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ICICI Securities Report
Key takeaways from Parag Milk Foods Ltd.'s Q2 FY22 earnings:
Revenue growth was 6.8% YoY due to recovery in both hotel-restaurant-cafe and consumer products.
Gross and Ebitda margin improved 101 basis points and 163 bps YoY, respectively due to lower milk procurement prices.
The company entered into milkshake category. It has also introduced multiple differentiated products. Expansion of distribution reach is likely to drive strong off-take.
With strong recovery in hotel-restaurant-cafe segment and reduction in debt and interest cost, we model Parag Milk Foods to report revenue and profit after tax compound annual growth rate of 14.3% and 39.1%, respectively, over FY21-24.
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