DFM Foods - Distribution led growth; Not Rated - Emkay

- Crax nationally known brand amongst kids despite its predominant presence only in Northern India

- Capacity more than doubled to meet rising demand. Also incremental capacity addition will likely require lower capex

- The company plans to take DFM brand pan India in next 2 years. Also, DFM is also gaining distribution strength and is now present in close to 1.5lac retail outlets in India

- We are enthused as we expect the growth momentum to continue (FY12: 40% sales growth) led by expansion in reach and strong brand recognition amongst kids.

Source : Equity Bulls

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