Parag Milk Foods Ltd.
Q2FY23 Quarterly Result Announced for Parag Milk Foods Ltd.
FMCG company Parag Milk Foods announced Q2FY23 results:
- Consolidated Q2FY23:
- Consolidated revenue from operations for Q2FY23 stood at Rs 6,648.4 million reporting a growth of 24.9% as compared to Rs 5,323.2 million in Q2FY22, driven by robust volume and value growth across categories.
- The share of value-added products for Q2FY23 is 74.5% of total revenue, while that of liquid milk was 12% and the same for skimmed milk powder was 13.5% respectively.
- Gross Profit for Q2FY23 stood at Rs 1,378.5 million as compared to Rs 1,492.3 million in Q2FY22.
- EBITDA for Q2FY23 stood at Rs 379.4 million as compared to Rs 530.2 million in Q2FY22.
- Profit After Tax for Q2FY23 stood at Rs 113.9 million as compared to Rs 227.7 million in Q2FY22.
Commenting on the Quarter results, Mr. Devendra Shah, Chairman said “We delivered a steady performance for the quarter led by healthy festive demand, hinging on volume, pricing and mix evolution across our categories, while the high commodity inflation impacted the margins.
We continued to support and strengthen our brands with healthy investments employing impactful marketing. We have collaborated with popular national shows like Kaun Banega Crorepati (KBC) for our flagship brand Gowardhan Ghee and Super Singer for brand Go Cheese, which has enabled the brand to have higher recall and reach the wider audience. I am happy to state that recently we have commenced our Lactose value added plant and we are getting good response from our customers that is likely to reflect in our performance ahead. We would continue to maintain sharp focus on driving penetration and market share gains across our portfolios aided by distribution expansion, and strategic investment in market development and brand building.
We have taken steps towards strengthening and diversifying the board, and in this direction, I am glad to announce that we have appointed Dr. Dnyaneshwar V. Darshane as an Independent Director. He brings global expertise to the company with his strong 37 years of experience across continents and association with eminent companies like The Coca-Cola Company, Nicolas-Piramal, Pepsi Foods, Tata Pharmaceuticals, U.S. Vitamins Pharmaceutical to name a few. He has been an innovative, multifaceted, and result-driven Executive Leader possessing visionary leadership. I strongly believe that his vision, thoughts and multidimensional experience will be a guiding torch towards taking PMFL to the next orbit of growth.
The recent infusion of funds into the business via preferential allotment and the warrat conversion of the promoters would enable the Company to move quickly and take advantage of the accelerated growth opportunities that is being witnessed across segments. With our integrated business model, strong brand equity, and well-established distribution network, we are well positioned to capitalize on our industry’s promising potential. We are committed to achieving sustainable growth and profitability and creating long term value for our stakeholders.”