KRChoksey is bullish on Parag Milk Foods Ltd has recommended buy rating on the stock with a target price of Rs 274 in its research report dated August 11, 2017.
KRChoksey's research report on Parag Milk Foods Ltd
Parag Milk Foods Ltd (PMFL) posted its Q1FY18 results whose Sales were in-line with estimate and margins remain subdued. Its Revenue in Q1FY18 stood at INR 4128.8 Mn which was a growth of 7.7% yoy and de-growth of 3.6% qoq. Revenue was affected majorly due to inventory build up during the quarter. EBIDTA reported was INR 293.8 Mn with EBIDTA margins of 7.1% due to increase in raw material price of milk. PAT remained around INR 105.3 Mn with PAT margins of 2.5% which was a decrease of 27 bps yoy and 512 bps qoq.
At CMP of INR 236, %we recommend “BUY” rating on the stock with the target price of INR 274, with potential upside of 16.0%.
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