Amul foresees 20% revenue growth to 66k-crores in FY24
In an interview with PTI, Jayen Mehta, managing director, Amul, said Gujarat Cooperative Milk Marketing Federation (GCMMF), which sells dairy products under Amul, is expecting 20% growth in its revenue this fiscal to around INR 66,000-cr. Mehta added the federation is also focusing on growing small organic food and edible oil businesses.
11 Apr 2023 | By Aditya Ghosalkar
GCMMF has 98 milk processing plants in India currently; passes on around 80% of retail prices to dairy farmers
GCMMF, one of India's largest food product marketing organisations, registered a turnover of INR 55,055-cr in 2022-23, up 18.5% from the previous year.
"We expect the sales momentum to continue across our product portfolio. Demand is shifting from unorganised to organised players," Mehta said. He mentioned that the federation eyes on supporting small-scale organic food and edible oil businesses.
The rates of milk prices remain normalised. Although, the input cost has risen by 15% in the last one year, forcing the cooperative to hike retail prices to some extent last year.
GCMMF passes on around 80% of retail prices to dairy farmers. Mehta said that the federation's milk procurement increased in March. With farmers receiving good prices, the milk supply is improving.
The farmer’s cooperative currently has 98 milk processing plants across the country with an installed capacity of 470 lakh litres per day. It is collecting an average of 270-lakh litres per day.
“The federation will expand capacity by 30 to 40-lakh litres per day in the next two years” said Mehta. In the last fiscal year, GCMMF reported 21% growth in fresh products, which contributes 50% to its turnover.