Buy Parag Milk Foods; target of Rs 305: Motilal Oswal

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Motilal Oswal's research report on Parag Milk Foods

INR6b) in 4QFY19. Milk Products continued growing robustly by 24.7% YoY to INR4.2b. Adjusting for one-offs, EBITDA increased 6.1% YoY to INR587m (our estimate: INR616m), while PAT was up 62.7% YoY to INR425m (our estimate: INR274m). EBITDA margin contracted 200bp YoY to 8.7% in the quarter.

Outlook

We value PARAG at 15x FY21E EPS (at ~65% discount to our consumer staples universe) to arrive at a one-year TP of INR305 (30% upside). Maintain Buy.

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