 "Mother Dairy's ice cream business crosses Rs 500 crore-mark in FY24")
Dairy firm Mother Dairy reported a 180 per cent jump in net profit to Rs 106 crore in financial year 2024, with its ice cream business crossing the Rs 500-crore mark in the year.
The company had reported a net loss of Rs 133 crore in FY23. This return to profitability, the company said, was “due to low procurement prices.”
According to financial data accessed by business intelligence firm Tofler, the company further reported a 3 per cent increase in revenue to Rs 15,037 crore during the same financial year.
According to its filings to the Registrar of Companies (Roc), the company’s ice cream business emerged as the second-largest category in the dairy products portfolio, following curd.
Milk and milk products was the biggest contributor to the company’s revenue with a share of 72.47 per cent.
“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, dairy business recorded a turnover of Rs 11,505 crores, heralding a growth of 10 per cent compared to the preceding year,” the company said in its filings.
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“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,”it added.
The company also strengthened its value-added product range with over 20 new launches, including ready-to-eat custard, cold coffee, cookies, etc.