Parag Milk Foods Ltd

Parag Milk Foods Ltd

₹ 184 0.99%
14 Jun - close price
About

Parag Milk Foods Ltd, founded in 1992 by Mr. Devendra Shah is involved in the development and promotion of 100% fresh cow’s milk and milk products under international brand names with a diverse portfolio in over 10 product categories. [1]

Key Points

Market Leadership and innovation[1]
It is a dominant Player in Cheese in India with a 35% Market Share.
It is a leader in the Cow Ghee category with its brand ‘Gowardhan’ Ghee with 20% market share. It is India’s First Company to launch a truly ‘Made-in-India’ B2C Whey protein powder under Brand ‘Avvatar’ in 2017.
It is the only company to manufacture Fresh Paneer with a 75 Day Shelf Life.
Its cheese plant has the largest production capacity in India, with a raw cheese production capacity of 60 MT per day. [2] [3]
It has the Largest automated dairy farm with ~3000+ Holstein Friesian Cows.[4]

  • Market Cap 2,202 Cr.
  • Current Price 184
  • High / Low 290 / 110
  • Stock P/E 24.3
  • Book Value 76.4
  • Dividend Yield 0.00 %
  • ROCE 11.0 %
  • ROE 10.6 %
  • Face Value 10.0

Pros

  • Promoter holding has increased by 0.98% over last quarter.

Cons

  • Though the company is reporting repeated profits, it is not paying out dividend
  • Tax rate seems low
  • Company has a low return on equity of -17.0% over last 3 years.
  • Promoter holding has decreased over last 3 years: -3.59%

* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.

Peer comparison

Sector: FMCG Industry: Food - Processing - Indian

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Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

Mar 2021 Jun 2021 Sep 2021 Dec 2021 Mar 2022 Jun 2022 Sep 2022 Dec 2022 Mar 2023 Jun 2023 Sep 2023 Dec 2023 Mar 2024
434.35 438.45 532.32 538.71 562.27 690.93 664.84 735.89 800.96 749.59 798.16 800.84 790.12
415.91 393.53 479.30 489.65 1,147.65 681.36 626.90 702.38 763.65 709.24 742.60 738.04 753.63
Operating Profit 18.44 44.92 53.02 49.06 -585.38 9.57 37.94 33.51 37.31 40.35 55.56 62.80 36.49
OPM % 4.25% 10.25% 9.96% 9.11% -104.11% 1.39% 5.71% 4.55% 4.66% 5.38% 6.96% 7.84% 4.62%
6.82 3.11 3.94 3.52 10.48 31.20 0.33 4.53 9.11 6.14 5.58 5.85 7.65
Interest 12.14 11.29 12.62 13.71 13.33 13.68 14.15 15.14 12.19 16.55 21.27 20.46 16.03
Depreciation 12.45 13.20 12.88 13.53 14.15 13.49 13.79 12.26 17.74 14.77 15.48 15.43 14.58
Profit before tax 0.67 23.54 31.46 25.34 -602.38 13.60 10.33 10.64 16.49 15.17 24.39 32.76 13.53
Tax % 1,538.81% 25.66% 27.59% 24.98% 1.76% 24.71% -10.26% 12.97% -35.54% -41.13% -3.28% -4.27% 27.42%
-9.64 17.50 22.77 19.02 -591.79 10.25 11.39 9.26 22.35 21.42 25.19 34.17 9.81
EPS in Rs -1.15 1.83 2.39 1.99 -62.05 1.07 1.06 0.79 1.90 1.82 2.15 2.91 0.82
Raw PDF

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024
925 1,088 1,443 1,645 1,731 1,955 2,396 2,438 1,842 2,072 2,893 3,139
842 1,006 1,330 1,494 1,639 1,758 2,171 2,225 1,718 2,508 2,773 2,942
Operating Profit 83 83 113 151 92 197 225 213 124 -436 120 197
OPM % 9% 8% 8% 9% 5% 10% 9% 9% 7% -21% 4% 6%
3 1 -4 -2 -11 9 9 6 12 20 45 25
Interest 40 44 47 50 33 36 36 38 47 52 57 76
Depreciation 26 28 28 33 49 51 50 54 49 54 57 60
Profit before tax 19 12 34 67 -1 119 148 127 41 -522 51 86
Tax % -9% -30% 6% 29% 524% 27% 18% 26% 49% -2% -4% -6%
21 16 32 47 5 87 121 94 21 -532 53 91
EPS in Rs 13.01 10.00 20.17 6.72 0.57 10.35 14.35 11.14 2.46 -55.83 4.54 7.59
Dividend Payout % 0% 0% 0% 0% 88% 7% 7% 4% 20% 0% 0% 0%
Compounded Sales Growth
10 Years: 11%
5 Years: 6%
3 Years: 19%
TTM: 9%
Compounded Profit Growth
10 Years: 19%
5 Years: -6%
3 Years: 61%
TTM: 70%
Stock Price CAGR
10 Years: %
5 Years: -5%
3 Years: 9%
1 Year: 64%
Return on Equity
10 Years: 0%
5 Years: -7%
3 Years: -17%
Last Year: 11%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024
Equity Capital 16 16 16 70 84 84 84 84 84 95 117 119
Reserves 65 81 108 291 541 628 743 827 844 456 686 793
491 556 545 389 261 291 240 400 384 523 596 645
113 161 255 241 401 378 375 379 371 321 268 334
Total Liabilities 685 814 924 991 1,287 1,382 1,442 1,690 1,683 1,395 1,668 1,891
243 242 291 345 334 397 406 430 473 459 436 466
CWIP 6 37 28 28 21 20 29 7 3 10 45 69
Investments 0 0 0 0 0 1 1 1 1 0 5 5
435 535 604 618 933 964 1,007 1,253 1,205 926 1,182 1,352
Total Assets 685 814 924 991 1,287 1,382 1,442 1,690 1,683 1,395 1,668 1,891

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024
16 46 88 59 -17 19 140 -66 100 -149 56 99
-57 -59 -29 -32 -87 -16 -73 -30 -47 -26 -90 -53
41 15 -58 -26 140 -12 -91 111 -69 248 439 -49
Net Cash Flow -0 2 1 1 36 -10 -24 15 -15 73 406 -3

Ratios

Consolidated Figures in Rs. Crores / View Standalone

Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024
Debtor Days 58 55 43 52 37 47 42 45 32 22 21 28
Inventory Days 74 83 73 83 136 131 113 127 204 91 98 94
Days Payable 49 55 66 51 99 91 73 59 89 43 26 33
Cash Conversion Cycle 83 83 50 84 74 87 83 114 146 70 93 89
Working Capital Days 92 94 45 79 64 86 78 113 160 90 109 111
ROCE % 11% 9% 13% 17% 7% 17% 18% 14% 7% -39% 9%

Shareholding Pattern

Numbers in percentages

6 Recently
Jun 2021Sep 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024
40.75% 40.75% 40.75% 40.75% 40.75% 36.19% 41.63% 41.63% 41.63% 41.63% 41.63% 42.61%
5.76% 4.12% 4.37% 4.47% 3.42% 12.95% 11.73% 10.23% 8.75% 8.75% 8.83% 8.95%
17.23% 16.03% 15.10% 15.10% 15.10% 4.20% 3.84% 3.84% 7.20% 7.96% 8.36% 8.42%
36.08% 38.92% 39.60% 39.50% 40.55% 46.48% 42.67% 44.16% 42.27% 41.53% 41.02% 39.88%
0.18% 0.18% 0.18% 0.18% 0.18% 0.16% 0.15% 0.15% 0.15% 0.15% 0.15% 0.15%
No. of Shareholders 51,83353,81156,09365,04467,71261,41360,77062,05758,60062,70967,46599,784

* The classifications might have changed from Sep'2022 onwards. The new XBRL format added more details from Sep'22 onwards.

Classifications such as banks and foreign portfolio investors were not available earlier. The sudden changes in FII or DII can be because of these changes.

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