Foods & Inns

- The company expects that by June end, investor money will come in the form of equity through the warrant issue done in November 2022, whose 18-month period ends in June 2024. - Debt levels are currently near peak due to higher production and increased inventory, but with equity infusion expected, debt may reduce. - No explicit mention of new debt or equity fundraising beyond this equity infusion at June 2024. - Further debt requirement depends on sales growth; drastic sales increase may require more working capital debt. - Overall, current plan indicates no immediate new fundraising other than the anticipated equity from the warrant issue.

- Major CAPEX focus is on the tomato processing line in Gonde, Nashik, expected to be completed by Q2 FY25, with a budget of around Rs. 15 crores. - Total ongoing project cost for CAPEX is estimated between Rs. 25 crores to Rs. 30 crores. - Additional CAPEX of Rs. 3-4 crores planned to enhance storage at the TPPL line, though this decision is not finalized. - A small CAPEX is also being undertaken for the co-packer's top fruit processing line in Ahmednagar. - Past CAPEX on TPPL processing line (70-80% complete) is included in the overall Rs. 25-30 crores. - For FY25, total CAPEX expected is around Rs. 18 crores (including some Q4 CWIP costs and ECRC). - Infrastructure built for Tetra Recart can support addition of up to 5 more lines with minimal CAPEX besides machinery.

- The company targets a minimum of 20% growth in the mango business volume annually, supplemented by growth in other product segments like spray dried, frozen foods, Kusum spices, and Tetra Recart. - Capacity expansions (e.g., new tomato processing line expected by Q2 FY25) support potential sales of Rs. 1,700-1,800 crores in 3 years. - Spray dried and frozen food segments are growing well, with expectations of Rs. 150 crores sales in frozen foods in near future. - Kusum spices aims to grow from Rs. 23 crores in FY24 to Rs. 100 crores over 3 years. - Current order book was 40% higher than last year, with delayed call-offs expected to boost volumes in FY25. - Volumes for Q1 FY25 already indicate over 20% growth compared to Q4 FY24. - Exact revenue guidance is withheld due to raw material price volatility affecting topline but volume growth and absolute gross margin per kg are expected to improve.

- Foods & Inns aims for a minimum of 20% volume growth in the mango business alongside growth in other product segments. - Order book for FY25 is building, with a better clarity expected by end of July or early August 2024. - The company expects increased absolute gross margin per kg, though exact top-line numbers are not guided due to raw material price volatility. - EBITDA absolute figure remains stable around Rs. 100 crores excluding PLI incentives, with volume growth supporting earnings. - Capacity expansions, including a tomato processing line expected by Q2 FY25, will support revenue growth towards Rs. 1,700 - 1,800 crores in 3 years. - Earnings growth is driven by product mix changes and diversification into spray dried products, frozen foods, spices, and branded products. - Debt levels are expected to peak by June 2024 with equity infusion planned via warrant conversion, limiting further debt increase. - Operating costs include holding period finance costs, recoverable via a cost-plus pricing model; pricing and volumes are seasonal and tied to procurement cycles.

- The order book for FY25 has just started building and a clearer picture will emerge by end of July or early August 2024. - The Company usually covers maximum volume from day 1 of processing till season end. - Fixed contracts exist with long-standing customers (some over 30 years). These customers are prioritized for allocations. - Any additional stock after fixed contracts is sold in the open market based on demand and supply. - Customer profile and order book are not challenges; procurement of raw material is the main constraint. - For FY24, orders booked were 40% higher than FY23, leading to production 40% higher than sales, causing inventory carryover which is expected to clear during FY25.