Parag Milk posts Rs 22.35-cr net profit in fourth quarter

Mumbai (Maharashtra) [India], April 30 : Parag Milk Foods has posted Rs 22.35-crore net profit in the quarter ended March 31, 2023. In the corresponding quarter in FY22, it had a loss of Rs 591.78 crore.

Total income grew 41.43 per cent to Rs 810 crore in the reviewed quarter, against Rs 572.75 crore in the year-ago period, according to a statement shared with exchanges..

The company said its earnings per share (EPS) in the reviewed quarter was Rs 1.86.

Shares of Parag Milk Foods Limited were last trading in BSE at Rs 87.46 apiece as compared to the previous close of Rs 87.02. The total number of shares traded during the day was 42,719 in over 547 trades.

For the fiscal FY23, the company has posted a net profit of Rs 53.254 crore as against a loss of Rs 532.495 crore for the Financial Year ended March 31, 2022.

The company said its e-commerce business grew by 2.2x on a year-on-year basis. It is one of the crucial pillars of the distribution strategy as it helps the company to achieve higher visibility to capture market share.

Devendra Shah, Chairman said, "Our company has recorded a remarkable growth of 40 per cent year-on-year in FY23 to Rs 28,926.2 million, led by healthy volume growth, superior product mix, and pricing growth. Our portfolio optimisation efforts coupled with strong brand equity strength and responsible pricing actions aided in offsetting the ongoing pressure from consistent inflation."

"We have witnessed 610 basis point (bps) margin expansions over the last three quarters. We continue to enhance our industry-leading R&D (research and development) capabilities and infrastructure to better support our innovation agenda and would continue to delight our consumers with our quality offerings," Devendra Shah said, adding: "Going forward, we have embarked on an extensive distribution drive and aim to reach 13-15 lakh retail touchpoints in the next three years. This distribution drive would be supported by our robust impact-led marketing and branding campaigns."

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