Ann: FY19 Annual Report, page-160

According to WHO reports, most baby and infant food contains too much sugar.

Bal have addressed the needs of infant and toddler nutrition. It's organic, has less sugar, has higher levels of omega 3 which is vital for brain development in infants and toddlers. It has a superior product and is organic. once it SAMR application is approved- it's revenue is going to soar. They are also getting good traction in other Asian countries at a rapid pace.

SP is 15%-20% undervalued.