Amira Nature Foods Ltd (the "Company") (NYSE: ANFI), a leading global provider of packaged Indian specialty rice, today reported financial results for the second quarter and six months ended September 30, 2013.
Second Quarter Financial Highlights
(All comparisons above are to the second quarter of fiscal 2013)
- Revenue increased 36.1% to $108.0 million, compared to $79.4 million
- EBITDA increased 38.1% to $14.1 million, compared to $10.2 million
- Profit after tax increased 90.0% to $6.3 million, compared to $3.3 million
- Basic and diluted earnings per share (1) was $0.18 compared to $0.09
Karan A. Chanana, Amira’s Chairman and Chief Executive Officer, stated, “We are pleased to report strong second quarter financial results, as our revenue increased 36.1% and EBITDA grew 38.1%. Our results reflect our ability to consistently add new customers in India and internationally, enter new markets as well as the continued growing demand for our premium product offerings.”
Mr. Chanana continued, “As we begin the second half of fiscal 2014, we are well positioned to deliver another strong year. Our business continues to benefit from our successful execution on our strategic initiatives, including our expanding product portfolio, which includes our recently launched Amira Organic business division. We have been encouraged by our customers’ responses to our organic products and are excited about the long-term potential for this segment of our business. Based on our year-to-date results and outlook for the remainder of the year, we are reiterating our annual revenue and EBITDA guidance.”
Second Quarter Fiscal 2014 Results
Revenue for the second quarter of fiscal 2014 increased 36.1% to $108.0 million, compared to $79.4 million for the same period in fiscal 2013. The revenue increase was primarily due to increased sales volume both in India and internationally.