New capacity will improve volume & realisation Apex Frozen Foods Ltd (Apex) is an integrated producer and exporter of processed shrimps in Andhra Pradesh. Q2FY20 revenue grew by 5.4%YoY aided by growth in both volumes (2%YoY) and realization (2%YoY). EBITDA margin improved by 410bps YoY supported by improvement in realization, backward integration (hatchery & farms), reduction in storage & processing cost and stable currency. Apex has commenced commercial production from the new capacity (20,000MT, ~2x existing capacity), but waiting for certain approvals for export to US and EU which is expected by December. From the new capacity, 5000MT is for ready to eat (will improve realisation & margin) and management expects no major delay in...