Parag Milk Foods targets Rs 160 crore revenue in FY20

Parag Milk Foods is aiming a revenue of up to Rs 160 crore this financial year on better demand for its products in the northern market. The Mumbai-based company earned a revenue of about Rs 70 crore last fiscal from its manufacturing facility in Sonipat, Haryana, which it acquired from Danone.

In April 2018, Parag Milk acquired Sonepat plant and started commercial operations in August for expanding its footprint in the north and northeast India. The company at present has three plants in Maharashtra, Andhra Pradesh and Haryana with a total processing capacity of 2.9 million litres per day. 

Devendra Shah, Chairman of Parag Milk Foods, said, "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."

During 2018-19 fiscal, Parag Milk reported a 22.6% rise in its consolidated revenue from operations to Rs 2,395.7 crore.

"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. The company expected to reach 100 per cent capacity utilisation of over 1 lakh litre per day in the next financial year," Shah added.