Parag Milk Foods (PMFL), a manufacturer and marketer of dairy-based branded products in India has reported a rise of 268.8 per cent year-on-year (YoY) in consolidated profit after tax (PAT) at Rs 34.16 crore in the third quarter ended December 2023, as against the consolidated PAT of Rs 9.26 crore in the same period of last fiscal, the company said in a BSE filing.
For Q3 FY24, its consolidated revenue from operations increased by 8.8 per cent on a YoY basis, at Rs 800.84 crore on the back of healthy growth in the ghee and the protein category. The company’s consolidated revenue from operations was at Rs 735.89 crore in Q3 FY23.
The company’s earnings before interest, taxes, depreciation and amortization (EBITDA) grew by 80.5 per cent YoY with an EBITDA margin of 8.6 per cent for Q3 FY24 as against 5.2 per cent in Q3 FY23.
The company’s gross profit margin increased significantly when milk costs fell and its product mix improved. The gross profit margin increased by 520 basis points on a year-over-year basis, from 21.1 per cent in Q3 FY23 to 26.5 per cent in Q3 FY24.
PMFL is continually investing in strengthening its brand strength through a unique mix of marketing initiatives. The corporation has made several initiatives to increase its entire distribution reach, intending to triple it to more than 15 lakh retail outlets.
Commenting on the results Devendra Shah, Chairman, PMFL said, “Over the last two quarters, the milk procurement prices have been benign and we expect it to remain stable ahead. Improving consumer sentiments coupled with our continuous focus on the value-added products and the health and nutrition segment is expected to drive healthy performance in the future.”
Shah further said, “We are in the midst of a transformation journey aimed at driving efficiency across the value chain. With an ensuing expansion and acceleration of the distribution footprint, we are confident to show robust growth in our revenues and profitability.”
