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ICICI Securities Report
Mrs. Bectors Food Specialities Ltd.'s topline print (Q4: up 15% and FY21: up 16%) was good in the context of:
- weak institutional business and
- challenges in ramping-up distribution given on-ground issues.
Raw material inflation impacted gross margins but price hikes and a series of measures have been taken, management appears confident of ~15% Ebitda margins by Q2 FY22, in our view.
While overall growth guidance of ~15% and ~68% for domestic biscuits for FY22E was a tad disappointing, measures are being taken to improve the medium-term trajectory.
We believe the expansion of domestic biscuits and branded breads business into new regions driven by sales initiatives will be a key driver for growth.
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