A similar argument for investment rationale is seen in Heritage foods,Hatsun agro. Heritage foods (AP based) too realised high margins from the value added products like curd,gee,panneer and has aggressive plans of increasing the value added products pie. They are in route to increase VAP to 25% of sales.
Though it’s sort of a comfortable validation to see different companies focusing on Milk VAP , the competition will be fiercer in both new & existing markets. Companies like heritage / Hatsun are better placed to play it , with integrated milk operations and their own retail outlets (parlours) .
Dicl – Invested in Heritage foods
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