Parag Milk Foods Q4 Review - Lower HoReCa Sales Impacted Revenues: ICICI Securities

BQ Blue’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer BloombergQuint’s subscribers an opportunity to expand their understanding of companies, sectors and the economy. .ICICI Securities Report.Key reasons for Parag Milk Foods Ltd.'s weak Q4 FY21 performance: steep decline in hotel-restaurant-cafe sales resulted in sharp 18.8% revenue decline. Lower sales to modern trade also resulted in decline in liquid milk revenues and while gross margin was flat YoY, negative operating leverage resulted in 320 basis points lower Ebitda margin. We model:the revenues of core products (paneer, cheese, ghee etc.) to gradually recover in FY22-23 due to recovery in economy and favourable base, off-take from HoReCa segment is also expected to recover in H2 FY22 and post equity infusion, the balance sheet will strengthen with reduction in debt and interest cost..Click on the attachment to read the full report:.DISCLAIMERThis report is authored by an external party. BloombergQuint does not vouch for the accuracy of its contents nor is responsible for them in any way. The contents of this section do not constitute investment advice. For that you must always consult an expert based on your individual needs. The views expressed in the report are that of the author entity and do not represent the views of BloombergQuint..Users have no license to copy, modify, or distribute the content without permission of the Original Owner.

Parag Milk Foods Q4 Review - Lower HoReCa Sales Impacted Revenues: ICICI Securities

Parag Milk Foods Q4 Review - Lower HoReCa Sales Impacted Revenues: ICICI Securities

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