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BSE: 539889 | NSE: PARAGMILK | Consumer Food | Small Cap
1. Is Parag Milk Foods Ltd a good quality company?
Past 10 year’s financial track record analysis by Moneyworks4me indicates that Parag Milk Foods Ltd is a below average quality company.
2. Is Parag Milk Foods Ltd undervalued or overvalued?
The key valuation ratios of Parag Milk Foods Ltd's currently when compared to its past seem to suggest it is in the Fair zone.
3. Is Parag Milk Foods Ltd a good buy now?
The Price Trend analysis by MoneyWorks4Me indicates it is Strong which suggest that the price of Parag Milk Foods Ltd is likely to Rise in the short term. However, please check the rating on Quality and Valuation before investing
Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end.
Value Creation ⓘValue Creation Index Colour Code Guide ⓘ |
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|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Mar'14 | Mar'15 | Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | TTM | |||
| ROCE % ⓘ | 7.8% | 10.4% | 11.9% | 5.4% | 12.2% | 14.1% | 10.2% | 4.1% | -41.3% | 7.6% | - | ||
| Value Creation Index ⓘ | -0.4 | -0.3 | -0.2 | -0.6 | -0.1 | 0.0 | -0.3 | -0.7 | -4.0 | -0.5 | - | ||
Growth Parameters ⓘGrowth Parameters Colour Code Guide ⓘ |
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| Sales ⓘ | 1,087 | 1,444 | 1,645 | 1,731 | 1,955 | 2,396 | 2,438 | 1,842 | 2,072 | 2,893 | 2,951 | ||
| YoY Gr. Rt. % | - | 32.9% | 13.9% | 5.2% | 12.9% | 22.6% | 1.8% | -24.5% | 12.5% | 39.6% | - | ||
| Adj EPS ⓘ | 3.6 | 7.5 | 7 | 2.5 | 10.7 | 14.4 | 11.3 | 2.5 | -55.4 | 4.7 | 5.5 | ||
| YoY Gr. Rt. % | - | 111.6% | -6.3% | -64.9% | 334.8% | 34.2% | -21.4% | -77.7% | -2288.1% | NA | - | ||
| BVPS (₹) ⓘ | 19.7 | 25.9 | 51.4 | 74.4 | 84.8 | 98.5 | 108.5 | 110.5 | 57.9 | 68.5 | 70.3 | ||
| Adj Net Profit ⓘ | 17 | 36 | 49.6 | 20.8 | 90.1 | 121 | 95.1 | 21.2 | -527 | 55.4 | 64 | ||
| Cash Flow from Ops. ⓘ | 46.3 | 88 | 58.7 | -16.6 | 18.7 | 140 | -66.4 | 100 | -149 | 56.4 | - | ||
| Debt/CF from Ops. ⓘ | 12 | 6.2 | 6.6 | -15.8 | 15.6 | 1.7 | -6 | 3.8 | -3.5 | 10.5 | - | ||
CAGR ⓘCAGR Colour Code Guide ⓘ |
||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 9 Years | 5 Years | 3 Years | 1 Years | |||||||||
| Sales ⓘ | 11.5% | 8.2% | 5.9% | 39.6% | ||||||||
| Adj EPS ⓘ | 3.2% | -15.2% | -25.3% | NA | ||||||||
| BVPSⓘ | 14.9% | -4.2% | -14.2% | 18.3% | ||||||||
| Share Price | - | -2.1% | 25.9% | 94.7% | ||||||||
Key Financial Parameters ⓘPerformance Ratio Colour Code Guide ⓘ |
||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Mar'14 | Mar'15 | Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | TTM | ||
| Return on Equity % ⓘ | 19.5 | 33 | 20.4 | 4.2 | 13.5 | 15.7 | 10.9 | 2.3 | -71.1 | 8.1 | 7.9 | |
| Op. Profit Mgn % ⓘ | 7.8 | 7.8 | 9.2 | 5.3 | 10.1 | 9.4 | 8.7 | 6.7 | -20.8 | 4.2 | 5.1 | |
| Net Profit Mgn % ⓘ | 1.6 | 2.5 | 3 | 1.2 | 4.6 | 5.1 | 3.9 | 1.2 | -25.4 | 1.9 | 2.2 | |
| Debt to Equity ⓘ | 5.9 | 4.4 | 1.1 | 0.4 | 0.4 | 0.3 | 0.4 | 0.4 | 0.9 | 0.7 | - | |
| Working Cap Days ⓘ | 164 | 144 | 137 | 152 | 161 | 144 | 160 | 234 | 170 | 123 | 0 | |
| Cash Conv. Cycle ⓘ | 69 | 51 | 54 | 66 | 55 | 55 | 78 | 111 | 83 | 58 | 0 | |
Return on Equity has increased versus last 3 years average to 7.90%
Debt to equity has declined versus last 3 years average to 0.73
Sales growth is good in last 4 quarters at 28.11%
Sales growth has been subdued in last 3 years 5.87%
Net Profit has been subdued in last 3 years -25.31%
| Standalone | Consolidated | |
|---|---|---|
| TTM EPS (₹) | 6.5 | 5.5 |
| TTM Sales (₹ Cr.) | 2,910 | 2,951 |
| BVPS (₹.) ⓘ | 70.9 | 70.3 |
| Reserves (₹ Cr.) ⓘ | 715 | 707 |
| P/BV ⓘ | 2.84 | 2.87 |
| PE ⓘ | 31.17 | 36.79 |
| From the Market | |
|---|---|
| 52 Week Low / High (₹) | 68.00 / 218.70 |
| All Time Low / High (₹) | 48.50 / 414.95 |
| Market Cap (₹ Cr.) | 2,362 |
| Equity (₹ Cr.) | 117.4 |
| Face Value (₹) | 10 |
| Industry PE ⓘ | 60.4 |
| Pledged * | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
The company was incorporated as Parag Milk & Milk Products Private Limited on December 29, 1992 with the registrar of companies at Mumbai with its registered office at Pune as a private limited company under the Companies Act, 1956. The name of the company was changed to Parag Milk Foods Private Limited and a fresh certificate of incorporation consequent upon change of name was granted by the Registrar of Companies, Maharashtra at Pune (RoC) on April 11, 2008. The company was converted into a public limited company pursuant to approval of the shareholders at an extraordinary general meeting held on May 16, 2015. Consequently, the name of the company was changed to Parag Milk Foods Limited and a fresh certificate of incorporation consequent upon conversion to a public limited company was granted to the company by the RoC on July 7, 2015.
The company is one of the leading manufacturers and marketers of dairy-based branded foods in India. It commenced its business in 1992 with collection and distribution of milk and have now developed into a dairy-based branded consumer products company with an integrated business model, manufacturing a diverse range of products including cheese, ghee (clarified butter), fresh milk, whey proteins, paneer, curd, yoghurt, milk powders and dairy based beverages targeting a wide range of consumer groups through several brands. A significant portion of its product range includes long shelf-life food and beverage products that enable it to sell its products to retail and institutional customers across India. It derives all of its products only from cows’ milk. Gowardhan and Go, its flagship brands, are among the leading ghee, cheese and other value added product brands in India.
The company’s supply chain network includes procurement from various districts across Maharashtra, Andhra Pradesh, Karnataka and Tamil Nadu, through over thousands of village level milk collection centres. It procures milk from milk farmers and through chilling centres and bulk coolers. The company also has dedicated sales and marketing team comprising several personnel based in its key distribution centres. Some of its leading institutional customers include leading restaurant and cafe chains such as Yum! Restaurants (India) (for Pizza Hut, Taco Bell and KFC), Jubilant Foodworks (for Domino‘s Pizza) and Sankalp Recreation (for Sam’s Pizza).
Business area of the company
The Company is engaged in the business of procurement of cow milk mainly in western and southern region, undertakes processing of milk and manufacture of various value added products namely cheese, butter, ghee, fresh cream, milk powder, flavoured milk, lassi, curd etc. which are marketed under its registered brand name ‘Gowardhan’, ‘Go’, ‘Topp up’ and ‘Avvatar’.
Products
Brand - Gowardhan
Brand - GO
Brand - Pride of Cows
Brand- Avvatar
Milestones
MoneyWorks4Me rating and ranking of funds for SIP is available to subscribers only. Moneyworks4Me is not a rating and ranking agency, however it is required that users have a way of selecting funds and building a Portfolio. The method used by it are described below to enable users to understand the logic behind the rating and ranking Subscriber will find more details on this in the various content made available from time to time. In case you need more please write to besafe@moneyworks4Me.com
MoneyWorks4Me rates and ranks mutual funds based on the following data-driven system:
Funds ranking in screeners: Performance Consistency and Quality are two parameters used for ranking funds for SIP. The ranking as follows GG, GO, GR, OG, OO, OR, RG, RO and RR.
With the same color-coded funds, the one with the higher Average 3-year rolling returns (over 5 to 10 years), the number that appears in the Performance tag, ranks higher.
Here is the summary:
The third tag Upside Potential is not relevant for SIP. It is relevant for lumpsum investments in Mutual Funds.
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