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ICICI Securities Report
Consensus likes to see Mrs. Bectors Food Specialities Ltd.'s outperformance in India business-to-consumer biscuits and absolute (good) growth in B2C breads. The disclosures remain suboptimal.
Interpreting what we know, it appears that India B2C biscuits is outperforming industry growth - that's pleasing to note. Mrs. Bectors reported good revenue performance (up 33% YoY) with-
recovery in the institutional bakery (quick service restaurant) segment (and also a new customer),
retail breads growing on the back of distribution expansion and
good momentum in the biscuits business (retail and higher in exports).
Raw material inflation continued to impact margin print. Ebitda margin of 10.4% continues to be much below the aspiration (14-15%).
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