Parag Milk Foods Ltd. share price target

Parag Milk Foods (PARAG) is a play on the high-growth value-added dairy products space. It has tremendous capability to innovate and create industry leading brands in a short span, its brands Go' and Gowardhan' have become household names. Its focus on consistent product innovation and mix improvement will lead to sustained better margins, which coupled with high revenue growth would translate into sharp earnings growth. It has delivered strong 25% PAT CAGR in FY12-16, and we expect growth momentum to continue in FY17-20 (we see 30% CAGR). With capex cycle almost at completion and with capital utilizations set to improve, we estimate the free cash flows to improve...

PARAG's 1QFY17 consolidated sales grew 3% YoY to INR3.8b led by Fresh milk growth of 25% and Milk products sales growth of 5% (with around 4% volume growth). SMP sales declined 14% YoY and others segment sales declined by 79%. EBITDA grew 16% YoY to INR330m while PAT grew 54% YoY to INR108m. Sharp gross margin expansion: Gross margins expanded sharply by 420bp YoY to 29.9% aided by improving product mix and utilization of lower cost raw materials of the previous quarter. Increase in employee costs (up 90bp YoY to 4.6%) and higher other expenses (up 230bp YoY to 16.7%) led to EBITDA...

Parag Milk Foods, founded in 1992, is one of the leading private dairy players in India with a pan-India presence. It manufactures dairy products such as cheese, ghee, curd, buttermilk, flavoured milk, and fresh milk, and markets these under brands Gowardhan, Go, ToppUp, and...

Parag Milk Foods (PMF), established in 1992, is in the business of manufacturing and marketing dairy-based branded food products. PMF has production facilities in Manchar near Pune and Palamaner in Andhra...

Parag is one of the leading manufacturers and marketers of dairy-based branded foods in India. They commenced their business in 1992 with collection and distribution of milk and have now developed into a dairy-based branded consumer products company with an integrated business model, manufacturing a diverse range of products including cheese, ghee (clarified butter), fresh milk, whey proteins, paneer, curd, yoghurt, milk powders and dairy based beverages targeting a wide range of consumer groups through several brands. A significant portion of their product range includes long shelf-life food and beverage products that enable them to sell their products to retail and institutional customers across India. They derive all of their products only from cows' milk. Their aggregate milk processing capacity is 2 million litres per day and their cheese plant has the largest production capacity in India, with...

Parag Milk Foods (PMFL) is one of the leading manufacturers and marketers of dairy-based branded foods in India. The company has well recognized brands like Gowardhan and Go in its portfolio and has a pan-India network comprising of 15 depots, 104 super stockists and over 3,000 distributors. It has also been growing in the cheese segm..

Parag Milk Foods (PMFL) is one of the leading manufacturers and marketers of Dairy-based branded foods in India. The company has pan India presence with integrated business model. The company has diversified product portfolio with...