Amira Nature Foods Ltd (NYSE:ANFI), a leading global provider of branded, packaged Indian specialty rice, today reported financial results for its fiscal 2015 full year and fourth quarter ended on March 31, 2015.
FY 2015 Financial Highlights versus FY 2014:
- Revenue grew 27.8% to $699.4 million compared to $547.3 million
- Adjusted EBITDA increased 31.9% to $99.5 million compared to $75.5 million
- Adjusted EBITDA margin of 14.2%
- Adjusted profits after tax was $54.3 million compared to $41.0 million
- Adjusted earnings per share (“EPS”) was $1.51 compared to $1.14
Fourth Quarter 2015 Financial Highlights versus Fourth Quarter 2014:
- Revenue grew 21.6% to $226.8 million compared to $186.6 million
- Adjusted EBITDA increased 25.1% to $33.0 million compared to $26.4 million
- Adjusted EBITDA margin of 14.5%
- Adjusted profits after tax was $18.6 million compared to $16.8 million
- Adjusted earnings per share (“EPS”) was $0.52 compared to $0.47
Reported results and other information herein are preliminary and not final until the filing of the Company’s annual report on Form 20-F with the Securities and Exchange Commission and therefore remain subject to adjustment.
Karan A Chanana, Amira’s Chairman and Chief Executive Officer, stated, “Our strong fiscal fourth quarter and full year performance reflects increased demand for our products across categories and geographies. We are seeing revenue growth around the world – in India, our important home market, and across the emerging markets geographies of Middle East, Africa and Asia. We are also seeing signs of continued strength in our smaller, but rapidly expanding developed world business, where we entered into new relationships in the UK, Continental Europe and the United States. ”
Bruce Wacha, Amira’s Chief Financial Officer, added, “During fiscal 2015, we generated record full year and quarterly revenue, adjusted EBITDA and adjusted EPS which represents eleven consecutive quarters of double digit revenue and profit growth as a public company. Our growth in the fourth quarter was driven largely by volume gains as we build out our distribution around the globe and capitalize on the continued demand for healthy, better for you products such as our premium, specialty rice. Going forward, we continue to see many opportunities in India and around the world to further grow our business and create value for our shareholders.”
Full Year Fiscal 2015 Results
Revenue for the full year of fiscal 2015 increased 27.8% to $699.4 million, compared to $547.3 million in fiscal 2014. The revenue increase was primarily due to increased sales volume and product mix in India and internationally. Sales in India increased 28.0% to $286.8 million, while sales outside of India, or international sales, increased 27.7% to $412.6 million. Amira branded and third party branded sales increased 38.6% to $662.4 million and institutional sales decreased $32.4 million to $36.9 million.
Adjusted EBITDA increased $24.1 million or 31.9% to $99.5 million and Adjusted EBITDA margin increased to 14.2%. Adjusted profit after tax increased by 32.4% to $54.3 million for fiscal 2015 compared to $41.0 million in the year ago period. Adjusted EPS increased 32.4% to $1.51per share from $1.14 per share in the prior year period. The Company’s effective tax rate was 17.4% for the period compared to 19.6% for the prior year period. A reconciliation of adjusted EBITDA, adjusted profit after tax and adjusted EPS is provided in the “Non-IFRS Financial Measures” section of this release.
Fourth Quarter Fiscal 2015 Results
Revenue for the fourth quarter of fiscal 2015 increased 21.6% to $226.8 million, compared to $186.6 million for same period in fiscal 2014. Adjusted EBITDA increased $6.6 million or 25.1% to $33.0 million and Adjusted EBITDA margin increased to 14.5%. Adjusted profit after tax increased by 10.9% to $18.6 million for the three months ended March 31, 2015 compared to $16.8 million in the year ago period. Adjusted EPS increased 11.1% to $0.52 per share from $0.47 per share in the prior year period. The Company’s effective tax rate was 18.0% for the period compared to 15.0% for the prior year period. A reconciliation of adjusted EBITDA, adjusted profit after tax and adjusted EPS is provided in the “Non-IFRS Financial Measures” section of this release.
Balance Sheet and Cash Flow Highlights
As of March 31, 2015, the Company’s cash and cash equivalents were $46.5 million and adjusted net working capital was $365.4 million. Net debt (after deducting cash and cash equivalents) was $164.2 million and Net debt/Adj. EBITDA was 1.6x. As of March 31, 2015, inventories were $262.3 million compared to $255.0 as of March 31, 2014, trade receivables were $130.4 million, an increase of $49.5 million from$80.9 million, trade payables were $34.0 million, a decrease of $7.2 million from $41.2 million. Total debt was $210.6 million, an increase of$25.8 million from $184.8 million. 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 2016 Outlook
The Company expects double digit fiscal 2016 revenue and adjusted EBITDA growth and maintains its long-term guidance previously provided to the investment community of $1 billion of revenue and $150 million of Adjusted EBITDA. The Company’s guidance is based on foreign exchange rates as of March 31, 2015. (Original Source)
Shares of Amira Nature Foods closed yesterday at $11.38. ANFI has a 1-year high of $19.86 and a 1-year low of $7.41. The stock’s 50-day moving average is $11.20 and its 200-day moving average is $10.60.
On the ratings front, Oppenheimer analyst Rupesh Parikh maintained a Buy rating on ANFI, with a price target of $17, in a report issued on May 28. The current price target implies an upside of 49.4% from current levels. According to TipRanks.com, Parikh has a total average return of 14.2%, a 71.4% success rate, and is ranked #228 out of 3707 analysts.
Amira Nature Foods Ltd is a provider of packaged Indian specialty rice, with sales in over 60 countries. It also sell other products such as wheat, barley and legumes.