Heritage Foods Ltd. benchmarking: Performance to industry peers

Financial

	Heritage Foods	Vadilal Industries	Parag Milk Foods
Operational Metrics
FMCG
Milk Processing Capacity	2.83 MLPD	n/a	3.4 MLPD
Milk Generation	1.67 MLPD	n/a	n/a
Sales Volume - Milk	1.2 MLPD	n/a	n/a
Sales volume- Curd	435.6 MTPD	n/a	n/a
Realization/Litre - Milk	57.31 Rs/Litre	n/a	n/a
Financials
5 yr Average ROE	16.08 %	17.93 %	6.07 %
5yr average Equity Multiplier	1.52	1.95	2.09
5yr Average Asset Turnover Ratio	2.86	1.11	1.54
5yr Avg Net Profit Margin	3.76 %	8.32 %	-3.28 %
Price to Book	2.78	4.03	2.01
P/E	17.67	25.88	18.73
5yr Avg Cash Conversion Cycle	9.5 Days	39.37 Days	46.96 Days
Inventory Days	27.67 Days	84.18 Days	83.94 Days
Days Receivable	2.84 Days	31.68 Days	25.24 Days
Days Payable	12.21 Days	86.21 Days	48.33 Days
5yr Average Interest Coverage Ratio	16.55	8.31	-0.19
5yr Avg ROCE	21.53 %	21.49 %	-1.35 %
5yr Avg Operating Profit Margin	7.15 %	15.1 %	0.44 %
5 yr average Debt to Equity	0.12	0.4	0.66
5yr CAGR Net Profit	4.66 %	100.58 %	41.83 %
5yr Average Return on Assets	10.66 %	9.83 %	-4.62 %
Shareholdings
Promoter Holding	41.3 %	64.72 %	40.65 %
Share Pledged by Promoters	0.0	7.57 %	0.0
Change in Promoter Holding (3 Yrs)	2.09 %	-0.01 %	-0.98 %
Change in Mutual Fund Holding (3 Yrs)	-11.61 %	0.0	0.0

	Heritage Foods	Vadilal Industries	Parag Milk Foods
Product Wise Break-Up	Product Wise Break-Up Dairy 94.28 Animal Feed 5.57 Renewable Energy 0.15 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 Dietary Supplement 0 Milk Products 0 Fruit Pulp, Frozen Fruits Etc. 10.0 Animal Feed 0 Renewable Energy 0 Dairy 0 Ice Cream 90.0 Liquid Milk 0 Skimmed Milk Powder 0	Product Wise Break-Up Dietary Supplement 9.0 Milk Products 61.0 Fruit Pulp, Frozen Fruits Etc. 0 Animal Feed 0 Renewable Energy 0 Dairy 0 Ice-Cream And Frozen Desert Product 0 Liquid Milk 10.0 Skimmed Milk Powder 13.0 Others 7.0
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 19.5 India 80.5	Location Wise Break-Up Rest of the World 2.55 India 94.42 Others 3.03
Operating Profit Break-Up	Operating Profit Break-Up Dairy 84.69 Animal Feed 11.29 Renewable Energy 4.03	-	-
Asset Break-Up - Segment Wise	Asset Break-Up - Segment Wise Dairy 72.82 Animal Feed 3.77 Renewable Energy 3.33 Others 20.08	-	-