Prabhat Diary gets add rating

BROKERS

Prabhat Dairy has continued to pass on the entire benefit of reduction in milk procurement prices to B2B consumers. Considering the subsidy mechanism in Maharashtra, the brokerage does not expect any further reduction in milk procurement prices. Hence, the only route to expand margin is via price hikes or improvement in B2C revenue share. While B2C revenue share expanded from 30 per cent in FY18 to 34 per cent in Q2FY19, passing on benefits of lower milk prices to B2B consumers restricts further scope to expand margin. Prabhat reiterated its strategy to focus on B2C business for which it plans to aggressively expand the distribution network. It has increased number of distributors from 1,406 at end of March 2018 to 1,566 at end of Q2FY19. The company plans to expand distribution in rest of India in second half of FY19 and FY20.

Broking firm: ICICI Securities Rating: Add Closing price: `101.70

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