Subscribe to Mrs Bectors Food Specialities: Hem Securities,

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Hem Securities, IPO report on Mrs Bectors Food Specialities

Company is one of the leading companies in the premium and mid-premium biscuits segment and the premium bakery segment in North India. Company manufacture and market a range of its biscuits such as cookies, creams, crackers, digestives and glucose under its flagship brand ‘Mrs. Bector’s Cremica’. Company also manufacture and market bakery products in savoury and sweet categories which include breads, buns, pizza bases and cakes under its brand ‘English Oven’. Company supply its products to retail consumers in 26 states within India, as well as to reputed institutional customers with pan-India presence and to 64 countries across six continents during the Financial Year ended March 31, 2020. Company’s institutional customers include Burger King India Limited, Connaught Plaza Restaurants Private Limited, Hardcastle Restaurants Private Limited, and Yum! Restaurants (India) Private Limited.

Valuation and Outlook

Company is bringing the issue at p/e multiple of approx 28x at higher end of price band of Rs 286-288/share on post issue annualized H1FY21 eps basis. Company being one of the leading brands in biscuits and bakery businesses in North India has established presence in retail and institutional bakery business with modern and automated production process & a focus on quality control. Company has wide spread and established sales and distribution network & experienced promoter and management team. Therefore, looking after all, we recommend “Subscribe” the issue both for short & long term horizon.

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