Amira Nature Foods' CEO Discusses F3Q 2014 Results - Earnings Call Transcript

Feb.25.14 | About: Amira Nature (ANFI)

Amira Nature Foods Ltd. (NYSE:ANFI)

F3Q 2014 Earnings Conference Call

February 25, 2014 8:30 AM ET

Executives

Katie Turner – IR

Karan Chanana – Chairman and CEO

Ashish Poddar – CFO

Analysts

Thilo Wrede – Jefferies

Akshay Jagdale – KeyBanc Capital Markets

Rohini Nair – Deutsche Bank

Operator

Greetings and welcome to the Amira Nature Foods Third Quarter Fiscal Year 2014 Earnings Conference Call. At this time, all participants are in a listen-only mode. A question-and-answer session will follow the formal presentation. (Operator Instructions). As a reminder, this conference is being recorded. I would now turn the conference to your host, Ms.Katie Turner of ICR. Thank you, Ms. Turner, you may begin.

Katie Turner

Good morning everyone, and welcome to Amira Nature Foods third quarter fiscal year 2014 earnings conference call. On the call today are Karan Chanana, Amira’s Chairman and Chief Executive Officer; and Ashish Poddar, Chief Financial Officer. By now everyone should have access to the earnings release which went out today at approximately 7:00 AM Eastern Time. If you have not had a chance to review the release, it’s available on the Investor Relations portion of Amira’s website. This call is being webcast and a replay will be available on the company’s website.

Before I begin, we would like to remind everyone that prepared remarks contain forward-looking statements and management may make additional forward-looking statements in response to your question. Such statements involve a number of known and unknown risks and uncertainties, many of which are outside of the company’s control that could cause future results, performance or achievements to differ significantly from the results, performance or achievements expressed or implied by such forward-looking statements. Important factors that could cause or contribute to such differences include risks detailed in the company’s public filings with the SEC and those mentioned in the earnings release.

You should note that the company’s actual results may differ materially from those projected in the statements due to a variety of factors affecting the business, except as required by law, the company undertakes no obligation to update any forward-looking or other statements herein, whether as a result of new information, future events, or otherwise.

Also in the company’s earnings release and in today’s prepared remarks, we include EBITDA, adjusted net working capital and net debt which are non-IFRS financial measures. A reconciliation of these non-IFRS measures to their most directly comparable IFRS financial measures are included in the company’s press release issued earlier today and is also posted on the company’s website.

And with that, I would like to turn the call over now to Karan Chanana, Chairman and CEO.

Karan Chanana

Thanks, Katie. Good afternoon everybody. Thank you for joining us on today’s call. I will provide a brief overview of our financial highlights and provide you with an update on our business and growth initiative. Then Ashish will review the financial results for the quarter and fiscal year-to-date and discuss our guidance for fiscal 2014. After that, we’ll open up the call for your questions.

We are pleased to report another strong quarter for Amira. In the third quarter, our revenue increased by 25.1% driven by higher sales, both in India and internationally. This robust growth reflects our ability to add new customers, increase our sales with our key existing customers, as well as strengthen our expanding product portfolio, including our snacks, ready-to-eat products, in addition of course to our premium Basmati and specialty rice.

We also delivered strong EBITDA growth, which increased 29.3% compared to the prior year quarter, and highlights our ability to leverage our operating cost across higher sales along with the benefit from growing economies of scale. Based on our strong sales and EBITDA performance, in the first nine months of this year and our positive outlook for the final quarter, we are raising our annual sales and EBITDA guidance for the full year fiscal 2014. Ashish will provide the details of our higher guidance during his remarks.

As we begin the final quarter of fiscal 2014, and begin to look towards the next fiscal year, we continue to be very pleased with our position of our business and the strength of our industry. The harvest of Basmati rice has just about ended and looks to be another solid harvest with approximately, a 10% increase in production. Prices however are also on the increase in dollar terms to about 15%. Global demand for our product continues to be very strong. As gluten-free product, we are positioned to benefit from an increasing number of consumers interested in moderating their gluten intake.

Also our recently launched organic line, we are also in a position to benefit from growing demand for the organic products. In short, Amira’s offerings are in line with very important consumer food trends. We have recently increased prices both, in India and internationally even in the U.S. and Costco, by over 20%. Today I’m in Dubai attending Gulf Food, which is one of the – or maybe, the – probably the largest annual food and hospitality show held here in Dubai at the World Trade Centre. This is our fifth time participating in Gulf Food, and I would like to say that our product booth is as busy as it has ever been. We’re extremely pleased with the number of buyers from leading food retailers, distributors that have shown interest in our full range of products. This is a great opportunity for us to showcase our products, and meet new potential customers from around the globe.

In addition to a couple of weeks ago, we participated in BioFach, in Germany, it’s a leading trade for organic food held in Nuremberg. Here we showcased our organic line and we are very pleased with a large interest from important food buyers. This helped us educate potential customers about our organic line, while allowing those who stopped by our booth to sample our delicious organic products. I’d like to mention, we are in the process of launching in the first half of this year about 80 SKUs in our organic line.

At the end of the third quarter we added an important new retailer as an Amira branded customer, Reliance Retail Limited, or RRL Stores. We began selling Amira branded products to RRL who is a leading and rapidly growing retailer in India with over 650 stores in total, of which 53 are large format. Amira is selling 20 different SKUs under the Amira brand across the 650 RRL Stores throughout India. To give you an idea of the scale, it is estimated that RRL has over 13 million loyal customers, and rice is a dietary staple for the customers in the region. This is a tremendous opportunity to introduce the Amira branded products to a growing number of consumers.

We also announced that we acquired Basmati Rice GmbH, a specialty distributor of premium branded rice, particularly basmati rice based at Germany. Basmati Rice GmbH has a rich 25-year history of serving some of the largest supermarkets in Germany, and more recently in neighboring countries across Europe. They offer 10 different varieties of rice to consumers under the ATRY, Scheherazade, Sultan, Sativa and Sadry brands. These brands can be found in over 4,000 stores across Germany and Europe but not limited to Edeka, Markant, Metro, Mpreis, REWE, and as well as certain food service distributors.

In calendar year 2012, Basmati Rice GmbH generated approximately $8 million in sales, and in calendar year 2013 they achieved sales of approximately $9 million. This acquisition is expected to be accretive to Amira’s earnings beginning in the fourth quarter of fiscal 2014, and we believe our team can quickly expand their sales and further enhance their high margin branded product offering as we leverage our existing vertically integrated infrastructure and distribution in Europe to provide consumers a vast array of branded basmati rice from our natural and organic offerings to this new unique items like smoked basmati rice will be added. The strategy is to bring in the Amira brand into the top-end stores where the Basmati Rice GmbH brands already sit.

Along with our efforts to gain new customers, we are also pleased to maintain important relationship with long standing customers. We recently announced a $58.6 million contract to supply third-party branded rice to a key repeat customer in the EMEA region. This contract highlights our customer satisfaction with our products and our leading position in the industry. We expect to recognize the benefit of this contract in fiscal 2015. The United States continues to represent a key target growth for Amira. Our product is already in several leading retailers such as Costco, and we have enjoyed solid growth in the U.S. over the last three years. However, it represents a tremendous opportunity and is focused on expanding our sales in this important market.

Our recently acquired brand ATRY, and smoked basmati rice is available in stores now in the East Coast of HEB, Wigwam’s and Farmer’s Market. We are now working towards expanding and getting the Amira brand into these stores and many more. To ensure that we are positioned to capitalize on the robust potential for Amira, we remained focused on expanding our processing capacity by building a new state-of-the-art facility. We remain on track to complete this facility by 2015.

In summary, we are pleased with the strong consistent execution and the progress of our fiscal 2014 which has exceeded our expectations. We look forward to a strong finish to the year.

With that, I’d like to turn the call over to Ashish to discuss the third quarter financial results in more detail.

Ashish Poddar

Thank you, Karan. Good morning everyone. For the third fiscal quarter ended December 31, 2013, we reported revenue of $142.5 million, compared to $113.9 million for the same period in fiscal 2013, an increase of 25.1%. This revenue increase was primarily due to increased sales volume and price of basmati rice, both in India and internationally.

Revenue in third quarter of fiscal 2014 for our Amira and third-party branded products was $136.5 million, or 95.8% of the total revenue, compared to $112.8 million, or 99% of total revenue for the same period in fiscal 2013. Institutional sales in the third quarter of fiscal 2014 contributed $5.9 million, or 4.2% of total revenue, compared to $1.1 million, or 1% of total revenue in the same period in fiscal 2013. This is consistent with our focus on rice and rice related products.

Cost of materials including change in inventory of finished goods increased $23.7 million, or 28.3%, to $107.4 million in the third quarter of fiscal 2014 from $83.7 million in the third quarter of fiscal 2013. This increase primarily reflects the growth in revenue. As a percentage of revenue, cost of material increased to 75.4% in the third quarter of fiscal 2014, compared to 73.5% in the third quarter of fiscal 2013 due to increased raw material prices.

EBITDA increased to $17.7 million, or 12.4% of sales in third quarter of fiscal 2014, compared to $13.7 million, or 12% of sales in the same period last year. Profit before tax increased to $9.5 million, or 6.7% of revenue, compared to $6.7 million, or 5.9% of revenue for third quarter of fiscal 2013. This strong improvement was due to top line growth, as well as improving leverage in our overall business.

Profit after tax for the third quarter of fiscal 2014 increased 85.5% to $7.7 million, compared to $4.2 million in the same period last year. Basic and diluted earnings per share was $0.20 for the third quarter of fiscal 2014, compared to $0.11 for the third quarter of fiscal 2013.

Turning briefly to our year-to-date results. For the nine months ended December 31, 2013, revenue increased 31.9% to $360.8 million, compared to $273.4 million in the same period of fiscal 2013. EBITDA increased 35.8% to $46.2 million, compared to $34 million in the same period last year. Profit after tax increased 98.8% to $21.4 million, compared to $10.7 million in the same period in fiscal 2013.

Turning to our balance sheet. At December 31, 2013, our cash balance was $34.8 million. Adjusted net working capital was $262.9 million, and we had net debt of $125.5 million. Our harvest season began in third quarter in October, and ended in January. During this period, we prudently increased inventory in order to meet expected demand, and as a result, the third quarter represents our peak inventory level. At the end of third quarter of fiscal 2014, inventory was $253.9 million, or an increase of $72.5 million from an inventory of $181.5 million at year-end fiscal 2013. Our inventory positions will decrease going forward over the next 10 months, consistent with our historical trends.

As of December 31, 2013, trade receivables were $74.7 million, an increase of $7.9 million from $66.8 million as of March 31, 2013 due to increased sales.

Turning to our outlook. As we stated in our press release today, the company is raising an annual guidance for the full year fiscal 2014. We now expect revenue to grow to between $507 million to $517 million, and EBITDA to grow between $66 million to $68 million. This is in line with our long-term guidance previously provided to the investment community in connection with our initial public offering.

We note that our guidance is based on foreign exchange rate as of December 31, 2013. While we use forward contracts to hedge foreign currency risk, we believe it is prudent to maintain a conservative approach to our business. To reiterate what Karan stated, we are on track to deliver another year of record sales and earnings growth in fiscal year 2014.

Now, I would like to turn the call back to Karan for final comments. Thank you.

Karan Chanana

Thank you, Ashish. As you can tell from Ashish’s summary and our outlook, this is a very exciting time for Amira. We are on track to deliver another record year in fiscal 2014. We remain focused on continued execution and further positioning Amira as a leader in our industry. Next week we will be attending Natural Food Expo West in Anaheim, in California. This will be our first time at this show. I’d like to invite you, all of you who may be interested to attend this situation and come by our booth, meet us, meet the team, and sample some of our delicious product, and we hope to see you there.

With that, I’d like to now open up the call for your questions. Operator?

Question-and-Answer Session

Operator

Thank you. We will now be conducting a question-and-answer session. (Operator Instructions). Our first question is from Thilo Wrede of Jefferies. Please go ahead.

Thilo Wrede – Jefferies

Good morning, everybody. Karan, this year you have done more business in your institutional business again, and this quarter margins were weaker than I thought they would be. Is there a connection, is there – just as, increased contribution from the institutional business, is it impacting margins? If not, it’s the – it’s lower than I would have expected margin, is that just an expression of you not being able to pass on the high input cost increases fast enough?

Karan Chanana

Hi, Thilo. First of all, our institutional business is in line with what it has been historically. And it does not contribute to the lower margins, we always said it’s an opportunist but profitable business. Price increases, I’ve said right now on the call, we’ve passed on the price increases, I think our margins have increased significantly and I have always maintained quarters are going to be lumpy. If you look at our guidance for the full year which we’ve updated, and you look at the year as a whole, I think we will meet or beat the expectations.

Thilo Wrede – Jefferies

So the institutional business has no impact on your overall EBIT margin?

Karan Chanana

It does not impact on the overall annual EBIT margin.

Thilo Wrede – Jefferies

Okay. But this quarter it could have an impact?

Karan Chanana

I don’t have the answer for that but it could have had because the quarter is always lumpy.

Thilo Wrede – Jefferies

Okay.

Karan Chanana

I mean the year-to-date – our institutional is 11%, nine months.

Thilo Wrede – Jefferies

Okay. And then, the – your inventory grew quite significantly in dollar terms and Ashish talked about it, that is – your prudent step to grow the inventory which I don’t disagree with. The question is, how much should the inventory grow in actually tonnage versus just a higher input price?

Karan Chanana

The inventory grew by say $72.5 million to $253.9 million, it’s grown by tonnage and by value. This crop year, although the crop has been up approximately 10% in volume, the prices have been up between 10% and 15% as well. So you could look at the tonnage to be growing by 15% to 20% and value growing by 10% to 15%. So $75 million is about a 30% odd growth which would be equally contributed by both.

Thilo Wrede – Jefferies

Okay. And then, can you give us an idea of what the cadence of CapEx spending will be for the next four or five quarters given the expectation that you will increase your spending on the new facility?

Karan Chanana

The new facility – as I’ve said, we’ve been – before the end of this financial year which is March 31, we will be spending approximately between $12 million to $15 million, and the balance will be in the next financial year as we build out the plant.

Thilo Wrede – Jefferies

Will it be lumpy next year though or will it be spready when you cross the quarters?

Karan Chanana

It will be lumpy, as progress on the plant and machinery happens it will happen accordingly.

Thilo Wrede – Jefferies

Okay, alright. And then, the last question I had the debt refinancing, maybe that didn’t pay enough attention in your prepared remarks but can you give us an update there?

Karan Chanana

We’re working on it as we speak.

Thilo Wrede – Jefferies

Any timing?

Karan Chanana

We hope to do it – if everything remains equal in the markets, before – we are targeting by middle of April, if not the end of March, the timing is – as you know the market is important, so that’s what the banker say who we are in touch with to do this.

Thilo Wrede – Jefferies

Okay. And the target is still to lower it by 400 basis points?

Karan Chanana

That’s the target, yes.

Thilo Wrede – Jefferies

Okay. Alright, that’s all I have for now. Thank you.

Karan Chanana

Thanks.

Operator

Thank you. The next question is from Akshay Jagdale of KeyBanc Capital Markets. Please go ahead.

Akshay Jagdale – KeyBanc Capital Markets

Good morning.

Karan Chanana

Good morning, Akshay.

Akshay Jagdale – KeyBanc Capital Markets

Can you first just on – just some numbers here. What – can you explain what happened with the interest expense that was well higher than what we had, that sort of, the computation implies are pretty high, implied rate this quarter. So can you just help us understand why net interest expense was $8 million – $7.5 million or $7.6 million?

Karan Chanana

Ashish?

Ashish Poddar

Hi Akshay, good morning.

Akshay Jagdale – KeyBanc Capital Markets

Good morning.

Ashish Poddar

Well, Akshay this is primarily because of increase in inventory and the raw material prices which actually lead to hiring [ph] cost as compared to the last year, same quarter.

Akshay Jagdale – KeyBanc Capital Markets

Yes, I understand that. But it seems like the rate you’re paying is also much higher than we’ve ever seen. So is there something unusual going on there? I mean, I’m assuming you borrowed on the revolver and we would expect that rate to be around 14%, 15% or maybe 16% but it seems to been higher than that?

Ashish Poddar

No it’s actually not a higher rate but it’s actually because of the higher inventories. So when we will be releasing our Form 6-K, you will be having full details around that in terms of the interest rates. On an annualized basis, it will come around the same which it was last year.

Akshay Jagdale – KeyBanc Capital Markets

Okay, great. And then Karan, can you just give us a sense of what the drivers of revenue growth were this quarter? How much of a negative impact was FX this quarter? And was the price mix again in the high teens or higher than that this quarter?

Karan Chanana

Akshay, good question. Before I answer that I would like to add to what Ashish has said. We added more inventory, we added obviously higher cost inventory because that’s the market, and obviously this inventory is going to come into play next financial year as it ages. So that’s why I said the quarters are always lumpy, so that’s the way to look at it. And I also saw – see we’ve had more SG&A, the last quarter is when all the festive season, whether in India, internationally, we have Diwali, Christmas happen, you’re going to see a lot of the benefit of that coming in now. So, the SG&A also tends to be lumpy as we build the brand out and that’s where we’ve raised our guidance. And also, you can see very clearly from that how confident we are of achieving or priding [ph] it. On the FX, you know we have fully hedged from an income perspective, and the translational risk remains. Ashish, can you update the numbers?

Ashish Poddar

Yes, sure. So, in terms of the FX, we do not have much of exchange gain or loss in this quarter. In this quarter we have $0.9 million impact on the – from the other financial items. On a percentage of sales, it’s 0.6% as compared to the last year last – the same quarter.

Akshay Jagdale – KeyBanc Capital Markets

Yes. Maybe you misunderstood my question, I’ve just saw – your growth this quarter, sales growth, what I’m trying to understand, so as your sales are in dollar terms, what was the translation impact because of the Rupee being weaker?

Ashish Poddar

During this quarter the exchange rate was almost stable, and there was not much of impact because of change in currency rates.

Akshay Jagdale – KeyBanc Capital Markets

Okay. So most of your growth, if not all of it was a function of pricing and volume?

Ashish Poddar

That’s right.

Akshay Jagdale – KeyBanc Capital Markets

Okay. And then, so Karan if I – just going back to your answer for the first question, so is it – it’s a good way to think about the higher interest cost this quarter is a function of your inventory which obviously you’re going to sell next year at higher rates, right. So you’re sort of taking the cost of future COGS in this quarter, and then on top of that you spend some money building your brand this quarter which will also show up in sort of future growth. Is that a good way to think about it?

Karan Chanana

That’s the only way to think about it, it’s absolutely spot on because – you got it absolutely right. So last quarter of the calendar year, festive season, the brands been getting popularity, we’re getting our bit of advertising, making it visible, and the sales become stronger and stronger in all the countries we’re available in. And – correct, the COGS – we’ve taken the higher cost of the COGS now which are going to be – you’re seeing – you’re going to see the sales of that when we give our guidance for 2015. So like I’ve always said, this business has a lot of clear visibility because you know your COGS going ahead, and obviously quarters then have to be – can’t be looked at in isolation although we do report quarters. So that’s the way it is.

Akshay Jagdale – KeyBanc Capital Markets

Okay. And just two more questions. One is on the institutional business. I understand it’s lumpy, quarter-to-quarter, year-to-year. Last quarter specifically, the institutional business seems to be the major driver of growth. Can you just help us understand what’s going on in that business? You had $4.5 million in sales in 1Q, $30 million or something in 2Q, and then $6 million now in 3Q. Just give us some color as to what are you selling more now than you did last year in that business. And then I have one last question.

Karan Chanana

Akshay, we are selling to the same clients which we have, we don’t go out and look for clients for the institutional business, they come to us and say, hey, we want this. If you look at the last three years chart, our average has been 8% to 10% of the institutional business and obviously it’s lumpy because of opportunity based business which comes our way. And like I said, year-to-date in terms of nine months is 11%, it will be that range on the total revenue, so that’s what it exactly is.

Akshay Jagdale – KeyBanc Capital Markets

Okay. And then just on the demand side of things, you talked a little bit about India and growth in that market as it relates to new customers etcetera. Can you just talk a little bit about the international market, it seems to us that the Middle Eastern countries which are huge part of the export picture, took sort of a break from buying basmati rice this past year and now probably have very little inventory in the pipeline and have started to buy again which is why the paddy costs are up. So can you – first of all, is that a good interpretation of what’s going on, and if not, can you just give us a sense of what’s going on in terms of export demand for basmati rice?

Karan Chanana

Okay, the international sales of basmati rice have been strong. What you are saying is correct but the way to look at it is as follows. The international brands of basmati rice have had solid demand, their pipeline has shrunk, and you’re right, they came in to buy more this time because they did not keep their purchases in line with their rising demand in the last one year, okay. So they – and that’s what they come – that’s why despite a 10% increase in the volume, the prices are also up, okay, which is in line with expectations. We at Amira moved early during the harvest season and are all set to benefit from that like we did last year. If you recall our conversation exactly a year from now, and I – talking about the same quarter, I was saying the same thing, and we have a cost benefit which we believe we will have again because we have been prudent in gauging the market as we always are, and executing on the same. So demand is very strong and I’m at Gulf Food here, it’s – you know, you should have come and seen, it’s back to the brim, and the demand is absolutely solid, and I think it’ll continue to get more and more strong as basmati rice gets into more and more countries.

Akshay Jagdale – KeyBanc Capital Markets

Perfect. I’ll pass it on, thanks.

Karan Chanana

Thank you.

Operator

Thank you. The next question is from Rohini Nair of Deutsche Bank. Please go ahead.

Rohini Nair – Deutsche Bank

Hi, good morning everyone.

Karan Chanana

Good morning.

Rohini Nair – Deutsche Bank

This one is a follow-up on Thilo’s question on the CapEx spend. So you’re expecting about $12 million to $15 million, you said this fiscal year. So can you confirm – do you breaking [ph] ground on the new facility, and do you expect it to be completed by the end of fiscal 2015?

Karan Chanana

That’s the target so far.

Rohini Nair – Deutsche Bank

So the remaining CapEx associated with the facility should come through – in the next fiscal year?

Karan Chanana

That’s what our plan is for it to come through. And we’ve ordered the machinery, everything else, the contractors, architect, they’ve all – all the service providers have been identified, contracts done. So far we are on-stream, if there is any change, we’ll let you know, not that there is at the moment at all.

Rohini Nair – Deutsche Bank

Okay. And I’m wondering if you can give us, maybe an update on your organic product lines. So it sounds like you expect those to come on shelf in India sometime within the first half of this year. Can you confirm that are you still on track for a second half launch in the U.S.?

Karan Chanana

Yes. They’re going to be on-stream in India and parts of Europe, and the Middle East, hopefully by June, July. And second half for the U.S. we’re participating in Expo West, we are currently in conversation with key retailers and distributors, both of whom have shown very high interest. As I’ve said earlier, we’ve identified the key drivers of organic business, we’re launching more than 80 SKUs over the balance half of the year, second half of this year. All the products are already ready, and we are currently doing sampling and testing in different regions to identify which SKUs go where, and I think we’d be ready to roll them – or by the end of the year we should have rolled out all the SKUs.

Rohini Nair – Deutsche Bank

Okay. And then in the U.S. and the U.K, maybe if you can give us an update on your – how you’re expansion plans are going, your Costco roll out, and some of the other retailers that you’ve been talking to?

Karan Chanana

Yes. In the U.S., our nine month sales in the U.S. are up 50% in comparison to the same time last year. And as a percentage to our total revenue also it’s gone up, it’s higher than the previous year. We acquired Basmati Rice GmbH which has listings for its smoked basmati rice in HEB, Wigwam’s and Farmer’s Market. So that’s an immediate potential for us. So if we’re going ahead with – trying to get the listings of the Amira gold packed [ph] range rice there. And like I said, we’re talking to key retailers and nation-wide distributors to roll out the dry rice, the organic and our – some of our selected snacks which apply to the U.S. market. In the U.K., you must say the good [indiscernible] we’ve entered food service and we’re getting into other retailers pretty soon. We are also launching the organic and the snack line there by the middle of this year.

Rohini Nair – Deutsche Bank

Okay, thank you. And then just one last question, maybe for Ashish. So just to confirm your financial costs for the year, do you expect those to be up year-over-year? I mean, are we expecting this kind of $8 million to flow there into the fourth quarter or do you expect it to be flat versus last year?

Ashish Poddar

It will remain flat, and going forward, after the debt refinancing, there will be a cost saving around that area from next year onwards.

Rohini Nair – Deutsche Bank

Okay, thank you very much.

Operator

Thank you. We have no further questions at this time. I would like to turn the floor back over to management for any closing remarks.

Karan Chanana

I’d like to thank you very much for your time today. We appreciate your continued interest and support. We look forward to speaking to you next on our year-end call. And in the meantime, we hope to see you at Natural Food Expo West, and various investor events that we’ll be attending in the next couple of months. Thank you. And have a nice day.

Operator

Thank you. Ladies and gentlemen, this does conclude today’s teleconference. You may disconnect your lines at this time. And thank you for your participation.

Copyright policy: All transcripts on this site are the copyright of Seeking Alpha. However, we view them as an important resource for bloggers and journalists, and are excited to contribute to the democratization of financial information on the Internet. (Until now investors have had to pay thousands of dollars in subscription fees for transcripts.) So our reproduction policy is as follows: You may quote up to 400 words of any transcript on the condition that you attribute the transcript to Seeking Alpha and either link to the original transcript or to www.SeekingAlpha.com. All other use is prohibited.

THE INFORMATION CONTAINED HERE IS A TEXTUAL REPRESENTATION OF THE APPLICABLE COMPANY'S CONFERENCE CALL, CONFERENCE PRESENTATION OR OTHER AUDIO PRESENTATION, AND WHILE EFFORTS ARE MADE TO PROVIDE AN ACCURATE TRANSCRIPTION, THERE MAY BE MATERIAL ERRORS, OMISSIONS, OR INACCURACIES IN THE REPORTING OF THE SUBSTANCE OF THE AUDIO PRESENTATIONS. IN NO WAY DOES SEEKING ALPHA ASSUME ANY RESPONSIBILITY FOR ANY INVESTMENT OR OTHER DECISIONS MADE BASED UPON THE INFORMATION PROVIDED ON THIS WEB SITE OR IN ANY TRANSCRIPT. USERS ARE ADVISED TO REVIEW THE APPLICABLE COMPANY'S AUDIO PRESENTATION ITSELF AND THE APPLICABLE COMPANY'S SEC FILINGS BEFORE MAKING ANY INVESTMENT OR OTHER DECISIONS.

If you have any additional questions about our online transcripts, please contact us at: transcripts@seekingalpha.com. Thank you!

Amira Nature Foods (ANFI): FQ3 EPS of $0.22 misses by $0.06.

Revenue of $142.5M (+25.1% Y/Y) beats by $16.08M.