Buy Prabhat Dairy; target of Rs 220: KRChoksey

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26 Aug, 2025 12:21

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KRChoksey's research report on Prabhat Dairy

During Q4FY18, revenue stood at INR 4.0 Bn (+7.4% YoY), which was below our estimates. For FY18, revenue stood at INR 15.5 Bn (10% YoY). The sales growth was driven by good momentum in value added products. EBIDTA for the quarter, stood at INR 402 Mn (+34.8% YoY), with OPM at 9.9% (+202 bps YoY). During FY18 EBITDA was INR 1.4 Bn (+9% YoY), with OPM at 8.9%. Adjusted PAT for Q4FY18 stood at INR 175.9 Mn as against loss of 17.8 Mn during Q4FY17. PAT During FY18 PAT was INR 4.7 Bn (+0.7% YoY), with NPM at 3% (+5 bps YoY).

Outlook

We expect EBITDA & PAT margins to improve by 150-200 bps and 60-100 bps respectively. At CMP of INR 160, we have a “BUY” rating on the stock with target price of INR 220 and upside of  37.9%.

For all recommendations report, click here

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