Parag Milk Foods Ltd. has announced its Q4FY25 financial results, highlighting key growth metrics and business performance
Parag Milk Foods Limited, a leading manufacturer and marketer of dairy-based branded products in India announced its financial results for the quarter and full year ended March 31, 2025.
Consolidate Financial Performance – Q4FY25
* Revenue INR 918; 13% Volume growth and 16% Value Growth
* Gross Profit Margin (GPM) 25.1%; YoY decrease by 10 bps
* EBITDA Rs. 75 Cr with a 69% growth; EBITDA Margin 8.2% vs 5.6% LY
* Profit Before Tax (PBT) INR 33 Cr; 141% YoY growth
* Profit After Tax (PAT) INR 26 Cr; 167% YoY growth
Consolidated Financial Performance - FY25
* Revenue INR 3432 Cr; 10% Volume growth and 9% Value Growth
* Gross Profit Margin (GPM) 25.8%; margin expansion of 130 bps
* EBITDA Rs. 293 Cr with a 30% Growth; EBITDA Margin 8.5% vs 7.2% LY
* Profit Before Tax (PBT) INR 133 Cr; 54% YoY growth
* Profit After Tax (PAT) INR 119 Cr; 31% YoY growth
* Cash Flow from Operations generated Rs. 212 Cr
Key Business highlights – FY25
* Robust volume growth - The business has witnessed strong volume growth of 10% during FY25 YoY aided by healthy volume growth in its core categories. The core categories of mainly Ghee, Cheese and Paneer have witnessed a volume growth of 18% for Q4FY25 and 17% for FY25.
* Market Leadership - As per the latest IMARC report 2024; the flagship brand Gowardhan Ghee commands an 22% market share in the branded cow ghee segment (#No. 1 position), while the brand “Go Cheese” commands 35% market share in the Cheese category (#No. 2 position).
* Volatility in raw material prices - The average milk prices during Q4FY25 were at INR 37/ litre; up 12% YoY, and FY25 milk prices were at INR 34/litre; almost at par YoY while the company handled and average of ~15 lac liters of milk per day. Despite volatility in milk prices during the period, the Company has improved its Gross Margins.
* Improved margins and profitability - Gross Profit Margins (GPM) expanded by 130 basis points YoY during FY25 to 25.8% as against 24.5% in FY24, led by improved product mix and the ability of its brands to pass on the input cost increase and command a price premium vs competition.
New age businesses -
Brand Avvatar: Brand Avvatar continued its momentum and recorded robust 41% 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 aggressively expanding its product portfolio with new products introduction as well as distribution footprint through quick commerce.
Distribution reach: The overall business growth was largely broad-based with all new age channels growing. In line with our targeted initiative of expanding our retail reach and presence; we continued to invest in the sales and distribution (S&D) infrastructure together with riding on Quick Comm journey.
Impact led Marketing: We adopted an impact-led marketing approach to significantly boost brand visibility by associating with high-reach properties like Kaun Banega Crorepati, Maharashtrachi Hasya Jatra, Bigg Boss, and MTV Roadies. This strategic presence on popular platforms ensures deeper consumer engagement and stronger brand recall across diverse audiences.
Focus on New Product Launches: To drive both vertical and horizontal growth, we have introduced innovative products across all our key brands. Gowardhan: Crunchy Chikki - Sesame and Peanut, Go Yogurt, Pride of Cows - Low-Fat, High-Protein Paneer, Greek Yogurt, Bocconcini (Fresh Mozzarella Balls), Avvatar Protein Bar Chocolate and Coffee Wafer
Strong Investor Confidence to Fuel Growth: Parag Milk Foods Ltd. has recently announced on April 3, 2025, the raising of Rs. 161 Cr through the issuance of convertible warrants on a preferential basis. Prominent investor Mr. Utpal Sheth and senior company leaders, including CSO Mr. Ankit Jain, have participated in the funding round. The capital will be utilized to optimize debt, strengthen working capital and drive growth initiatives. The development underscores robust investor confidence and reinforces Parag Milk Foods’ commitment to expanding its leadership in the dairy FMCG space.
Commenting on the performance, Chairman of Parag Milk Foods, Mr. Devendra Shah said, “Our performance in FY25 marks a pivotal milestone in Parag Milk Foods’ journey towards building a future-ready, sustainable, and profitable business. Delivering the highest-ever revenues back-to-back in multiple quarters, coupled with strong operating cash flows and improved profitability, is a result of our disciplined execution and long-term vision. We have stayed committed to innovation, brand building, and operational excellence, while ensuring agility in a dynamic environment. Our investments in expanding distribution, product diversification, and impact-led marketing are not just building brand equity but creating enduring value. We have strengthened governance by adopting leading best practises together with excellence in business processes to transform the organisation from promoter driven to professional management. As we move ahead, our focus remains on strengthening our leadership in the dairy value-added space, deepening consumer trust, and delivering consistent, profitable growth in a responsible and sustainable manner.”
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