Asit C Mehta report on Mrs. Bectors Food Specialities
Revenue Mrs Bector Foods and Specialities reported a good set of numbers and broadly in line with our estimates. Revenue is up by ~17% YoY (declined 5.2% QoQ) to Rs4.06bn, which is in line with our est. EBITDA grew by ~21.6% YoY (declined 4.2% QoQ) to Rs586mn, which is also in line with our est. EBITDA margin stood at ~14.4% in Q4FY24 vs. 14.3%/13.9% in Q3FY24/Q4FY23, respectively. PAT stood at Rs336mn, up by ~21% YoY but declined by 2.9% QoQ. PAT margin stood at ~8.27% in Q4FY24 vs. 8.1%/7.99% in Q3FY24/Q4FY23, respectively. Company has reported its best-ever quarter with the highest ever PAT margin.
Outlook
We expect Revenue/EBITDA/PAT CAGR growth of 20%/23%/29% in the FY24-FY26 period. Given the trailing history and growth prospect of the company, we have kept the EV/EBITDA multiple constant at 23x. This gives a price target of Rs1,510 and an upside potential of 19% on forward EBITDA of March FY26.
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