Amira Nature Foods Ltd (the "Company;" NYSE:ANFI), a leading global provider of packaged Indian specialty rice, today reported financial results for the third quarter and nine months ended December 31, 2013.
Third Quarter Financial Highlights
(All comparisons above are to the third quarter of fiscal 2013)
- Revenue increased 25.1% to $142.5 million, compared to $113.9 million
- EBITDA increased 29.3% to $17.7 million, compared to $13.7 million
- Profit after tax increased 85.5% to $7.7 million, compared to $4.2 million
- Basic and diluted earnings per share (1) was $0.20 compared to $0.11
- For better quarter over quarter comparability, after using 35.7 million fully diluted shares, adjusted earnings per share was $0.22 compared to $0.17.
Karan A. Chanana, Amira’s Chairman and Chief Executive Officer, stated, “Our strong financial performance in the third quarter highlights the increasing demand for our premium products, the positive response to our expanding product line, and our growing geographic footprint. Our successful execution on all aspects of our business model enables us to increase our revenue by 25.1% and EBITDA by 29.3% in the third quarter.”
Mr. Chanana continued, “Based on our year-to-date performance and outlook for the final quarter, we remain confident in our ability to deliver a record year in fiscal 2014 and are raising our annual revenue and EBITDA guidance. Our business will benefit from recently announced key contracts, including the launch of Amira branded products in Reliance Retail Limited stores across India and our acquisition of a German branded business of basmati rice. We look forward to finishing the year on a strong note and well positioned for fiscal 2015.”
Third Quarter Fiscal 2014 Results
Revenue for the third quarter of fiscal 2014 increased 25.1% to $142.5 million, compared to $113.9 million for the same period in fiscal 2013. The revenue increase was primarily due to increased sales volume and price of Basmati rice both in India and internationally. Revenue in the third quarter of fiscal 2014 for Amira and third party branded products was 95.8% of total revenue, compared to 99.0% for the same period in fiscal 2013. Institutional sales in the third quarter of fiscal 2014 contributed 4.2% of total revenue, compared to 1.0% of total revenue, for the same period in fiscal 2013.