Amul revenue up by 18.5% in FY23 to Rs 55,055 crore

The turnover growth of 18.5% is largely due to demand for branded consumer products, Amul said

Gujarat Co-operative Milk Marketing Federation Ltd (GCMMF) which sells dairy products under the Amul brand, on Sunday said its revenue grew by 18.5 per cent last fiscal to Rs 55,055 crore on better demand.

In a statement, GCMMF said it has registered a provisional turnover of Rs 55,055 crore for the financial year 2022-23.

The turnover growth of 18.5 per cent is largely due to demand for branded consumer products, it added.

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"Our fresh products grew by 21 per cent with a contribution of 50 per cent to the GCMMF turnover and ice cream range grew by 41 per cent.

"Our consumer products have registered a growth of 23 per cent YOY with products such as cheese, butter, UHT milk, milk beverages, paneer, cream, buttermilk and dahi having grown at 20-40 per cent," GCMMF said.

The provisional unduplicated group turnover of member unions of the Amul group has crossed Rs 72,000 crore ($9 billion) last fiscal.

With a focus of increasing our distribution across top 400 towns in terms of population, GCMMF is increasing its network of 82 branch and warehouse infrastructure to more than 100 in 2023-24, while also increasing the distributors and retail universe in these towns.

The 18 member unions of GCMMF with farmer member strength of more than 36 lakh across 18,600 villages of Gujarat are procuring on an average 270 lakhs litres of milk per day.

To meet milk and milk product demand in major metros of India, the member unions of GCMMF have set up a network of 98 dairy plants.

GCMMF is investing in new product categories such as organic foods, high protein products, probiotic range, fresh sweets as it aims to transition from India's largest dairy brand to India's largest Food and Beverages FMCG company.

Shamalbhai Patel, Chairman, GCMMF, emphasized the fact that the mantra of rapid expansion has clearly yielded rich dividends for GCMMF.

"Based on estimated growth in market demand for Amul products and our future marketing efforts, GCMMF plans to achieve sales turnover of Rs 1,00,000 crore by 2025 and further grow with a compound annual growth rate of more than 20 per cent over the next seven years...," Patel said.

The growth will be backed by higher milk procurement, continuous expansion in terms of adding new markets, launching of new products, and adding new milk processing capacities across India, the Chairman said.

Jayen Mehta, in-charge Managing Director, GCMMF said that "We have achieved volume sales growth in all product categories.

"Pouch milk which is the highest turnover product has shown volume growth in double digit apart from this, our products like butter, ghee, Ice Cream, UHT milk, flavored milk, Paneer, and fresh cream have also shown double-digit growth."