Heritage Foods Ltd.

Financial

	Heritage Foods	Vadilal Industries	Parag Milk Foods
Operational Metrics
Dairy
Sales Volume - Milk	1.17 MLPD	n/a	n/a
Sales volume- Curd	435.6 MTPD	n/a	n/a
Realization/Litre - Milk	54.64 Rs/Litre	n/a	n/a
FMCG Sector
Milk Processing Capacity	2.83 MLPD	n/a	3.4 MLPD
Milk Generation	1.84 MLPD	n/a	n/a
Financials
5 yr Average ROE	5.23 %	16.96 %	-13.42 %
5yr average Equity Multiplier	1.63	2.1	2.06
5yr Average Asset Turnover Ratio	2.88	1.09	1.49
5yr Avg Net Profit Margin	1.68 %	7.28 %	-3.2 %
Price to Book	4.18	7.13	2.27
P/E	19.56	30.08	21.29
5yr Avg Cash Conversion Cycle	18.23 Days	45.19 Days	57.6 Days
Inventory Days	26.35 Days	85.51 Days	88.39 Days
Days Receivable	2.63 Days	27.72 Days	22.77 Days
Days Payable	10.5 Days	90.05 Days	49.7 Days
5yr Average Interest Coverage Ratio	12.25	5.96	0.2
5yr Avg ROCE	12.77 %	20.53 %	-1.4 %
5yr Avg Operating Profit Margin	2.74 %	13.88 %	0.9 %
5 yr average Debt to Equity	0.22	0.52	0.64
5yr CAGR Net Profit	n/a	28.67 %	-0.67 %
5yr Average Return on Assets	5.0 %	8.52 %	-4.67 %
Shareholdings
Promoter Holding	41.3 %	64.73 %	42.61 %
Share Pledged by Promoters	0.0	7.57 %	0.0
Change in Promoter Holding (3 Yrs)	1.87 %	0.01 %	1.86 %
Change in Mutual Fund Holding (3 Yrs)	-12.03 %	-0.01 %	0.0

Business

	Heritage Foods	Vadilal Industries	Parag Milk Foods
Product Wise Break-Up	Product Wise Break-Up Dairy 95.13 Animal Feed 4.75 Renewable Energy 0.12 Fruit Pulp, Frozen Fruits Etc. 0 Ice-Cream And Frozen Desert Product 0 Dietary Supplement 0 Milk Products 0 Liquid Milk 0 Skimmed Milk Powder 0	Product Wise Break-Up Dairy 0 Ice Cream 90.0 Fruit Pulp, Frozen Fruits Etc. 10.0 Dietary Supplement 0 Milk Products 0 Animal Feed 0 Skimmed Milk Powder 0 Renewable Energy 0 Liquid Milk 0	Product Wise Break-Up Dairy 0 Ice-Cream And Frozen Desert Product 0 Fruit Pulp, Frozen Fruits Etc. 0 Dietary Supplement 6.0 Milk Products 58.0 Animal Feed 0 Skimmed Milk Powder 17.0 Renewable Energy 0 Liquid Milk 10.0 Others 9.0
Location Wise Break-Up	Location Wise Break-Up India 99.98 Rest of the World 0 Others 0.02	Location Wise Break-Up India 81.26 Rest of the World 18.74	Location Wise Break-Up India 98.83 Rest of the World 1.17
Operating Profit Break-Up	Operating Profit Break-Up Dairy 91.0 Animal Feed 9.0 Renewable Energy 0	-	-
Asset Break-Up - Segment Wise	Asset Break-Up - Segment Wise Dairy 63.29 Renewable Energy 3.98 Animal Feed 3.91 Others 28.82	-	-