💰 Financial Performance

Revenue Growth by Segment

Standalone Net Sales grew 10.8% YoY to INR 35,034.96 Lakh. Export revenue grew 15.1% YoY to INR 16,502.13 Lakh, while domestic sales contributed the remaining INR 18,532.83 Lakh.

Geographic Revenue Split

Exports accounted for 47.1% (INR 16,502.13 Lakh) of total revenue, while domestic operations contributed 52.9% (INR 18,532.83 Lakh).

Profitability Margins

Operating Profit Margin was 10.16% in FY 2024-25 compared to 10.87% in FY 2023-24. Net Profit Margin ratio was 7.23% in FY 2024-25, down from 10.30% in the previous year.

EBITDA Margin

EBITDA Margin was 10.69% (INR 3,746.07 Lakh) in FY 2024-25, a slight decrease from 11.22% (INR 3,545.37 Lakh) in FY 2023-24, primarily due to higher material costs.

Capital Expenditure

Depreciation and Amortization increased 66.6% to INR 393.85 Lakh from INR 236.36 Lakh, indicating significant recent additions to Property, Plant, and Equipment.

Credit Rating & Borrowing

Finance costs were INR 494.86 Lakh, down 16.4% from INR 591.77 Lakh. The company maintains working capital limits in excess of INR 5 Cr with banks.

⚙️ Operational Drivers

Raw Materials

Honey and honey-related products (derived from apiculture) represent the primary raw material, with total material costs accounting for 67.62% of revenue (INR 23,691.23 Lakh).

Raw Material Costs

Material costs increased from 65.04% to 67.62% of revenue, totaling INR 23,691.23 Lakh, representing a 15.2% YoY increase in absolute cost terms.

Manufacturing Efficiency

Inventory Turnover Ratio was 2.57% (as reported in measurement units) compared to 2.01% in the previous year, suggesting improved stock movement.

📈 Strategic Growth

Expected Growth Rate

Not disclosed

Growth Strategy

Growth is targeted through the unexplored apiculture market and focusing on core competencies in honey and honey-related products. The strategy includes leveraging the 'people pillar' as a strategic business partner for sustainable growth.

Products & Services

Honey and honey-related products generated through apiculture (rearing and hiving honey bees).

Brand Portfolio

APIS India.

Market Expansion

The company is focusing on unexplored market segments in the agricultural/apiculture industry for future growth opportunities.

Strategic Alliances

The company has a joint venture which contributed INR 430.43 Lakh to profits in FY 2024-25, down from INR 1,093.35 Lakh in the previous year.

🌍 External Factors

Industry Trends

The apiculture market remains largely unexplored, offering bright growth opportunities despite a stabilizing global economy facing persistent inflation and climate-related disasters.

Competitive Landscape

The company operates in an ever-increasing competitive and challenging world, positioning itself as a strategic partner in the agricultural industry.

Competitive Moat

Core competency in an unexplored market segment and huge growth prospects in honey products provide a durable competitive advantage.

Macro Economic Sensitivity

Global growth is projected to reduce from 3.3% in 2024 to 2.8% in 2025 due to trade tariffs and policy uncertainty.

Geopolitical Risks

Escalating trade tensions and sweeping policy changes in early 2025 regarding trade tariffs are reshaping the global trade system.

⚖️ Regulatory & Governance

Industry Regulations

Operations are influenced by changes in government regulation and tax regimes. The company complies with Sections 177, 185, 186, 188, and 197 of the Companies Act, 2013.

Taxation Policy Impact

Tax expenses for the year were INR 754.12 Lakh on a PBT of INR 2,857.36 Lakh, representing an effective tax rate of approximately 26.4%.

Legal Contingencies

Pending litigations exist for which the impact cannot be estimated, shown as contingent liabilities. There is a disputed trade receivable of INR 213.21 Lakhs, with an expected credit loss provision of INR 195.87 Lakhs.

⚠️ Risk Analysis

Key Uncertainties

Uncertainties include raw material availability, cyclical demand, and changes in government regulation which could cause results to differ materially.

Geographic Concentration Risk

47.1% of revenue is concentrated in export markets, making the company highly sensitive to global trade policies and tariffs.

Technology Obsolescence Risk

The company has implemented accounting software with audit trail (edit log) facilities to ensure data integrity and compliance with Rule 3(1) of Companies (Accounts) Rules, 2014.

Credit & Counterparty Risk

Disputed foreign trade receivables of INR 213.21 Lakhs represent a credit risk, though partially mitigated by ECGC cover.