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Amira Nature Foods Ltd Announces Second Quarter Fiscal Year 2013 Financial Results

Stocks in this article: ANFI

Recent Developments:

On October 15, 2012, the Company completed an initial public offering (IPO) of its ordinary shares at $10.00 per share and raised $90.0 million. The Company received approximately $81 million in net proceeds. Contemporaneously with the completion of the offering, these net proceeds were used to fund the purchase by Company’s direct wholly owned subsidiary Amira Nature Foods, Ltd. (Amira Mauritius), of 80.4% of the equity shares of Amira Pure Foods Private Limited (“Amira India”), of which Amira India will use approximately $25.0 million to partially fund the development of a new processing facility. Amira India has also used $52.0 million to reduce its indebtedness. Assuming the Company’s receipt of these net proceeds on September 30, 2012, and the repayment of $52.0 million of indebtedness, as of such date, proforma cash and cash equivalents were $33.3 million (with $25 million of this, reserved for the new facility and $4.0 million retained to fund future operating expenses through 2015). Total pro forma debt as of such date was $111.0 million.

On November 14, 2012, the Company announced that Amira India has entered into an agreement with an Indonesian customer to supply 90,000 metric tons of Indian white rice for $39.4 million. Amira India previously supplied its products to this customer in the fiscal year ended March 31, 2012. The $39.4 million of revenue under the contract is expected to be recognized in the current fiscal year ending March 31, 2013.

In a separate press release today the Company also announced Ritesh Suneja, Chief Financial Officer, will resign due to health and personal reasons, effective December 1, 2012. The Company's Board of Directors has named Ashish Poddar, currently Executive Director of Finance, as Chief Financial Officer, effective the same date.


The Company is on track to deliver its full year fiscal 2013 and long-term growth target guidance provided during the time of the IPO which is greater than 20% revenue growth, 25% EBITDA growth and greater than 30% earnings per share growth.

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