Amira Nature Foods Ltd (ANFI)

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Amira Nature Foods Ltd. (ANFI)

F3Q 2014 Earnings Conference Call

February 25, 2014 8:30 AM ET


Katie Turner – IR

Karan Chanana – Chairman and CEO

Ashish Poddar – CFO


Thilo Wrede – Jefferies

Akshay Jagdale – KeyBanc Capital Markets

Rohini Nair – Deutsche Bank



Greetings and welcome to the Amira Nature Foods Third Quarter Fiscal Year 2014 Earnings Conference Call. At this time, all participants are in a listen-only mode. A question-and-answer session will follow the formal presentation. (Operator Instructions). As a reminder, this conference is being recorded. I would now turn the conference to your host, Ms.Katie Turner of ICR. Thank you, Ms. Turner, you may begin.

Katie Turner

Good morning everyone, and welcome to Amira Nature Foods third quarter fiscal year 2014 earnings conference call. On the call today are Karan Chanana, Amira’s Chairman and Chief Executive Officer; and Ashish Poddar, Chief Financial Officer. By now everyone should have access to the earnings release which went out today at approximately 7:00 AM Eastern Time. If you have not had a chance to review the release, it’s available on the Investor Relations portion of Amira’s website. This call is being webcast and a replay will be available on the company’s website.

Before I begin, we would like to remind everyone that prepared remarks contain forward-looking statements and management may make additional forward-looking statements in response to your question. Such statements involve a number of known and unknown risks and uncertainties, many of which are outside of the company’s control that could cause 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 the company’s public filings with the SEC and those mentioned in the earnings release.

You should note that the company’s actual results may differ materially from those projected in the statements due to a variety of factors affecting the business, except as required by law, the company undertakes no obligation to update any forward-looking or other statements herein, whether as a result of new information, future events, or otherwise.

Also in the company’s earnings release and in today’s prepared remarks, we include EBITDA, adjusted net working capital and net debt which are non-IFRS financial measures. A reconciliation of these non-IFRS measures to their most directly comparable IFRS financial measures are included in the company’s press release issued earlier today and is also posted on the company’s website.

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

Karan Chanana

Thanks, Katie. Good afternoon everybody. Thank you for joining us on today’s call. I will provide a brief overview of our financial highlights and provide you with an update on our business and growth initiative. Then Ashish will review the financial results for the quarter and fiscal year-to-date and discuss our guidance for fiscal 2014. After that, we’ll open up the call for your questions.

We are pleased to report another strong quarter for Amira. In the third quarter, our revenue increased by 25.1% driven by higher sales, both in India and internationally. This robust growth reflects our ability to add new customers, increase our sales with our key existing customers, as well as strengthen our expanding product portfolio, including our snacks, ready-to-eat products, in addition of course to our premium Basmati and specialty rice.

We also delivered strong EBITDA growth, which increased 29.3% compared to the prior year quarter, and highlights our ability to leverage our operating cost across higher sales along with the benefit from growing economies of scale. Based on our strong sales and EBITDA performance, in the first nine months of this year and our positive outlook for the final quarter, we are raising our annual sales and EBITDA guidance for the full year fiscal 2014. Ashish will provide the details of our higher guidance during his remarks.

As we begin the final quarter of fiscal 2014, and begin to look towards the next fiscal year, we continue to be very pleased with our position of our business and the strength of our industry. The harvest of Basmati rice has just about ended and looks to be another solid harvest with approximately, a 10% increase in production. Prices however are also on the increase in dollar terms to about 15%. Global demand for our product continues to be very strong. As gluten-free product, we are positioned to benefit from an increasing number of consumers interested in moderating their gluten intake.

Also our recently launched organic line, we are also in a position to benefit from growing demand for the organic products. In short, Amira’s offerings are in line with very important consumer food trends. We have recently increased prices both, in India and internationally even in the U.S. and Costco, by over 20%. Today I’m in Dubai attending Gulf Food, which is one of the – or maybe, the – probably the largest annual food and hospitality show held here in Dubai at the World Trade Centre. This is our fifth time participating in Gulf Food, and I would like to say that our product booth is as busy as it has ever been. We’re extremely pleased with the number of buyers from leading food retailers, distributors that have shown interest in our full range of products. This is a great opportunity for us to showcase our products, and meet new potential customers from around the globe.

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