Parag Milk Foods Ltd

Parag Milk Foods Ltd

₹ 246 -3.88%
28 Feb - 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 2,887 Cr.
  • Current Price 246
  • High / Low 290 / 68.0
  • Stock P/E 28.0
  • Book Value 72.8
  • Dividend Yield 0.00 %
  • ROCE 8.72 %
  • ROE 7.88 %
  • Face Value 10.0

Pros

Cons

  • Stock is trading at 3.38 times its book value
  • The company has delivered a poor sales growth of 8.16% over past five years.
  • Company has a low return on equity of -19.6% over last 3 years.
  • Promoter holding has decreased over last 3 years: -4.57%

* 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

Dec 2020 Mar 2021 Jun 2021 Sep 2021 Dec 2021 Mar 2022 Jun 2022 Sep 2022 Dec 2022 Mar 2023 Jun 2023 Sep 2023 Dec 2023
474 434 438 532 539 562 691 665 736 801 750 798 801
438 416 394 479 490 1,148 681 627 702 764 709 743 738
Operating Profit 35 18 45 53 49 -585 10 38 34 37 40 56 63
OPM % 7% 4% 10% 10% 9% -104% 1% 6% 5% 5% 5% 7% 8%
3 7 3 4 4 10 31 0 5 9 6 6 6
Interest 12 12 11 13 14 13 14 14 15 12 17 21 20
Depreciation 13 12 13 13 14 14 13 14 12 18 15 15 15
Profit before tax 14 1 24 31 25 -602 14 10 11 16 15 24 33
Tax % 19% 1,539% 26% 28% 25% 2% 25% -10% 13% -36% -41% -3% -4%
11 -10 18 23 19 -592 10 11 9 22 21 25 34
EPS in Rs 1.33 -1.15 1.83 2.39 1.99 -62.05 1.07 1.06 0.79 1.90 1.82 2.15 2.91
Raw PDF

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 TTM
900 925 1,088 1,443 1,645 1,731 1,955 2,396 2,438 1,842 2,072 2,893 3,150
817 842 1,006 1,330 1,494 1,639 1,758 2,171 2,225 1,718 2,510 2,773 2,954
Operating Profit 83 83 83 113 151 92 197 225 213 124 -438 120 196
OPM % 9% 9% 8% 8% 9% 5% 10% 9% 9% 7% -21% 4% 6%
0 3 1 -4 -2 -11 9 9 6 12 21 45 27
Interest 40 40 44 47 50 33 36 36 38 47 52 57 70
Depreciation 23 26 28 28 33 49 51 50 54 49 54 57 63
Profit before tax 21 19 12 34 67 -1 119 148 127 41 -522 51 89
Tax % 8% -9% -30% 6% 29% 524% 27% 18% 26% 49% -2% -4%
19 21 16 32 47 5 87 121 94 21 -532 53 103
EPS in Rs 11.95 13.01 10.00 20.17 6.72 0.57 10.35 14.35 11.14 2.46 -55.83 4.54 8.78
Dividend Payout % 0% 0% 0% 0% 0% 88% 7% 7% 4% 20% 0% 0%
Compounded Sales Growth
10 Years: 12%
5 Years: 8%
3 Years: 6%
TTM: 19%
Compounded Profit Growth
10 Years: 10%
5 Years: -10%
3 Years: -17%
TTM: 118%
Stock Price CAGR
10 Years: %
5 Years: 1%
3 Years: 32%
1 Year: 214%
Return on Equity
10 Years: -1%
5 Years: -6%
3 Years: -20%
Last Year: 8%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Sep 2023
Equity Capital 16 16 16 16 70 84 84 84 84 84 95 117 117
Reserves 42 65 81 108 291 541 628 743 827 844 456 686 737
413 491 556 545 389 261 291 240 400 384 523 596 616
130 113 161 255 241 401 378 375 379 371 321 268 273
Total Liabilities 601 685 814 924 991 1,287 1,382 1,442 1,690 1,683 1,395 1,668 1,744
246 243 242 291 345 334 397 406 430 473 459 436 411
CWIP 7 6 37 28 28 21 20 29 7 3 10 45 59
Investments 0 0 0 0 0 0 1 1 1 1 0 5 5
348 435 535 604 618 933 964 1,007 1,253 1,205 926 1,182 1,268
Total Assets 601 685 814 924 991 1,287 1,382 1,442 1,690 1,683 1,395 1,668 1,744

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023
34 16 46 88 59 -17 19 140 -66 100 -149 56
-70 -57 -59 -29 -32 -87 -16 -73 -30 -47 -20 -90
36 41 15 -58 -26 140 -12 -91 111 -69 241 439
Net Cash Flow 0 -0 2 1 1 36 -10 -24 15 -15 73 406

Ratios

Consolidated Figures in Rs. Crores / View Standalone

Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023
Debtor Days 48 58 55 43 52 37 47 42 45 32 22 21
Inventory Days 73 74 83 73 83 136 131 113 127 204 91 98
Days Payable 44 49 55 66 51 99 91 73 59 89 43 26
Cash Conversion Cycle 76 83 83 50 84 74 87 83 114 146 70 93
Working Capital Days 68 92 94 45 79 64 86 78 113 160 92 109
ROCE % 15% 11% 9% 13% 17% 7% 17% 18% 14% 7% -39% 9%

Shareholding Pattern

Numbers in percentages

14 Recently
Mar 2021Jun 2021Sep 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023
46.20% 40.75% 40.75% 40.75% 40.75% 40.75% 36.19% 41.63% 41.63% 41.63% 41.63% 41.63%
6.10% 5.76% 4.12% 4.37% 4.47% 3.42% 12.95% 11.73% 10.23% 8.75% 8.75% 8.83%
5.99% 17.23% 16.03% 15.10% 15.10% 15.10% 4.20% 3.84% 3.84% 7.20% 7.96% 8.36%
41.50% 36.08% 38.92% 39.60% 39.50% 40.55% 46.48% 42.67% 44.16% 42.27% 41.53% 41.02%
0.21% 0.18% 0.18% 0.18% 0.18% 0.18% 0.16% 0.15% 0.15% 0.15% 0.15% 0.15%
No. of Shareholders 53,06551,83353,81156,09365,04467,71261,41360,77062,05758,60062,70967,465

* 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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