For
the quarter ending March 2024, consolidated net sales (including other operating income) of Parag Milk Foods has declined 1.35% to Rs 790.12 crore compared to quarter ended March 2023. Operating profit margin has declined from 4.66% to 4.62%, leading to 2.20% decline in operating profit to Rs 36.49 crore. Raw material cost as a % of total sales (net of stock adjustments) decreased from 78.65% to 75.20%. Employee cost increased from 3.20% to 4.11%. Other expenses rose from 13.49% to 16.02%. Other income fell 16.03% to Rs 7.65 crore. PBIDT fell 4.91% to Rs 44.14 crore. Provision for interest rose 31.50% to Rs 16.03 crore. Loan funds rose to Rs 644.70 crore as of 31 March 2024 from Rs 606.24 crore as of 31 March 2023. Inventories rose to Rs 615.32 crore as of 31 March 2024 from Rs 573.55 crore as of 31 March 2023. Sundry debtors were higher at Rs 244.26 crore as of 31 March 2024 compared to Rs 168.23 crore as of 31 March 2023. Cash and bank balance rose to Rs 27.57 crore as of 31 March 2024 from Rs 15.30 crore as of 31 March 2023. Investments declined from Rs 4.92 crore as of 31 March 2023 to Rs 4.63 crore as of 31 March 2024.
PBDT fell 17.88% to Rs 28.11 crore. Provision for depreciation fell 17.81% to Rs 14.58 crore. Fixed assets increased to Rs 533.78 crore as of 31 March 2024 from Rs 480.62 crore as of 31 March 2023. Intangible assets increased from Rs 0.20 crore to Rs 0.90 crore.
Profit before tax down 17.95% to Rs 13.53 crore. Share of profit/loss were nil in both the periods. Provision for tax was debit of Rs 3.72 crore, compared to credit of Rs 5.86 crore. Effective tax rate was 27.49% compared to negative 35.54%.
Minority interest was nil in both the periods. Net profit attributable to owners of the company decreased 56.11% to Rs 9.81 crore. Equity capital increased from Rs 117.20 crore as of 31 March 2023 to Rs 119.20 crore as of 31 March 2024. Per share face Value remained same at Rs 10.00.
Promoters’ stake was 42.61% as of 31 March 2024 ,compared to 41.63% as of 31 March 2023 .
Full year results analysis.
Net sales (including other operating income) of Parag Milk Foods has increased 8.51% to Rs 3138.7 crore. Operating profit margin has jumped from 4.09% to 6.28%, leading to 66.58% rise in operating profit to Rs 197.13 crore. Raw material cost as a % of total sales (net of stock adjustments) decreased from 80.79% to 76.56%. Employee cost increased from 3.31% to 3.65%. Other expenses rose from 11.91% to 13.63%. Other income fell 44.18% to Rs 25.21 crore. PBIDT rose 35.99% to Rs 222.34 crore. Provision for interest rose 38.22% to Rs 76.24 crore. Loan funds rose to Rs 644.70 crore as of 31 March 2024 from Rs 606.24 crore as of 31 March 2023. Inventories rose to Rs 615.32 crore as of 31 March 2024 from Rs 573.55 crore as of 31 March 2023. Sundry debtors were higher at Rs 244.26 crore as of 31 March 2024 compared to Rs 168.23 crore as of 31 March 2023. Cash and bank balance rose to Rs 27.57 crore as of 31 March 2024 from Rs 15.30 crore as of 31 March 2023. Investments declined from Rs 4.92 crore as of 31 March 2023 to Rs 4.63 crore as of 31 March 2024.
PBDT rose 34.85% to Rs 146.1 crore. Provision for depreciation rose 5.19% to Rs 60.25 crore. Fixed assets increased to Rs 533.78 crore as of 31 March 2024 from Rs 480.62 crore as of 31 March 2023. Intangible assets increased from Rs 0.20 crore to Rs 0.90 crore.
Profit before tax grew 68.14% to Rs 85.85 crore. Share of profit/loss were nil in both the periods. Provision for tax was credit of Rs 4.73 crore, compared to credit of Rs 2.19 crore. Effective tax rate was negative 5.51% compared to negative 4.29%.
Minority interest was nil in both the periods. Net profit attributable to owners of the company increased 70.10% to Rs 90.58 crore.
Equity capital increased from Rs 117.20 crore as of 31 March 2023 to Rs 119.20 crore as of 31 March 2024. Per share face Value remained same at Rs 10.00.
Promoters’ stake was 42.61% as of 31 March 2024 ,compared to 41.63% as of 31 March 2023 .
Cash flow from operating activities has turned positive Rs 99.11 crore for year ended March 2024 from negative Rs 190.06 crore for year ended March 2023. Cash flow used in acquiring fixed assets during the year ended March 2024 stood at Rs 61.19 crore, compared to Rs 53.27 crore during the year ended March 2023.
Other Highlights
The Board has recommended a final dividend of
Re 0.5 per equity share of RS 10 each for FY24.
In
Q4 FY24, share capital increased to Rs 119.2 crore from Rs 117.376 crore in Q3
FY24. EPS has been adjusted accordingly.
In FY24, core categories of Ghee and Cheese
posted a growth of 3.5 % YoY. General Trade, Modern trade & e-commerce
posted a growth of 3% YoY, 6% YoY, respectively.
In FY24, Brand Avvatar has posted strong
growth of 98% YoY.
In FY24, liquid milk contributed 9.1% to
total revenue, value added business 68.3%, new age business 4.7% and SMP 17.9%.
For FY24 the average milk price stood at Rs
33.8 per litre.
The Company has forward integrated into
traditional sweet segment under the brand ‘Gowardhan’. Currently it has seven
delectable sweets range namely Kaju Katli, Malai Pedha, Kesar Pedha, Kaju Pista
Roll, Mawa Gujiya, Mysore Pak, and Malai Modak. With an estimated branded
market size of Rs 7000-8000 crore, the Indian sweets market presents vast
opportunities for growth and innovation.
In
Q4 FY24, the company