Mother Dairy posts net profit of ₹106 crore in FY24

Mother Dairy and Vegetables Pvt Ltd was back in the black in FY23-24. The packaged dairy and food company posted a net profit of ₹106.27 crore in FY 24, as per its RoC filing sourced from business intelligence platform Tofler. In FY23, the wholly-owned subisidary of NDDB, had posted a net loss of ₹133.32 crore. It reported revenues of ₹ 15037 crore in FY24 recording a growth of about 3 per cent over the previous fiscal.

In its regulatory filing, the company attributed the turnaround towards profitability to “lower procurement prices.

“The fiscal witnessed the integration of the Milk and Dairy Products SBU (Strategic Business Unit), aimed at leveraging collective prowess and fostering synergies. During the period FY23-24, Dairy Business recorded a turnover of Rs. 11,505 crore , heralding a growth of 10 per cent compared to the preceding year. The company’s flagship product, Cow Milk, maintained a strong growth trajectory of 15 per cent , and Set Curd witnessed a notable growth of 22 per cent compared to the previous year,” the packaged food major noted in its regulatory filing.

The company said its ice-cream business crossed the ₹500 crore-mark in FY24 emerging as the second-largest category for the company’s dairy products portfolio after curd . The year also saw Mother Dairy launching Buffalo Milk to cater to emerging consumer need. It also added 21 new products. For the dairy business, e-commerce and quick-commerce emerged as the fastest-growing channels, recording 20 per cent value growth in FY24 over FY23.

In an interaction with businessline in September, Manish Bandlish, Managing Director, Mother Dairy had said that the company aims to close FY25 with a turnover of 17,000 crore. The company is also in an expansion mode and investing ₹800-850 crore to ramp up existing capacities as well as set up new plants. This includes a mega plant in Maharashtra (Nagpur) for milk and value-added dairy products and a new fruit and vegetable processing plant in Karnataka for the Safal business.

The company’s diversified portfolio includes edible oils under brand “Dhara” and fresh fruits & vegetables, frozen vegetables & snacks, unpolished pulses, pulps & concentrates, among others under the ‘Safal’ brand.