VMPL
Bengaluru (Karnataka) [India], September 9: Dairy Day, one of India's most loved ice cream brands, has welcomed the Government of India's announcement on the revised Goods and Services Tax (GST) structure. The brand believes that this reform is one of the most significant milestones after the GST roll out in 2017 and along with already announced monetary and fiscal measures, will provide a strong impetus to the Indian economy and strengthen consumer confidence. The ice cream category has been growing at a CAGR of 13-15% and this move is expected to further accelerate per capita consumption levels nationally by enhancing affordability and accessibility of ice creams.
The updated GST framework has reduced tax rates on several essential product categories, including ice creams, from 18% to 5%, which is expected to positively impact consumers and industry players alike.
Dairy Day ice creams distinguishes itself with an expansive assortment of single serve SKUs across price points and a wide range of in-home consumption packs across a variety of flavor profiles. With its extensive footprint on ground and deep-rooted understanding of regional preferences, the brand is well placed to tap into this reform to further drive per capita consumption levels in the category.
"At Dairy Day, we are delighted to welcome the landmark GST reform. By easing the burden on essential categories, it will encourage consumption." said Mr. MN Jaganath, Founder & CEO, Dairy Day. "Our mission has always been to delight families through quality ice cream experiences. This reform enhances our ability to reach even more households with affordable, premium ice creams, and we are committed to passing on these benefits directly to our customers. It's a positive development that benefits not only our industry but also consumers, suppliers, and the many communities that form the backbone of this ecosystem. We remain dedicated to innovation, consumer delight, and sustainable growth as we continue spreading smiles across the nation."
About Dairy Day:
Launched in 2002, Dairy Day has grown to become one of India's top 10 ice cream brands, enjoying deep consumer love across the geographies it operates in, thanks to its unwavering focus on 'goodness' - a core brand belief that comes to life across every element of the mix. With an uncompromising focus on quality, taste, and trust, Dairy Day has become synonymous with the goodness that consumers associate with ice cream as a category. The brand exited FY'24 at a revenue of INR 680 Cr and continues to grow at a CAGR of 25%+.
Today, the company boasts of a modern manufacturing facility in Karnataka, spread over 4 lakh sq. ft., with a combined production capacity of over 4 lakh liters per day, and is known for one of the largest candy and cone manufacturing capabilities in India. From classic flavors like Vanilla, Chocolate, and Strawberry to innovative offerings and regional innovations, Dairy Day continues to lead the way in the ice cream category across the South & West, delivering consumer delight with every bite
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