Mrs. Bectors Food Q2 Review — Steady Momentum Across Segments: ICICI Securities

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ICICI Securities Report

Mrs. Bectors Food Specialities Ltd. reported a good revenue performance (14% on two-year compound annual growth rate basis) with-

1. strong recovery in the institutional bakery quick service restaurant segment,

2. breads business growing on the back of distribution expansion and

3. decent momentum in the biscuits business.

Raw material inflation impacted gross margins but price hikes and a series of measures had been taken.

Ebitda margin recovery was good with the print now within the aspiration for this year (14-15%).

We believe the expansion of domestic biscuits and branded breads business into new regions driven by sales initiatives would likely be a key driver for growth for Mrs. Bectors Food.

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