Equity Analysis /
India

IN : Apex Frozen Foods Ltd - Weak results again due to logistics problems

    Nitin Awasthi
    CGS-CIMB
    28 May 2022
    Published by

    AFFL reported a weak set of 4QFY22 numbers, below our expectations, because of logistics problems which include higher logistics cost. The transportation problem, which eased to some extent in the early part of 3QFY22, took a turn for the worse later and continued in 4QFY22. Retain Add rating on AFFL with a lower TP of Rs755, at 18x FY24F P/E.