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ICICI Securities Report
Key takeaways from Parag Milk Foods Ltd.'s Q3 FY22 performance:
the company's revenue grew 13.8% YoY due to a recovery in both hotel-restaurant-cafe as well as higher skim milk powder sales and
gross and Ebitda margin improved 94 basis points and 169 bps YoY, respectively.
As the industry moves towards normalcy post-Covid-19, the company has accelerated brand-building efforts (ad-spends up 136% YoY).
Hotel-restaurant-cafe segment clocked higher than pre-pandemic sales during the quarter.
We model Parag Milk Foods to report revenue and profit after tax compound annual growth rate of 11.8% and 35.3%, respectively, over FY21-24.
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