New Delhi: Parag Milk Foods Limited (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 grew 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 softness in the milk prices coupled with the improving product mix resulted in a sharp expansion in the gross profit margin for the company. The gross profit margin expanded by 520 bps on a YoY basis from 21.1 per cent in Q3 FY23 to 26.5 per cent in Q3 FY24.
PMFL is consistently investing towards enhancing its brand strength by employing innovative blend of marketing activities. The company has undertaken a series of efforts towards expanding the overall distribution reach, wherein it aims to triple its reach 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.”