Parag Milk Foods has recorded a net profit of INR 22.35 crore for the quarter ended on March 31, 2023, in stark contrast to the loss of INR 591.78 crore incurred in the same quarter of the previous fiscal year FY22.
As per a statement shared with exchanges, the total income during the reviewed quarter surged by 41.43% to reach INR 810 crore as compared to the year-ago period of INR 572.75 crore.
According to the company’s statement, the earnings per share (EPS) for the reviewed quarter stood at INR 1.86.
On the BSE, the shares of Parag Milk Foods Limited were trading at INR 87.46 apiece, which is slightly higher than the previous day’s closing value of INR 87.02. During the day, a total of 42,719 shares were traded over 547 trades.
In the Financial Year FY23, the company has reported a net profit of INR 53.254 crore, in contrast to the loss of INR 532.495 crore incurred in the previous Financial Year that ended on March 31, 2022.
The e-commerce business of the company has witnessed a growth of 2.2 times on a year-on-year basis, as per the company’s statement. This segment is considered a crucial component of the company’s distribution strategy, as it enables them to achieve higher visibility and capture a greater 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,” said Shah.
“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” he added.