"The Telugu film industry has come under the scanner of Income Tax (IT) Department once again. This time, the officials raided the office of the popular producer KL Narayana.
KL Narayana’s daughter has got married to the Chairman’s son of Avanthi Feeds Ltd. So, anticipating that there could be unaccounted wealth in both the places, the IT officials raided the offices and residences of KL Narayana and Avanthi Feeds, along with Trendset Builders Private Limited, at the same time."
Exchange Received Time 19/11/2019 13:42:58 Exchange Disseminated Time 19/11/2019 13:43:09 Time Taken 00:00:11
Dear Sir
Sub: Avanti Feeds Limited -Incorporation of a step down subsidiary of Avanti Feeds limited - Reg.
We are to inform you that Avanti Frozen Foods Private Limited- the Company’'s subsidiary has incorporated a Wholly owned subsidiary (WOS) Company, namely “Avanti Frozen Foods INC” in the State of Delaware, USA.
The details are required under SEBI (LODR) Regulations, 2015 read with SEBI Circular No. CIR/ CFD/CMD/4/2015 dated 09.09.2015, are given as Annexure-A.
We request you to kindly take the above on record.
Thanking you,
Yours faithfully,
for Avanti Feeds Limited
C. Ramachandra Rao
Joint Managing Director,
Company Secretary & CFO
The Andhra Pradesh government is planning to give a major push to the fisheries sector by improving infrastructure and technology for inland and marine fisheries and aquaculture to raise production.
The state government, which will be unveiling its mega plans on World Fisheries Day on Thursday, proposes to develop fishing harbours and jetties for hygienic landing of marine catch, tap deep sea fishery resources, dredge river mouths for easier passage of vessels, and promote marine cage farming and implement fishermen welfare schemes, among others, officials said on Wednesday. Andhra Pradesh is already the largest producer of fish and prawns in the country and contributes 40 per cent of India’s total marine exports value. Fisheries contribute 7.4 per cent to the Gross State Domestic Product (GSDP) and provide employment opportunities to 14.5 lakh people.
Since Avanti Feeds and all other major aqua related companies are based in Andhra Pradesh, seems like there’s encouragement from State Government as well. Good for them.
Reading the transcript, I am a bit puzzled on couple of counts (as potentially other callers) :
if H1 growth in feed is 19% and full year guidance is around 10 (or bit more), then mathematically H2 growth has to be small / flat esp. if H2 is low season. Could not figure out Mr Rao’s arguments
I am finding their answer to the @ayushmit on cash utilization quite dodgy. I can only imagine 3 possibilities - a) they have no clue where to deploy and are extremely risk averse, B) they have some grand diworsification plan as they admitted capital need in their own and peripheral business is rather small, C) another LEEL or Vakrangee
This Bangladesh export story is not adding up - 15,000 tons! What is so excitable about it and how many fold will this increase even if shifted to Vannamei
A lot of talk of value added products in processing business - but no mention of concrete products / innovation. Does anyone know what these products are?
My understanding(thesis) is although the business don’t require much capex …there is lot of working capital funding required pre season… The cash shown in balance sheet is used in funding that… If they distribute the cash you would see interest cost going up…
This I feel is the drawback of reading transcripts.
The management sounded quite confident of growing in H2 as well. However, they didn’t want to raise the guidance that they had given earlier. After 2-3 questions around this same point, they even dropped the statement that the guidance given is conservative.
This is what Rao mentioned at the end. ‘What we told is, last year around 420 we made and we expect about 460 to 470 this year, which
means it is about 10% to 12% on an average for the whole year. If we get good culture it goes
till January-February also, we may even cross that, it may go to 12% to 13%, so average would
be 14% to 15% growth will be there.’
It clearly indicates that he wants to be rather conservative in giving future guidance, however he hinted clearly that growth will be much more like how it was in the first half.
Interesting to see, only volumes from India have grown in Oct by almost 20% yoy!! With exports to China also growing, good signs for the industry overall!
Lot of insights on the business and future prospects
