Apex Frozen Foods

World’s shrimp production to surpass 5million metric ton this year which is 10% growth over previous year. India’s estimated growth rate is around 9.5%. Also Ecudaor’s production is growing at much higher rate around 25-30%. Also Technological advances in shrimp production should reduced cost for Ecudaor and their hold on US market is increasing. With supply chain constraints and huge production globally there will be margin pressure in shrimp export in my opinion.
I am not an expert but generally huge supply is negative for any sector. With this kind of production can 2022 be starting of another positive cycle of this sector? Views invited


My notes summary for conference call -

  • List item
    Overall capacity increase from 29,000 MT to 34,000 MT this FY planned.
    This expansion in ready to eat would be available for the second half of the year. Realization 15-20% better for ready-to-eat compared to ready-to-cook

Freight cost for increased 11 K to 18 K

Increase expected in Q1 power cost due to need of running the generators for few days in Q1
Shipment equipment availability has been biggest challenge during last FY; This challenge has been easing currently effective from Q1’23. Volume wise, there would be improvement in Q1’FY23 and for the whole FY23 as well

Looking to increase market share & volumes in EU by penetrating beyond existing 5 countries; also targeting to increase more customers in US.

2,700 MT finished goods inventory as of Mar’22. This is being used during Q1’FY23. Hoping to reduce inventory days in Q1’FY23

Should expect the short term borrowings to come down as working capital days to come down over next few quarters

Fair to expect double digit growth in FY23 and improved margins around 11-12% compared to 9% in Q4’FY22

Hi @ayushmit , could you please throw some light on competition front ? (from concall) It appears Ecuador has been supplying good volumes of shrimp to US which they have been suppling to China earlier. Though they got distance wise advantage to US compared to India, why Ecuador can’t ramp up volumes to US given better margins in US compared to China ? Some how I couldn’t connect the dots here.


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Hi, I’m not good at understanding large/global nos so can’t give an input on above. If one thinks at India level then farmers have been expanding and so have been the shrimp processors.



Results for Q1. Expected improved performance visible in number. By far the best revenue in last 12 quarters. Margins improved over past couple of quarters.


margins excl other income is pretty bad at 5.1%. 2nd lowest in last 2-3 years. Not sure why has other expenses grown so much.

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Some explanation for the other expenses…