Motilal Oswal Private Equity-backed Parag Milk Foods is looking to close the current fiscal with revenues of Rs 1,500 crore.
Motilal Oswal Private Equity-backed Parag Milk Foods is looking to close the current fiscal with revenues of Rs 1,500 crore.
The owner of brands like Gowardhan, Pride of Cows, Go and ToppUp had clocked in revenues of Rs 1,100 crore last fiscal and has been growing at over 35% annually over the past few years.
Devendra Shah, chairman, Parag Milk Foods, said, “We have an exciting line-up of products, which will help accelerate growth rates to 50%, over the next few years. We will be venturing into newer categories and adding new brands to the portfolio in the coming months.”
Shah spoke to dna on the sidelines of unveiling ceremony of the company's new corporate identity and new logo.
With a product range comprising fresh cow milk and add-ons such as cheese, butter, milk powder, ghee, dahi, butter milk, the company is working on growing the portfolio. Company executives told dna it will soon enter health and nutrition sector with whey-based drinks/beverages.
“We are planning a whey-based drink to start with. It will mark our foray into the health and nutrition drinks category that is seeing good demand especially from customers focusing on health and fitness related matters,” said Mahesh Israni, chief marketing officer, adding that a few more categories / brands will be introduced this year.
With strong foothold in western and northern regions, the company is looking to expand in southern and eastern regions. This will be done through increasing the dealer / stockist network, warehousing infrastructure as well as dedicated points of sale for its products.
Its dairy farm, dairy and cheese plant at Manchar, Pune, churns out 10 lakh litres of milk per day, 10 metric tonne of butter, 25 mt of ghee and 10 mt of dahi (yoghurt) 65 mt of milk powder per day. The company has added a unit in Palamner near Bangalore with 5 lakh litre capacity, while another one is being planned at Manchar. The new unit will be funded through internal accruals.
On the retail front, company is working on enhancing visibility of its products with its second retail model under 'Go Stop' banner. A pilot of 4-5 outlets (in Maharashtra) is currently being tested and a full-fledged roll-out (franchise stores) is expected in the upcoming fiscal. The company also has a chain of dedicated stores called 'Go Shoppe' (under franchise arrangement) and will be looking to add over 150 stores in the coming months.
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