Mrs. Bectors Q4 Results Review - More Of The Same, And That's Exactly What Consensus Likes: ICICI Securities

ICICI Securities Report

Mrs. Bectors Food Specialities Ltd.'s robust revenue growth trajectory (+17% YoY in Q4 FY24) continues to be driven by mid-teen volumes led by distribution expansion (achieved its target of doubling its direct reach to ~32000 outlets) and marketing support.

Both biscuits and breads businesses delivered broad-based performance with 18% YoY growth. Distribution expansion and premiumisation continue to be key focus areas.

Operating margins remain healthy and within the guided range (~15%) at 14.4%. Building blocks are in place with:

1. continued investment behind distribution expansion;

2. improving analytics and servicing (implementation of DMS after SFA last year);

3. building brand awareness.

Branded bakery revenue growth may accelerate with new capacity and expansion plans. Maintain Buy.

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