Prabhat Dairy has posted 91 percent rise in consolidated net profit at Rs 11.1 crore for the first quarter of 2018-19. Its profit stood at Rs 5.8 crore in the year ago period, the Maharashtra based company said in a statement.
Consolidated revenue also rose 7 percent to Rs 386 crore during April-June quarter of the ongoing financial year.
"Prabhat Dairy's consumer business significantly grew 28 per cent and the segment now contributes 36 percent out of its total sales as compared to 30 percent last year.
"This is due to the introduction of new products and increased marketing initiatives by the company," the statement said.
Retail milk sales have been one of the major factors for the increase in revenue this quarter and is expected to grow further in the coming months.
"We have consistently seen growth in our products, especially in the consumer segment during the past quarter. Our margins have improved as the milk prices have decreased, however, we have also seen a rise in the overall volumes," Prabhat Dairy MD & CEO Vivek Nirmal said.
The company would increase the number of 'Goodness Zones', its flagship outlets, which will strengthen presence in the focus markets, he added.
"Our procurement remains strong and as our retail focus is growing, we are also looking at strengthening our supply chain," said Nirmal.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
Find the best of Al News in one place, specially curated for you every weekend.
Stay on top of the latest tech trends and biggest startup news.
