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Heritage Foods Ltd Research Report - 16th Dec 2015

FMCG | Published on Mar 31st 2014


Heritage Foods (India) Ltd. (HFL), based in Hyderabad, is among the leading corporates in the dairy industry. HFL has ~77% of its revenue coming in from the dairy business. The dairy industry, as per industry reports, is expected to grow at a CAGR of 13-15% till FY2020. The expected robust growth would be on the back of the urbanization trend, leading to changing consumption patterns backed by increasing disposable incomes. Being one of the leading players in south India with established brands, we expect the boom in the dairy industry to drive growth for HFL. However, we believe the companys retail segment, which has been incurring losses since inception, will continue to be a drag on its profitability. A strong growth in the dairy industry, increasing contribution of value added dairy products (VADP), and widening geographical reach for dairy products are strong growth drivers for HFL going forward. We initiate coverage on HFL and recommend Buy with a target price of Rs275.

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CMP 200
Target Price 275
Investment Period12 Months

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Shareholding Pattern (%)

Public & Others47.0
Grand Total100.0

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