Parag Milk Foods earned a revenue of about Rs 70 crore last fiscal from its manufacturing facility at Sonipat in Haryana that the company acquired from Danone and is targeting up to Rs 160 crore this financial year on better demand for its products in the northern market.
Mumbai-based Parag Milk acquired Sonepat plant in April last year and started commercial operations in August to expand its footprint in the north and northeast India.
The company now has three plants in Maharashtra, Andhra Pradesh and Haryana with a total processing capacity of 2.9 million litres per day.
"Our Sonipat plant is doing very well. It contributed Rs 65-70 crore to our total turnover during the last fiscal. We are targeting a revenue of Rs 130-160 crore during the current financial year," Parag Milk Foods Chairman Devendra Shah told PTI.
Parag Milk posted a 22.6 percent increase in its consolidated revenue from operations to Rs 2,395.7 crore during 2018-19 fiscal, as compared to Rs 1,954.5 crore in the previous year.
"We are currently processing about 60,000 litres per day of milk in the Sonipat plant which is being sourced from Maharashtra, Haryana and Rajasthan," Shah said, adding that the company expected to reach 100 per cent capacity utilisation of over 1 lakh litre per day in the next financial year.
Through this plant, he said the company is catering to Delhi-NCR market, which is the country's largest milk market valued at around Rs 11,000 crore. Besides NCR, this plant also serves Haryana, Himachal Pradesh and Uttarakhand markets.
Shah said the company is making efforts to strengthen distribution network by adding more retail (modern and traditional) touchpoints in the north India market.
Parag Milk Foods had also launched its premium fresh milk brand 'Pride of Cows' in the Delhi-NCR market, wherein, the company airlifts the milk from its dairy farm near Pune.
"We have made 600-700 customers of Pride of Cows in the Delhi-NCR," Shah said.
Parag Milk sells ghee, dahi, paneer under 'Gowardhan' brand, while products like cheese, Ultra-high temperature processing (UHT) milk, chaas, lassi, yoghurt under brand name 'Go'. It also offers dairy based beverages and whey protein.
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