Freshtrop Fruits Limited

Freshtrop Fruits Limited is engaged in the business of exports of fresh fruits and vegetables to supermarket chains in the International and Domestic Markets. The Co supplies Fresh Produce of Grapes & Pomegranates, Fresh cut of Pomegranate Arils & Coconut Chunks and Fruit Pulps of various fruits in Frozen, Aseptic & organic forms. The Co is a leading and consistent supplier of grapes and pomegranates from India to supermarkets mainly in Europe. With the intention of bringing food in its purest form to consumers in India, the Co has set up a cold extraction unit along with the latest HPP technology for ensuring food safety. This led to the launch of Second Nature in FY18. Through this brand the Co manufactures and sells Fruit & Veggie Juices, Fruit Juices, Bundles of Juices and Nut Milks. Fresh Fruits: 71% in FY21 vs 80% in FY18.Processed Fruits & Vegetables: 29% in FY21 vs 20% in FY18.  The Co has supplied to demanding Supermarkets such as ASDA, Tesco, Marks & Spencer, Albert Hynes,DelHaize, Carrefour, Migros and several others. The Co’s top two customers accounted for 13% of its total revenue in FY21 vs 27% in FY20. The financials of the company is average, RoNW is 9.79% and at CMP its looks fully priced. Price difference is around 7% and acceptance ratio as per current share holding for retail will be around 20%, so final buyback ration may be near to 25% and one may get around 1-3% on investment. So we give AVOID rating to this buyback, those who are currently holding may participate in buyback.

• 1 Mr. Rajesh Pirogiwal
• 2 Mrs. Sunita Pirogiwal
• 3 Miss Tanvi Pirogiwal