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ICICI Securities Report
Rising share of value added products and strong up-tick in curd volume sales are the key positives of Heritage Foods Ltd.'s Q1 FY23 result.
Revenue grew 26.7% YoY but Ebitda margin declined to 2.9% (lowest in past 44 quarters) due to delayed price hikes. Heritage continued to launch new products during the quarter.
We remain believer of Heritage to be a beneficiary of steady value migration from co-operatives and unorganised players to private players.
We model Heritage to report profit after tax compound annual growth rate of 30.2% over FY22-FY24 with-
high single-digit growth in milk procurement and
steady increase in the share of value-added product portfolio.
We cut earnings estimates due to delay in price hikes.
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