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ICICI Securities Report
Wholesale milk prices have risen in September 2020 and Q2 FY21 (YoY) in-spite of lower milk procurement prices.
Key reasons for higher wholesale prices -
1. supply chain disruption, 2. some spoilage of milk and labour shortage and 3. price hikes of 5% in February 2020 by dairy companies.
Milk procurement prices have continued to correct sequentially as the demand from hotel restaurant cafe (HoReCa), added products is lower and commencement of flush season.
Dairy companies were supposed to raise prices in H1 FY21 but it was differed due to lower procurement prices.
Inclusion of milk in mid-day meal may lead to increase in demand for liquid milk.
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