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ICICI Securities Report
Key takeaways from Heritage Foods Ltd.'s Q2 FY22 result:
the company's revenue grew 9.9% YoY driven by strong growth in dairy segment,
however, its gross margin declined 449 basis points YoY due to higher milk prices but no price increase, and
steady launch of new products continued during the quarter.
The company plans to increase its distribution penetration in tier-II and III cities. Steady value migration from co-operatives and unorganised players to private players is likely to benefit Heritage Foods.
We model the company to report profit after tax compound annual growth rate of 10.7% over FY21-FY24 with:
high single-digit growth in milk procurement,
steady increase in the share of value added product portfolio and
revival of hotel-restaurant-cafe consumption.
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