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    F
    FMCG
    SECTOR | 28 Feb 2023

    Early signs of emerging stability in milk prices

    buy
    FMCG
    by ICICI Securities Limited
    ICICI Securities Limited
    Global SMP prices have corrected 35% YoY in Feb’23. Even after adjusting for benefits of INR depreciation, we believe the profitability in SMP exports is very weak. Lower SMP exports will likely reduce the mismatch between demand and supply of milk in India.
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