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Tag: Parag Milk Foods Ltd

  • Avvatar Protein partners with Spartan

    Avvatar Protein partners with Spartan

    Bengaluru – Avvatar Protein, a subsidiary of Parag Milk Foods Ltd., announced a strategic partnership with Spartan. With over 250 events held annually across more than 40 countries, Spartan inspires over one million participants each year to push beyond their limits. Through this collaboration, Spartan’s endurance challenges will now be introduced to Indian audiences, with the first event set to launch in Bengaluru on 10 November.

    This partnership comes at a time when more Indians are prioritising their fitness. According to the International Health, Racquet & Sportsclub Association (IHRSA), India had approximately 3.5 million gym members in 2019, with that number projected to grow at a compound annual growth rate (CAGR) of 9.3 per cent from 2020 to 2024. The activation plan includes a dynamic sampling program across 75 premium gyms and nine outdoor run clubs (three per city) in Bengaluru, Pune, and Noida, directly engaging an estimated 3,000-4,000 fitness enthusiasts.

    To amplify this grassroots engagement, Avvatar will collaborate with Spartan influencers, who will create compelling content across various social media platforms. On race day, Avvatar will enjoy prominent visibility through five key branded areas, including the entry gate, start and finish arches, dedicated experience zones, and obstacle areas. This integrated strategy ensures maximum brand exposure, both on the ground and digitally, with content shared across Avvatar’s and the influencers’ social media channels to engage the broader Spartan community.

    This partnership is further elevated by the Champs Foundation, founded by former Indian cricketer  Sunil Gavaskar, which has brought Spartan to India through PMG. Adding star power to the collaboration is Bollywood actor Siddharth Malhotra as brand ambassador, whose commitment to fitness and personal transformation embodies the spirit of both Spartan and Avvatar.

    This partnership represents a perfect alignment of values and vision,” said Parag Milk Foods Ltd executive director Akshali Shah. “Spartan’s commitment to pushing boundaries in endurance sports mirrors Avvatar’s dedication to providing premium nutrition that enables peak performance. Our 100% vegetarian whey protein, packed with nine essential amino acids, is designed to support athletes through every challenge they face – from training to race day. Together with Spartan, we’re not just sponsoring an event; we’re fueling a movement that empowers Indians to achieve their ultimate potential.”

  • Gowardhan Sweets launches TVC and DVC campaign

    Gowardhan Sweets launches TVC and DVC campaign

    Mumbai – Parag Milk Foods Ltd. has announced the launch of its festive campaign featuring a new TVC and DVC for its Gowardhan Khushiyan Mithai range. This premium range of sweets will be promoted through the film, which aired across all channels, marking the Dussehra celebration. This campaign emphasises the brand’s commitment to purity and quality, following a successful pilot earlier this year in Pune, Nashik, and Ahmednagar, which is now expanding to multiple regions across India.

    The festive season typically brings a surge in sweet consumption, with pre-festive sales showing a 55 per cent increase. The traditional packaged Indian sweets market was valued at Rs 6,000-7,000 crore in 2023. However, as demand peaks, consumers increasingly worry about the quality and purity of the sweets they purchase due to the heightened risk of adulteration.

    The core message of the TVC, “Na bhakti me na bhog me na mithai me, milavat kahi bhi nahi honi chahiye”, highlights the importance of purity in every aspect of life—whether in devotion, offerings, or food. The commercial beautifully showcases a traditional pooja thali being set up, followed by the delicious Gowardhan Khushiyan sweets—Kaju Katli, Kesar Pedha, Malai Pedha, and Kaju Pista Roll—being generously made with pure Gowardhan Ghee, symbolising the authenticity and purity of these festive delicacies. The film concludes with the line, “This season bring home the purity of Gowardhan Khushiyan Mithai,” urging consumers to choose sweets made with shatpratishat shuddh (100% pure) ingredients.

    There is an increasing demand for transparency and purity in food, especially during the festive season when families celebrate with sweets,” said Parag Milk Foods Ltd executive director Akshali Shah. “Reports of adulterated mithai have raised concerns, and our latest campaign aims to address this by emphasizing our commitment to quality. We are proud to introduce Khushiyan Mithai, crafted with 100% pure Gowardhan Ghee, ensuring sweets that are not only delicious but also safe for consumption. As the festivities draw near, we offer a premium selection that upholds the highest standards of purity, allowing families to celebrate with purity. For us, purity is not a luxury but a standard that should be upheld, especially in our cherished traditions.”

    “We understand the deep emotional connection Indians have with sweets, especially during festivals,” added BelieveTrinity founder Samarth Shrivastava, the agency behind the new campaign.  “Many times, we are unsure whether the Mithai that we buy has been made with 100% pure ingredients, our campaign assures consumers that with Gowardhan Khushiyan Mithai, they’re bringing home not just sweets, but a promise of purity and tradition.

    The TVC and DVC are now live and will be aired across regional TV channels and digital platforms in Maharashtra, Gujarat, and Delhi NCR, reaching the right target audience The film is also available for viewers nationwide on YouTube.

    Consumers can conveniently purchase Gowardhan khushiya Mithai through major online platforms, including Amazon, Flipkart, and quick-commerce services like Blinkit in Mumbai, Pune, Ahmedabad, and Delhi NCR, making it easier to bring the taste of pure celebration home this festive season.

  • Parag Milk Foods: Q3FY24 revenue Up 8.8 per cent, PAT surges 268.8 per cent YoY

    Parag Milk Foods: Q3FY24 revenue Up 8.8 per cent, PAT surges 268.8 per cent YoY

    Mumbai: Parag Milk Foods Ltd (PMFL), a leading manufacturer and marketer of dairy-based branded products in India announced its unaudited financial result for the quarter and half year ended 31 December 2023.

    Key Highlights Consolidated Q3 FY24:

    •    Revenue stood at Rs  8,008.4 million; a growth of 8.8  per cent YoY
    •    Gross profit stood at Rs 2,107.5 million; with a Gross profit margin of 26.3  per cent
    •    EBITDA stood at Rs 686.5 million; with an EBITDA margin of 8.6 per cent
    •    Profit After Tax stood at Rs 341.6 million; a growth of 268.8 per cent YoY.

    Key Highlights – Consolidated 9MFY24

    •    Revenue stood at Rs  23,485.9 million; a growth of 12.3 per cent YoY
    •    Gross profit stood at 5,545.4 million; with a Gross profit margin of 23.6  per cent
    •    EBITDA stood at Rs 1782.1million; with an EBITDA margin of 7.6 per cent
    •    Profit After Tax stood at Rs 807.7 million; a growth of 161.4 per cent YoY.

    For Q3FY24, the consolidated revenue from operations grew by 8.8 per cent on a yoy basis, at INR 8008.4 million. The growth came on the back of healthy growth in the ghee and protein category. 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 Q3FY23 to 26.5 per cent in Q3FY24. The EBITDA grew by 80.5 per cent yoy; with an EBITDA margin of 8.6 per cent for Q3FY24 as against 5.2 per cent in Q3FY23.

    For 9MFY24, the consolidated revenue from operations grew by 12.3 per cent on a yoy basis at INR 23,485.9 million. The gross profit margin expanded by 450 basis points yoy at 23.6 per cent in 9MFY24 as against 19.1 per cent in 9MFY23.  Driven by operational excellence, the EBITDA grew by 52.2 per cent yoy, with an EBITDA margin of 7.6 per cent for 9MFY24 as against an EBITDA margin of 5.6 per cent in 9MFY23.

    PMFL is consistently investing towards enhancing its brand strength by employing an 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 lac retail outlets.

    Commenting on the results Mr. Devendra Shah, Chairman said, “It gives me immense pleasure to state that our consolidated revenues for the quarter has grown by 8.8 per cent yoy; whilst our margins and profitability have witnessed strong improvement. The Gross and EBITDA margins have expanded by 520 basis points and 340 basis points to reach 26.3 per cent and 8.6 per cent respectively.

    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 future.

    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”

    Key developments in Q3FY24

    Brand building initiatives- The company has strengthened its brand equity reach by adopting unique content-led impact marketing and branding campaigns. Continuing the momentum on the marketing innovation; the company continued its effective collaboration with Kaun Banega Crorepati (KBC) for the second time. The association has enabled the company to increase its consumer connection and strengthen brand equity.

    Procurement:  For the quarter, the average milk procurement stood at 17 lac litres per day; aided by a stable global market coupled with a good flush season; the milk prices have stabilized. For the quarter the average milk price stood at Rs 32.2 per litre.

    Distribution reach: The overall business growth was largely broad-based with all channels posting good growth. In line with the targeted initiative of expanding the retail reach and presence; PMFL continues to invest in the sales and distribution (S&D) infrastructure

    9MFY24 business performance

    Core categories:  The core categories of Ghee and Cheese have seen continuous traction throughout the period and have posted a growth of 11.1 per cent  Y-o-Y.

    New age business- Brand Avvatar: The Direct to Consumer (D2C) brand Avvatar continued its momentum and recorded robust 62.0 per cent growth YoY, led by 45 per cent volume growth YoY. The overall protein portfolio has continued to record market share gains.  

    Premium Dairy Business- Pride of Cows (PoC):  In line with the company’s premiumization agenda- the brand Pride of Cows continues to witness healthy traction. The brand is expanding its product portfolio as well as distribution footprint.   During the quarter, the brand was extended into the Vadodara market, which makes it a seven-city brand. Pride of Cows is posting profitable and Sustainable growth. 

  • Parag Milk Foods appoints Boston Consulting Group for a strategic transformation journey

    Parag Milk Foods appoints Boston Consulting Group for a strategic transformation journey

    Mumbai:  Parag Milk Foods Ltd (PMFL), a leading manufacturer and marketer of dairy-FMCG products in India is proud to announce a strategic association with Boston Consulting Group (BCG). This collaboration aims to drive sustainable growth and implement cost-effective practices throughout the organisation.

    In addition to continuously providing innovative and high-quality dairy products, PMFL has also continuously increased their market share and demonstrated a dedication to excellence. However, as the industry landscape evolves, Parag Milk Foods recognises the importance of enhancing its operational efficiency and growth strategies.

    BCG has been one of the corporate strategy pioneers for over five decades. It is an expert at understanding the industries and capitalising on opportunities. Together, PMFL and BCG will work towards optimizing existing business processes and identifying new opportunities for growth and efficiency.

    Parag Milk Foods chairman Devendra Shah said, “We are pleased to join hands with BCG. Their global perspective and deep industry knowledge will undoubtedly aid us unlock new avenues for growth, and streamline our operations for long-term sustainability. As we set our ambitious expansion plans into motion, we are happy to associate with a partner who shares our forward-thinking mindset “

    This will be a strategic partnership as PMFL is committed to transforming into a structured organisation, diversifying their product range, scaling up operations and expanding the reach. This collaboration marks a significant milestone for PMFL in its journey toward sustainable growth.

  • Parag Milk Foods appoints Rahul Kumar Srivastava as COO

    Parag Milk Foods appoints Rahul Kumar Srivastava as COO

    Mumbai: Parag Milk Foods Ltd, a leading manufacturer and marketer of dairy-FMCG products in India proudly announces the appointment of Rahul Kumar Srivastava as the chief operating officer of the organisation. He served as the managing director of Lactalis India, a division of the world’s largest dairy conglomerate, for over a decade. Additionally, he held the position of managing director at Amul for more than ten years. With over three decades of dairy experience, he is a well-known industry veteran who has made substantial contributions to the business.

    With extensive expertise in managing significant procurement operations and a deep understanding of innovative approaches to enhance yields through close collaboration with farmers, while ensuring sustained quality, Srivastava stands as an industry leader. His presence is poised to be instrumental in Parag Milk Foods’ journey toward a new era of leadership and growth. Having been a pioneering force in establishing and maintaining organised brands within a sector primarily dominated by regional and unorganized entities, he is well-positioned to unlock the vast potential of the organized Indian market demand for Parag Milk Foods.

    In his previous roles, Srivastava has left a prominent mark with his unwavering commitment, strategic acumen, and innovative thinking. His keen insight and vast knowledge have consistently driven efficiency improvements, fortified brand sustainability, and elevated the consumer experience.

    On this development, Parag Milk Foods Ltd chairman Devendra Shah said, “Mr. Rahul Kumar’s exceptional expertise and unparalleled proficiency in the Dairy realm align perfectly with Parag Milk Foods’s vision.  His ability for blending traditional strategies with contemporary innovations is exactly what we need in these ever-evolving times. He will help in leading our strategy for profitable growth and also pursue the market opportunities associated with the dairy- FMCG sector and growing global nutrition demand. We are confident that with his leadership, the company will continue to deliver sustainable higher business growth.”

    Srivastava’s educational background is equally impressive, having earned his engineering degree from the esteemed Indian Institute of Technology (IIT) in Roorkee. He continued his academic career after completing postgraduate studies at the Institute of Rural Management, Anand (IRMA).

  • Bharat Kedia to be ZEEL CFO as Modi gets new role

    MUMBAI: Zee Entertainment Enterprises LTD (ZEEL) has appointed Bharat Kedia as the chief financial officer. With effect from 1 August, Kedia will replace Mihir Modi, who will be moving to a new role in the company.

    Kedia, a chartered accountant & company secretary, has over two decades’ experience spanning across finance, fund-raising, M&A, information technology and corporate strategy in diverse businesses across Europe, Russia and India in varied roles with companies/ group such as Publicis Groupe-India, Coca-Cola-Europe, United Beverages and Kansai-Nerolac Paints.

    Before joining ZEEL, Kedia was the CFO of Parag Milk Foods Ltd.

    Bharat Kedia, a speaker at various topics in seminars led by Institute of Chartered Accountants of India, was conferred with “CF0-100” award in 2015-16 — one of the prestigious awards for the finance community.