Heritage Foods Ltd. benchmarking: Perfomance to industry peers

Financial

	Heritage Foods	Parag Milk Foods	Vadilal Industries
Operational Metrics
FMCG
Milk Processing Capacity	2.83 MLPD	3.4 MLPD	n/a
Milk Generation	1.6 MLPD	n/a	n/a
Sales Volume - Milk	1.21 MLPD	n/a	n/a
Sales volume- Curd	435.6 MTPD	n/a	n/a
Realization/Litre - Milk	57.0 Rs/Litre	n/a	n/a
Financials
5 yr Average ROE	16.08 %	-13.15 %	17.93 %
5yr average Equity Multiplier	1.52	2.09	1.95
5yr Average Asset Turnover Ratio	2.86	1.54	1.11
5yr Avg Net Profit Margin	3.76 %	-3.28 %	8.32 %
Price to Book	4.29	3.81	5.48
P/E	25.89	32.76	27.24
5yr Avg Cash Conversion Cycle	9.5 Days	46.96 Days	39.37 Days
Inventory Days	27.67 Days	83.94 Days	84.18 Days
Days Receivable	2.84 Days	25.24 Days	31.68 Days
Days Payable	12.21 Days	48.33 Days	86.21 Days
5yr Average Interest Coverage Ratio	16.55	-0.19	8.31
5yr Avg ROCE	21.53 %	-1.35 %	21.49 %
5yr Avg Operating Profit Margin	7.15 %	0.44 %	15.1 %
5 yr average Debt to Equity	0.12	0.66	0.4
5yr CAGR Net Profit	4.66 %	41.83 %	100.58 %
5yr Average Return on Assets	10.66 %	-4.62 %	9.83 %
Shareholdings
Promoter Holding	41.3 %	42.61 %	64.73 %
Share Pledged by Promoters	0.0	0.0	7.57 %
Change in Promoter Holding (3 Yrs)	1.87 %	6.42 %	0.0
Change in Mutual Fund Holding (3 Yrs)	-11.59 %	0.0	-0.01 %

	Heritage Foods	Parag Milk Foods	Vadilal Industries
Product Wise Break-Up	Product Wise Break-Up Dairy 94.67 Animal Feed 5.04 Renewable Energy 0.28 Dietary Supplement 0 Milk Products 0 Liquid Milk 0 Skimmed Milk Powder 0 Fruit Pulp, Frozen Fruits Etc. 0 Ice-Cream And Frozen Desert Product 0 Others 0.01	Product Wise Break-Up Fruit Pulp, Frozen Fruits Etc. 0 Animal Feed 0 Renewable Energy 0 Dietary Supplement 9.0 Milk Products 57.0 Liquid Milk 10.0 Skimmed Milk Powder 14.0 Ice-Cream And Frozen Desert Product 0 Dairy 0 Others 10.0	Product Wise Break-Up Fruit Pulp, Frozen Fruits Etc. 10.0 Animal Feed 0 Renewable Energy 0 Dietary Supplement 0 Milk Products 0 Liquid Milk 0 Skimmed Milk Powder 0 Ice Cream 90.0 Dairy 0
Location Wise Break-Up	Location Wise Break-Up India 99.95 Rest of the World 0.05	Location Wise Break-Up Rest of the World 2.55 India 94.42 Others 3.03	Location Wise Break-Up Rest of the World 19.5 India 80.5
Operating Profit Break-Up	Operating Profit Break-Up Dairy 90.07 Animal Feed 7.61 Renewable Energy 2.32	-	-
Asset Break-Up - Segment Wise	Asset Break-Up - Segment Wise Dairy 70.71 Animal Feed 3.68 Renewable Energy 3.5 Others 22.11	-	-