Prabhat Dairy Limited is an integrated milk and dairy products company in India catering to institutional as well as retail customers. The company produces fresh, dry, frozen, cultured and fermented dairy products, including pasteurized milk, flavoured milk, sweetened condensed milk, ultra-pasteurised or ultra-high temperature (UHT) milk, yoghurt, dairy whitener, clarified butter (ghee), milk powder, ingredients for baby foods, lassi and chaas.
At the offer price bands, the issue is available at P/E of 47.5x – 49.8x its FY15 EPS of ~Rs 2.95, valuing the stock at 1.3x Market Cap to Sales. We believe there are great opportunities for dairy products in the FMCG industry with increasing premium products in the market. The company’s focus on retail consumer products, introduction of new high margin product like cheese and expanding capacities as well as capabilities, coupled with strong relationship with existing institutional clients; we believe the comany fully equipped to benefit the growth opportunities in future. Hence we recommend SUBSCRIBE to this issue.
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