All you need to know about

MRS. BECTORS FOOD SPECIALITIES LTD. IPO

Issue Details

Issue Amount: ` 540.54 Cr

Total shares for sale: 1,87,68,748 - 1,88,99,998
Issue Period: Dec 15, 2020 - Dec 17, 2020
Face Value: `10 per share
Price Band: ` 286 to ` 288
Lot Size: 50 shares and in multiple thereafter
Source : BRLM

Offer breakup

Category Allocation Issue size (Shares) Issue Size

(INR Cr)
Lower Band Upper Band

QIB 50% 94,40,773 93,75,216 270

NIB 15% 28,32,233 28,12,565 81

Retail 35% 66,08,542 65,62,652 189

Total 100% 1,88,99,998 1,87,68,748 540.54

Source : BRLM
 `
IPO timeline

15
Issue opens on: `
Wednesday, 15th December 2020
Issue closes on:
Friday, 17th December 2020
DECEMBER

22nd 23rd
DEC Finalization of DEC Refunds/Unblocking
basis of allotment ASBA fund

24th 28th
DEC Credit of equity Trading
DEC
shares to DP account commences

Source : BRLM

The objective of the offer

01 Financing the project cost

towards Rajpura Expansion
project

02 General corporate
` purposes

Source : RHP and DRHP

About the company
Mrs. Bectors Food Specialities Limited was incorporated as Quaker
Cremica Foods Private Limited on September 15, 1995, as a private
limited company. The Company is one of the leading companies in the
premium and mid-premium biscuits segment and the premium bakery
segment in North India, according to the Technopak Report.

The Company manufactures and markets a range of biscuits such as

cookies, creams, crackers, digestives and glucose under its flagship
brand Mrs. Bector's Cremica'. It also manufactures and markets bakery
products in savoury and sweet categories which include breads, buns,
pizza bases and cakes under its brand English Oven'.

The Company supplies its products to retail consumers in 26 states

within India, as well as to reputed institutional customers with pan-India
presence and to 64 countries across six continents during the Financial
Year ended March 31, 2020.

According to Technopak Report, Mrs. Bector's Cremica' is one of the

leading biscuit brands in the premium and mid-premium segment in
Punjab, Himachal Pradesh, Jammu and Kashmir and Ladakh and English
Oven' is the one of the largest selling brand in the premium bakery
segment in Delhi NCR, Mumbai and Bengaluru.

It is the largest supplier of buns in India to reputed QSR chains such as

Burger King India Limited, Connaught Plaza Restaurants Private Limited,
Hardcastle Restaurants Private Limited, and Yum! Restaurants (India)
Private Limited. All products are manufactured in-house at its six
manufacturing facilities located in Phillaur and Rajpura (Punjab),
Tahliwal (Himachal Pradesh), Greater Noida (Uttar Pradesh), Khopoli
(Maharashtra) and Bengaluru (Karnataka), which enables it to have an
effective control over the manufacturing process and to ensure
consistent quality of its products. All its manufacturing facilities are
strategically located in proximity to its target markets, which minimises
freight and logistics related time and expenses. The Company has
received several quality certifications and accreditations, including
certification from the FSSC 22000, the U.S. Food and Drugs
Administration, British Retail Consortium (BRC) and Sedex Members
Ethical Trade Audit (SMETA).

Source : RHP and DRHP

Strengths

BAKERY

One of the leading brands One of the leading Established presence

in biscuits and bakery exporter of biscuits in retail and institutional
businesses in North India bakery business

Wide spread and Modern and automated Experienced promoter

established sales and production process with a and management team
distribution network focus on quality control
Source : RHP and DRHP

Risks

Inability to anticipate, Restriction on use of Continuing effect

respond and meet the brand name and negative of the COVID-19 pandemic
consumer’s tastes, preferences publicity of the products on its business and operations

Incurring additional Inability to meet the Inability to maintain

debt in the future, exposing us obligations under certain the competitive position
to interest rate fluctuations export promotion schemes and brand image

Source : RHP and DRHP

Important Financials Data
For the year/period ended (₹ in Crore)

Apr - Sep Apr - Sep FY March FY March FY March

2020 2019 2020 2019 2018

Total
Assets
609 561 566 577 511

Total
431 365 762 784 694
Revenue

Adjusted 72 39 93 96 86
EBITDA

Profit
After Tax
39 10 30 30 36

Source : RHP

Particulars
(In INR Crore) FY20 FY19 FY18
Revenue from Operations 762 784 694
EBITDA 93 96 86
EBITDA (%) 12.18 12.27 12.32
Net Profit for the period 30 33 36
Net Profit as % to Revenue 4% 4% 5%
Basic EPS (Rs) 5.31 5.79 6.27
RONW (%) 9.52 11.25 13.46
ROCE (%) 12.68 15.9 18

Source : RHP

Peer comparison
Company Name YearEnd Total Income EPS P/E-Basic RONW(%)
(Rs. Cr.) Basis EPS

Mrs. Bectors Food March 5.31 - 9.52

764.976
Specialities Limited 2020

March 76.33
Nestle India Limited 2020
12615.78 204.28 101.93

March 58.35
Britannia Industries Limited 2020
11878.95 58.35 31.65

March 20.01
Prataap Snacks Limited 2020
1403.00 20.01 7.72

March 4.87
DFM Foods Limited 2020
514.72 4.87 16.79

Source : RHP
Company name Revenue (In ` Crore) 3 Year Average ( Financial Year 17 - 19)

Gross EBITDA ROE ROCE In-house

FY17 FY19 CAGR
Margins (%) Margins (%) (%) (%) Manufacturing

Britannia 8,829 10,673 10% 39.30% 16.40% 29.90% 44.90% 65%

Parle* 10,545 11,950 6.5% 35.90% 6.70% 11.70% 16.90% NA
Anmol 1,241 1,098 -6% 33.80% 11.70% 13.60% 16.10% 97%
Mrs. Bectors food 626 786 12% 44.30% 12.10% 13% 17.30% 100%
Specialities Limited**
Source : Company filings, Primary and Secondary research
Revenue is provided for Financial Year 2019 since Financial Year 2020 financials are not available for all companies
*Consolidated Financials for Parle
**Consolidated Financials for Mrs. Bector's using IGAAP standard

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Source : Capitaline

For more details refer offer documents on sebi [Link]

The securities quoted are exemplary and are not recommendatory. Such representations are not indicative of future results.
Source of statistical information, charts, graphs etc – RHP, DRHP, Capitaline.

Investments in securities market are subject to market risks, read all the related documents carefully before investing.
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