Avanti Feeds Ltd

Dear Shareholders,

It is with great pride and enthusiasm that I share the achievements of Avanti Feeds Ltd. for the financial year 2023-24. This year has been marked by significant growth and strategic advancements across all our business verticals. Our Revenue reached Rs 5,505 crores, an increase from Rs 5,179 crores in the previous year, while our profit surged to Rs 537 crores from Rs 427 crores.

In the feed manufacturing sector, Avanti Feeds' position remains robust. Your company is also well-positioned in the export markets. In FY 2023-24, our feed division achieved a gross income of Rs 4,396 crores, reflecting an impressive growth from the previous year.

Despite the challenges in shrimp exports like lower market prices, increased production costs, and growing competition from export markets such as Ecuador, Vietnam, and Indonesia, Avanti Feeds has maintained a competitive edge, realizing higher margins over the last two years. We have been proactive in our interventions, adapting swiftly to dynamic market fluctuations and challenges.

Your company has always been forwardlooking, gearing up to tap into opportunities for growth and value addition for shareholders while fulfilling the mission of bridging the nutritional and food needs of the people. The Union Government's major push for aquaculture, especially fisheries, through fund allocation and incentives, is a positive development.

The PMMSY (Pradhan Mantri Matsya Sampada Yojana) introduced new operational guidelines in 2024 for the development of fish and aquatic products, infrastructure, and overall promotion of the Blue Revolution. Aquaculture has been recognized for its role in enhancing farmers' livelihoods and improving the health of the population with better protein and nutrition.

The second growth area is the domestic consumption of aqua products, especially value- added ones. The realization of aqua and marine products as sources of protein and nutrition is driving demand upward. Avanti Frozen Foods is fully aware of these business opportunities and is focused on turning out more value-added products, positioning India among the best in class globally.

To achieve all these goals, a strong R&D, investment in the latest technologies, development of skilled human resources, and strengthening of linkages with farmers and stakeholders are essential. I am pleased to inform you that your company is dedicated to all these areas.

I acknowledge my heartfelt gratitude to our employees, aqua farmers, customers, dealers, partners, financial institutions, and all stakeholders for their steadfast and continuous support in maintaining Avanti's prime position despite multiple challenges. My sincere thanks are also due to my fellow Directors for their invaluable guidance and unwavering support throughout our journey.