Apex Frozen Foods shares rally 13% as Q1 profit more than doubles; key details

Shares of Apex Frozen Foods climbed 13 per cent in Tuesday's trade after the shrimp exporter said its net profit for the June quarter more than doubled to Rs 9.09 crore in the June quarter from Rs 3.80 crore in the corresponding quarter last year. Net sales jumped 38.8 per cent YoY to Rs 258.15 crore compared with Rs 185.98 crore in the same quarter last year.

The company said its revenue from operations includes export benefit of  \Rs 13.61 crore for the quarter ended June 30. The company said it will host a conference call on August 18, Monday, at 11:30 am.

Following the development, the stock climbed 13.35 per cent to hit a high of Rs 251.20 apiece. The stock has fallen 20.85 per cent year-to-date. There are concerns over Apex Frozen Foods' exports to the US following the recent tariffs. Foreign brokerage Nomura recently noted that India majorly exported marine food products to the US and that shrimps and prawns account for 2.3 per cent of overall exports to the US.
 
It believes India could lose some of its competitive edge to other suppliers, following the US tariffs.

There were earlier reports that India could lose up to $5 billion in exports to Vietnam in the absence of a US trade deal, with frozen shrimp exports flagged as the biggest risk. In 2023, India exported $1.81 billion worth of frozen shrimp to the US, compared to Vietnam’s $290 million. Hypothetical tariff shifts are projected to reduce India’s shrimp exports to $224 million—a potential $1.6 billion loss, analysts noted.

(More to come)