About
Parag Milk Foods Ltd
Parag Milk Foods Ltd (PMFL), founded in 1992, is one of leading dairy FMCG companies in India. The company manufactures a diverse range of products like cheese, ghee, fresh milk, whey proteins, paneer, curd, yoghurt, milk powder and dairy based beverages. The Company enjoys a strong reputation and brand recall across several geographies through its exports across UAE, Singapore, Oman, Kuwait, Mauritius, New Zealand, Australia, Congo, Seychelles, Iraq, USA, Hong Kong, Philippines, , Sri Lanka, UAE and Bangladesh. The Company also supplies farm-to-home premium fresh milk from Bhagyalaxmi Dairy Farms, which it markets and sells in Mumbai, Pune, Surat, and Delhi-NCR region. As on March 31, 2019, the Company has one wholly owned subsidiary called Bhagyalaxmi Dairy Farms Pvt Ltd (BDFPL), which is located at Manchar, Pune
The Company was incorporated as Parag Milk & Milk Products Private Limited on December 29, 1992 with the registrar of companies at Mumbai with the registered office at Pune as a private limited company under the Companies Act, 1956. The name of the Company was changed to Parag Milk Foods Private Limited and a fresh certificate of incorporation consequent upon change of name was granted by the RoC on April 11, 2008. The Company was converted into a public limited company pursuant to approval of the shareholders at an extraordinary general meeting held on May 16, 2015 and consequently, the name of the Company was changed to Parag Milk Foods Limited and a fresh certificate of incorporation consequent upon conversion to a public limited company was granted to the Company by the RoC on July 7, 2015.
Parag Milk Foods Ltd started commercial production in 1992 and commissioned the Manchar, Pune plant for production in 1998 under the Gowardhan Brand. The company launched Bhagyalaxmi Dairy Farms in 2005 and started operations at the Palamaner Plant in 2010. The company launched milk under 'Pride of Cows' Brand in 2011. The company has being launching various products in milk and cheese in subsequent years.
Parag Milk Foods raised Rs 300 crore from through fresh issue of 136.99 million equity shares in an initial public offer in May 2016.
During the financial year ended 31 March 2017, the company expanded its cheese slice range with flavours like Piri Piri, chutney cheese, Kachha Aam, Schezwan and Acchari and other product categories like Pre-mix with Go Easy Shake and relaunched dairy whitener under Milk Rich brand name. During the year, the company company expanded distribution of fresh milk in upcountry Tamil Nadu market.
During the financial year ended 31 March 2018, the company introduced fresh dahi to strengthen its presence in north region. With this launch, the company has expanded its geographical reach and entered into Rs 1500 crore curd market of Delhi. The company also launched Mishti Doi which is nutritionally rich in protein. This is a traditional Bengali dessert. The company believes that the addition of Mishti Doi to its product portfolio will further build up the Gowardhan Dahi category. The company also launched Gowardhan Paneer as a fresh paneer category with a shelf life of 75 days and is made from 100 % cows' milk. It is a rich source of proteins and vitamins. This is the only product which has used ESL technology.
To strengthen the presence in north, the company acquired the manufacturing unit of Danone Foods and Beverages India Pvt Ltd., the local entity of French dairy firm Danone SA. The acquisition will strengthen the company's distribution of fresh category products like milk, dahi, paneer, yogurt in the Northern and Eastern regions of India, which is largely dominated by buffalo milk consumption. This move will give the company an edge to understand the consumer preferences in northern India. The plant is spread across 5,500 square meters on the outskirts of Delhi NCR. Its current milk processing capacity is 0.75 LLPD (lakh litre per day) along with curd processing capacity of 15 tonne.
Parag Milk Foods Ltd
Chairman Speech
With a strong foundation in place, we remain committed to our ambition
of creating a sustainable and profitable business. Thus, to execute our commitment and
vision, we have clearly defined our strategic priorities through the 6Cs - Cows,
Consumers, Cash, Cost, Corporate Governance and Community. Each of these elements remains
core to us and over the years, we have progressed and strengthened our ecosystem jj
Dear Shareholders,
To become a great company in every sense of the word, its foundations
must be rock solid. Over the years, we have built a strong ground for PMFL to grow on,
built on:
• Our brand strength
• High-quality delicious and nutritious products
• State-of-the-art manufacturing capabilities
• Unwavering support to farmers
• Trust-based, enduring relationships with our customers and
vendors
• A robust distribution network
• Committed workforce and a conducive work environment
• Accelerated adoption of innovation and digitalisation
• Sustainability-embedded processes
• Continued contribution to community empowerment
Each year, we have learned, grown , and created sustainable value for '
our stakeholders. This would not have been possible without your continued support and
trust in us.
Leveraging our strong foundations
Now, it is time for us to shape the future for ourselves and our
stakeholders by leveraging the strengths of our foundation. Over the years, our Company
has emerged as India's largest FMCG dairy player with top-of-mind household brands such as
Gowardhan, GO, Pride of Cows and Avvatar - all made from 100% cow's milk.
With our deep understanding of the market and evolving consumer needs
and industry experience, our Company has built strong goodwill and enduring relationships
with consumers and farmers, who are the key stakeholders in the dairy value chain. Our
best practices and state-of-the-art infrastructure enable the production of pure and
nutritious dairy products, making PMFL the partner of choice for millions of households.
This deep-seated trust bolsters our confidence to deliver sustained and profitable
results.
During the year, we continued to delight our consumers with various
innovations. We launched several products in different categories. We expanded the Pride
of Cows portfolio to include single-origin paneer and fat-free milk for our
health-conscious consumers. The year also marked our expansion into the fast-growing
beverage segment with the launch of Go Milkshakes and whey-based energy drink - RAPID. We
are happy with the trust and loyalty consumers have shown in our newly launched categories
and expect accelerated momentum in the coming years, owing to the strength of our brands.
Our Company shares the Prime Minister's vision to promote the rural
development of dairy industries, which will increase self-employment and provide
infrastructure. We are continuously working towards helping rural entrepreneurs set up
modern dairy farms for the production of clean milk, encouraging Heifer calf rearing,
thereby conserving good breeding stock, and bringing structural changes in the sector so
that the initial processing of milk can be done at the village level itself. To ensure
best practices across the value chain, we are replicating our successful Bhagyalaxmi Dairy
Farm model from Manchar to Swarnabhoomi situated at Bota, Nashik. By 2028, Swarnabhoomi is
expected to house around 15,000 cows which will provide around 1.4 Lakh litres of milk
daily.
FY22 - a challenging year
The last couple of years have seen unprecedented challenges in the form
of the pandemic, geopolitical risks and a volatile macro environment with a wide-ranging
impact on people, geographies and businesses. Just like other businesses, our operations
were impacted as well. While we recorded a strong performance in the last fiscal year, the
unforeseen event of the pandemic affected our balance sheet for the year. However, these
items are a one-time situation-specific exception and do not impact the ongoing business
operations.
Building an ethical business
Governance forms an integral part of PMFL. Thus, we aim to strengthen
our management team by onboarding experienced professionals. As part of this continuous
exercise, we are in the process of roping in a CEO and CFO. We will continue to carry
forward our operations with renewed zeal and enthusiasm as Gen Z enters the Board. Our
Company, along with the Board of Directors, decided to appoint Ms. Akshali Shah as an
Executive Director. She has been associated with the Company for over a decade and has
been instrumental in the growth of our businesses and brands. Her vision is to make PMFL
among the fastest growing, technology-driven FMCG companies. This will enable us to strike
a balance between experience and new-age thoughts, further empowering us to scale newer
heights.
With a strong foundation in place, we remain committed to our ambition
of creating a sustainable and profitable business. Thus, to execute our commitment and
vision, we have clearly defined our strategic priorities through the 6Cs - Cows,
Consumers, Cash, Cost, Corporate Governance and Community. Each of these elements remains
core to us and over the years, we have progressed and strengthened our ecosystem.
Way forward
We will continue to drive excellence with enhanced aggression and
cohesiveness, which will help us to get into a higher orbit. Through our razor-sharp focus
on innovation, supply chain optimisation, sales and distribution across all channels and
Environment, Social, Governance (ESG) initiatives, we aim to explore new opportunities,
embed digitalisation in our processes and enhance future-readiness.
I am extremely grateful to all our stakeholders for their belief and
trust in us . We will continue to innovate, progress and deliver profitable business by
focussing on sustainability and growing from strength to strength.
Warm wishes,
  Â
Parag Milk Foods Ltd
Company History
Parag Milk Foods Ltd (PMFL), founded in 1992, is one of leading dairy FMCG companies in India. The company manufactures a diverse range of products like cheese, ghee, fresh milk, whey proteins, paneer, curd, yoghurt, milk powder and dairy based beverages. The Company enjoys a strong reputation and brand recall across several geographies through its exports across UAE, Singapore, Oman, Kuwait, Mauritius, New Zealand, Australia, Congo, Seychelles, Iraq, USA, Hong Kong, Philippines, , Sri Lanka, UAE and Bangladesh. The Company also supplies farm-to-home premium fresh milk from Bhagyalaxmi Dairy Farms, which it markets and sells in Mumbai, Pune, Surat, and Delhi-NCR region. As on March 31, 2019, the Company has one wholly owned subsidiary called Bhagyalaxmi Dairy Farms Pvt Ltd (BDFPL), which is located at Manchar, Pune
The Company was incorporated as Parag Milk & Milk Products Private Limited on December 29, 1992 with the registrar of companies at Mumbai with the registered office at Pune as a private limited company under the Companies Act, 1956. The name of the Company was changed to Parag Milk Foods Private Limited and a fresh certificate of incorporation consequent upon change of name was granted by the RoC on April 11, 2008. The Company was converted into a public limited company pursuant to approval of the shareholders at an extraordinary general meeting held on May 16, 2015 and consequently, the name of the Company was changed to Parag Milk Foods Limited and a fresh certificate of incorporation consequent upon conversion to a public limited company was granted to the Company by the RoC on July 7, 2015.
Parag Milk Foods Ltd started commercial production in 1992 and commissioned the Manchar, Pune plant for production in 1998 under the Gowardhan Brand. The company launched Bhagyalaxmi Dairy Farms in 2005 and started operations at the Palamaner Plant in 2010. The company launched milk under 'Pride of Cows' Brand in 2011. The company has being launching various products in milk and cheese in subsequent years.
Parag Milk Foods raised Rs 300 crore from through fresh issue of 136.99 million equity shares in an initial public offer in May 2016.
During the financial year ended 31 March 2017, the company expanded its cheese slice range with flavours like Piri Piri, chutney cheese, Kachha Aam, Schezwan and Acchari and other product categories like Pre-mix with Go Easy Shake and relaunched dairy whitener under Milk Rich brand name. During the year, the company company expanded distribution of fresh milk in upcountry Tamil Nadu market.
During the financial year ended 31 March 2018, the company introduced fresh dahi to strengthen its presence in north region. With this launch, the company has expanded its geographical reach and entered into Rs 1500 crore curd market of Delhi. The company also launched Mishti Doi which is nutritionally rich in protein. This is a traditional Bengali dessert. The company believes that the addition of Mishti Doi to its product portfolio will further build up the Gowardhan Dahi category. The company also launched Gowardhan Paneer as a fresh paneer category with a shelf life of 75 days and is made from 100 % cows' milk. It is a rich source of proteins and vitamins. This is the only product which has used ESL technology.
To strengthen the presence in north, the company acquired the manufacturing unit of Danone Foods and Beverages India Pvt Ltd., the local entity of French dairy firm Danone SA. The acquisition will strengthen the company's distribution of fresh category products like milk, dahi, paneer, yogurt in the Northern and Eastern regions of India, which is largely dominated by buffalo milk consumption. This move will give the company an edge to understand the consumer preferences in northern India. The plant is spread across 5,500 square meters on the outskirts of Delhi NCR. Its current milk processing capacity is 0.75 LLPD (lakh litre per day) along with curd processing capacity of 15 tonne.