Parag Milk Foods has reported a 56.1% decline in consolidated net profit to INR 9.81 crore for the fourth quarter ended March 2024, as stated in a regulatory filing. This contrasts with the consolidated net profit of INR 22.35 crore recorded in the same period of the previous fiscal year.
According to the BSE filing, Parag Milk Foods’ total revenue from operations in Q4 FY24 dropped to INR 790.11 crore from INR 800.95 crore in Q4 FY23.
However, its total expenses in Q4 FY24 decreased to INR 784.23 crore compared to INR 793.57 crore in the corresponding period of the previous year.
Continue Exploring: Parag Milk Foods continues growth trajectory with Q3 net profit nearly quadrupling to INR 34.16 Crore
The company’s chairman, Devendra Shah, remarked, “In FY24, our consolidated revenues have surpassed the INR 3,000 crore mark, accompanied by enhanced margins and profitability. The Profit after tax for the year reached INR 91 crore, buoyed by robust operating cash flows of INR 99 crore.”
“Prices for milk procurement have been good in the last few quarters, but a rise is anticipated. We are ready to improve our margin profile even in the face of obstacles,” Shah continued.
Parag Milk Foods intends to broaden its presence in the global market by establishing a foreign wholly owned subsidiary (WOS) in Dubai, UAE. This strategic expansion aims to enhance the company’s global outreach and establish streamlined supply chain operations worldwide to cater to the international market, according to the company statement.
“We are improving efficiency across the value chain and moving closer to revolutionising our business operations. We want to create a foreign wholly owned subsidiary (WOS) in Dubai to service the global market as we grow and expedite our distribution network. We are convinced that, with a solid basis in place, we will experience growth and profitability in the future that will lead the industry, said Shah.
Continue Exploring: Parag Milk Foods bolsters management team with nine key executive appointments