company's profit after tax (PAT) more-than-doubled to Rs 8.4 crore from Rs 2.3 crore in the December 2020 quarter (Q3FY21). Although, on a year-on-year (YoY) basis, PAT declined 8.7 per cent from Rs 9.2 crore posted in the same quarter last year.

The company’s net revenue grew 16.5 per cent quarter-on-quarter (QoQ) to Rs 182 crore from Rs 156 crore in the previous quarter. Ebitda (earnings before interest, taxes, depreciation, and amortisation) margin improved to 11.5 per cent from 7.6 per cent in the December quarter. The figure margin stood at 12.8 per cent in the year-ago quarter.

Apex Frozen Foods said its Q4FY21 sales volume grew by around 30 per cent YoY on the back of easing of the transport situation and helped its FY21 sales volume to recover to around 96 per cent of FY20 sales.

The value-added Ready-to-Eat products have been received well by the customers. The average realisation improved in FY21 due to contribution from Ready-to-Eat products and firm shrimp prices, globally, the company said.

Apex Frozen Foods is one of the leading exporters of processed shrimp in India. The 100 per cent of the finished product (Frozen Shrimp) is exported primarily to markets like the USA, EU and China.