Amira Nature Foods Ltd (ANFI)

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Amira Nature Foods Ltd. (ANFI)

Q2 2013 Earnings Conference Call

November 20, 2012, 17:00 PM ET


Karan Chanana -- Chairman and CEO

Ritesh Suneja -- CFO

Ashish Poddar -- Executive Director of Finance

Rahul Nayar -- Director of Global Communications and Strategy


Gautam Chhaochharia -- UBS

Eric Katzman -- Deutsche Bank

Akshay Jagdale -- KeyBanc

Athin Reddy -- Jefferies



Greetings and welcome to the Amira Foods' Second Quarter 2013 Earnings call. At this time, all participants are in a listen-only mode. A brief question-and-answer session will follow the formal presentation. (Operator Instructions). As a reminder, this conference is being recorded.

It is now my pleasure to introduce your host, Rahul Nayar. Thank you, Mr. Rahul Nayar, you may begin.

Rahul Nayar

Good afternoon, everyone, and welcome to Amira Nature Foods' second quarter fiscal 2013 conference call. On the call today are Karan Chanana, Amira's Chairman and Chief Executive Officer; Ritesh Suneja, Chief Financial Officer; Ashish Poddar, Executive Director of Finance and [Anil Chawla], Vice President, Legal.

By now everyone should have access to the second quarter fiscal 2013 earnings release which went out today at approximately 4 PM Eastern Time. If you have not had a chance to review the release, it's available on the Investor Relations portion of our website at The call is being webcast and a replay will be available on the Amira website as well as

Before we begin, we would like to remind everyone that prepared remarks contain the forward-looking statements and management may make additional forward-looking statements in response to your questions. Such statements involve a number of known and unknown risks and uncertainties many of which are outside the Company's control that would cause its future results, performance or achievements to differ significantly from the results, performance or achievements expressed or implied by such forward-looking statements.

Important factors that could cause or contribute to such differences include risks detailed in our public filings with the Securities and Exchange Commission and those mentioned in the earnings release. Except as required by law, we undertake no obligation to update any forward-looking or other statements herein, whether as a result of new information, future events or otherwise.

Also on the Company's earnings release and in today's prepared remarks, we include EBITDA which is a non-IFRS financial measure. A reconciliation of EBITDA to the most directly comparable IFRS financial measures is included in the Company's press release issued earlier today, which has been posted on our website.

And with that, I'd like to turn the call over to Karan Chanana, Chairman and CEO.

Karan Chanana

Thanks. Good afternoon, everybody, and thank you for joining us. As you know, this is our first conference call as a public company and we are very excited to share our results with you today. I had the pleasure of discussing our story with many of you during our recent public offering roadshow. And before we get too far into our second quarterly results, I want to thank you for your interest and investment in Amira Nature Foods.

On today's call, I will provide a brief overview of our Company and our growth opportunities as well as some highlights of our second quarter results and Ritesh will review the financial results for the quarter in more detail. After that, we will open up the call for your questions.

For those of you that we did not meet on our IPO roadshow, I want to provide a brief overview of our Company. We are a leading global provider of packaged Indian specialty rice with sales in over 40 countries today. Our main operations include our rice processing facility are in around New Delhi, India and we have offices in Dubai, Malaysia, Singapore, United Kingdom and the United States in California.

Our Company history dates back nearly 100 years. We were originally founded in 1915 as an agro trading business. Amira has evolved from a domestic rice producer to an international branded rice and rice-based product Company. Today, we operate through Amira brand, third-party brands which we formed for the bases of our international expansion and through what we refer to our institutional segments which consists of bulk non-rice agricultural sales.

The core product of our business is Indian specialty rice, particularly Basmati. Worldwide, rice is a staple of many people's diet and it's especially popular in the densely populated regions in high growth emerging markets. Importantly, rice is allergy free. Basmati is a differentiated premium segment within rice. It's a specialty product only grown in the Indian subcontinent. The grains are slender, extra long, known for its aromatic characteristics. Basmati rice commands a premium compared to the overall rice industry and its growth has consistently been at a rate well above the overall rice industry particularly outside of India.

Our superior supply chains and manufacturing capabilities have enabled Amira to position itself as one of the leaders in this growing industry. The barriers to entry in rice processing and packaging are very high as it is highly technical and delicate process. So if a new company made a decision to enter this market, it would be a capital intensive process for them to compete. Over the years, we have always believed in investing in the best and we believe the growth for our product lines are proof of the way we offer the leading products from within our industry.

We are recognized by Planman Marcom as one of the six power brands in India. In addition to our core Basmati rice offering, we have successfully launched value-added innovative products in rice and adjacent categories. A couple of examples include Kheer Rice, which is a rice pudding delicacy; Khichdi Rice, which is a healthy product, comfort food and children's food and it is popular in many diverse regions of India and internationally. We have developed a ready-to-eat category in which we created dry snacks to capitalize on the expending snack market in India.

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