reports
- Mehul Desai
Parag Milk Foods' Q2FY20 results (Outperformer) - Weak H1, strategy ex...
Q2FY20 result highlights Net sales increased by 11.6% yoy to Rs6.4bn (est: Rs6.5bn), EBITDA decreased by 5% yoy to Rs555m (est: Rs664m), PAT decreased by 6% yoy to Rs285m (estRs353m). Overall volume growth for the quarter was ~2% yoy. Milk products grew by ~11% yoy, while SMP sales grew by ~4% yoy & Liquid milk grew by 15% yoy. Gross margins declined by 510bps yoy to 25.7% impacted due to due to higher milk prices and disruptions in milk availability caused by prolonged monsoons. Staff co...
- Mehul Desai
Parag Milk Foods' Q1FY20 results (Outperformer) - Revenue traction hea...
Q1FY20 result highlights Net sales increased by 14.6% yoy to Rs6.3bn (est: Rs6.5bn), EBITDA decreased by 5% yoy to Rs569m (est: Rs630m), PAT decreased by 3% yoy to Rs275m (estRs323m). Milk products grew by ~16% yoy, while SMP sales grew by ~21% yoy & Liquid milk grew by 7% yoy. Gross margins declined by 370bps yoy to 26.7% impacted due to increase in milk procurement prices. Staff cost increased by 31% yoy and other expenses decreased by 2% yoy. Resultant EBITDA margins declined by 190bps ...
- Krishnan Sambamoorthy
MOSL: PARAG MILK FOODS (Buy)-Growth continues-Milk Inflation impacts o...
PARAG MILK FOODS: Growth continues; Milk Inflation impacts operating performance (PARAG IN, Mkt Cap USD0.2b, CMP INR207, TP INR255, 23% Upside, Buy) net sales grew sharply at 14.6% to INR6.3b (v/s est. of INR6.5b). Skimmed milk powder (SMP) grew ~21%, followed by Milk products at ~16%, Fresh milk at ~7% and other segment by ~2% YoY. EBITDA declined 4.6% YoY to INR569m (v/s est. of INR598m), while adj. PAT declined 2.7% YoY to INR275m (v/s est. of INR289m). Gross margins contracted 360b...
- Mehul Desai
Parag Milk Foods' Q4FY19 results (Outperformer) - Revenue traction str...
Q4Y19 result highlights Net sales increased by 30% yoy to Rs6.7bn (est: Rs5.8bn), EBITDA decreased by 21% yoy to Rs437m (est: Rs613m), PAT increased by 20% yoy to Rs313m (estRs289m) Milk products grew by ~22% yoy, while SMP sales grew by ~70%+ & Liquid milk grew by 9% yoy. SMP sales were high as company did higher exports due as prices were higher during the quarter and also to take benefit of export subsidy. Gross margins declined by 240bps yoy to 29.6% impacted by adverse mix on account o...
MOSL: PARAG MILK FOODS (Buy)-Steadiness in top-line growth now visible
Parag Milk Foods: Steadiness in top-line growth now visible; Near-term margin to remain under pressure due to milk inflation (PARAG IN, Mkt Cap USD0.3b, CMP INR235, TP INR305, 30% Upside, Buy) net sales grew sharply by 29.8% to INR6.7b (our estimate: INR6b) in 4QFY19. Milk Products continued growing robustly by 24.7% YoY to INR4.2b. Adjusting for one-offs, EBITDA increased 6.1% YoY to INR587m (our estimate: INR616m), while PAT was up 62.7% YoY to INR425m (our estimate: INR274m). EBITDA m...
Parag Milk Foods' Q3FY19 results (Outperformer) - Strong volumes & gro...
Q3FY19 result highlights Net sales increased by 15.7% yoy to Rs6bn (est: Rs5.95bn), EBITDA increased by 6% yoy to Rs621m (est: Rs634m), PAT increased by 21% yoy to Rs308m (estRs307m) Volume growth was ~20% yoy for the quarter. In terms of key segments, SMP sales increased by 4% yoy to Rs759m,Fresh milk sales increased by 11% yoy to Rs1.03bn,Milk products sales increased by 19% yoy to Rs4.05bn. Gross margins improved by 190bps yoy to 32.6% aided by lower milk prices, improved mix and export...
MOSL: PARAG MILK FOODS (Upgrade to Buy)-Marginal miss, but growth cons...
Parag Milk Foods: Marginal miss, but growth consistency now visible; Inexpensive valuations; Upgrading to Buy (PARAG IN, Mkt Cap USD0.2b, CMP INR206, TP INR260, 26% Upside, Upgrade to Buy) Net sales grew 15.7% YoY to INR6b (our estimate: INR5.97b) in 3QFY19, led by robust growth in milk products (+18.9% YoY). EBITDA rose 5.7% YoY to INR620m (our estimate: INR658m), while adj. PAT grew 20.6% YoY to INR307m. Gross margin expanded 190bp YoY to 32.6%, driven by an improved product mix, favor...
Parag Milk Foods' Q2FY19 results (Outperformer) - Healthy volumes & be...
Q2FY19 result highlights Parag Milk Foods net sales increased by 13.7% yoy to Rs5.7bn(est: Rs5.7bn), EBITDA increased by 16% to Rs581m (est: Rs620m), PAT increased by 22% yoy to Rs304m (est: Rs313m) Overall volumes increased by 17-18% yoy. Fresh milk sales increased by 5% yoy while Milk product sales were up 14% yoy. SMP sales increased 24% yoy during the quarter. Gross margins improved by 270bps to 30.8%, aided by moderation in milk prices. Staff cost grew by a 4% yoy and other expenses in...
Parag Milk Foods' Q2FY19 results (Outperformer) - Healthy volumes & be...
Q2FY19 result highlights Parag Milk Foods net sales increased by 13.7% yoy to Rs5.7bn(est: Rs5.7bn), EBITDA increased by 16% to Rs581m (est: Rs620m), PAT increased by 22% yoy to Rs304m (est: Rs313m) Overall volumes increased by 17-18% yoy. Fresh milk sales increased by 5% yoy while Milk product sales were up 14% yoy. SMP sales increased 24% yoy during the quarter. Gross margins improved by 270bps to 30.8%, aided by moderation in milk prices. Staff cost grew by a 4% yoy and other expenses in...
Parag Milk Foods' Q1FY19 results (Outperformer) - Beat driven by value...
Q1FY19 result highlights Parag Milk Foods net sales increased by 33.1% yoy to Rs5.5bn(est: Rs5.2bn), EBITDA increased by 109% to Rs597m (est: Rs499m), PAT increased by 169% yoy to Rs283m (est: Rs209m) Fresh milk sales increased by 9% yoy while Milk product sales were up 41% yoy. SMP sales increased 35% yoy during the quarter. Gross margins improved by 140bps to 30.4%, aided by moderation in milk prices and improved mix Staff cost grew by a 26.8% yoy and other expenses increased by 15% yoy,...
Management Speak: Parag Milk Foods (Outperformer) - Strategy in place;...
We interacted with Mr Vimal Agarwal, CFO of Parag Milk Foods (PMF). PMF’s new senior management team is confident of achieving the company’s Vision 2020 (revenue of Rs27-30bn, EBITDA margin of 11-12% and ROCE of 18-20% by FY20E) and is targeting 20% revenue growth in FY19. While product innovation has always been PMF’s forte, we would monitor two key factors that will be required to drive earnings growth and PE multiple expansion. These are a) expansion of PMF’s distribution reach without advers...
Parag Milk Foods' Q4FY18 results (Upgrade to Outperformer) - Sharp 4Q ...
Q4FY18 result highlights Consolidated net sales increased by 21% yoy to Rs5.2bn (est: Rs4.8bn), EBITDA increased by 43% yoy to Rs 551m (est: Rs482m), PBT (bei) was up 147% yoy to Rs 374m (est: Rs267m). Reported PAT increased by 18% yoy to Rs 262m (est: Rs184m). Revenue growth was led by launch of new variants and aggressive distribution expansion. In terms of key segments, Milk products and Liquid Milk segment sales grew by 40% and 13% yoy respectively while Skimmed milk powder sales declin...
Parag Milk Foods' Q3FY18 results (Neutral) - Recovery in milk products...
Q3FY18 result highlights Parag Milk Foods 3QFY18 net sales increased by 16.4% yoy to Rs5.2bn(est: Rs4.9bn), EBITDA came in at Rs588m (est: Rs460m) versus loss of Rs183m in base quarter, Reported PAT came in at Rs 255m (est: Rs187m) vs loss of Rs411m in 3QFY17. Fresh milk sales increased by 1% yoy while Milk product sales were up 16% yoy. SMP sales increased 34% yoy during the quarter. Gross margins improved by 1005bps (up 260bps QoQ) to 30.7%, aided by moderation in milk prices and better r...
MOSL: PARAG MILK FOODS (Neutral)-Growth remains muted-declining milk p...
​Parag Milk Foods: Growth remains muted; declining milk prices to support margins in 2HFY18(PARAG IN, Mkt Cap USD0.3b, CMP INR257, TP INR275, 7% Upside, Neutral)PARAG's net sales grew 6.7% YoY (est. of +10%) to INR5b in 2QFY18. EBITDA increased 48% YoY (est. of +10%) to INR500m. Adj. PAT grew 94.5% YoY to INR249m (est. of INR189m). This quarter's revenue also includes INR86m of mega-project incentives for two months. Milk products, Fresh milk, SMP and Others witnessed sales growth of 5.5%, 3.9...
MOSL: PARAG MILK FOODS (Neutral)-Sales in-line-Medium-term target unch...
​Parag Milk Foods: Sales in-line; Medium-term target unchanged(PARAG IN, Mkt Cap USD0.3b, CMP INR236, TP INR245, 4% Upside, Neutral)PARAG reported net sales growth of 7.7% YoY (est. of +6%) to INR4.1b in 1QFY18. EBITDA declined 7.7% YoY (est. of -18.7%) to INR294m, while adj. PAT grew 3% YoY (est. of -24.3%) to INR105m. Sales in 1QFY18 were impacted by destocking (majorly in the last 15 days of June), farmer strike in Maharashtra (affected liquid milk sales in May/June), and impact on the chee...
MOSL: PARAG MILK FOODS (Neutral)-Sales in-line-EBITDA margin expands 2...
​Parag Milk Foods: Sales in-line; EBITDA margin expands 250bp YoY led by subsidiary turnaround(parag IN, Mkt Cap USD0.3b, CMP INR238, TP INR245, 3% Upside, Neutral)PARAG reported net sales growth of 3.4% YoY (est. of +2.5%) to INR4.3b in 4QFY17. Healthy EBITDA margin versus low expectations after the disastrous 3QFY17 meant that EBITDA grew by 29.6% YoY (est. of -42%) to INR519m, and adj. PAT by 98% YoY to INR319m (est. of INR84m).Gross margin expanded 240bp YoY to 32.4%. Higher employee costs...
MOSL: PARAG MILK FOODS (Neutral)-Spate of new launches planned in a to...
​Parag Milk Foods: Spate of new launches planned in a tough environment; High RM costs continue exerting pressure on earnings(PARAG IN, Mkt Cap USD0.3b, CMP INR239, TP INR250, 5% Upside, Neutral)We met management of Parag Milk Foods (PARAG) to get updates on its business and future plans.​Procurement cost still up, expected to come down by July-August: Raw milk prices are still high, increasing 3% between December 2016 and April 2017 (+20% YoY). The company is also facing shortage of milk, a...
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