Prabhat Dairy today reported a profit of Rs 175.9 crore during the March quarter, while also announcing its foray into the dairy beverage segment.
The company had posted a loss of Rs 1.78 crore in the same quarter last year.
The total income of the company grew by 7.54 per cent at Rs 406.17 crore, compared with Rs 377.68 crore, largely driven by increased sale of pouch milk, cheese and curd, Prabhat Dairy joint managing director and chief executive officer Vivek Nirmal told reporters here.
The company, which introduced beverages such as milkshakes, lassi and chaas in Tetra Pak, is planning to expand its beverage market through a franchise based chain of retail outlets named Prabhat Goodness Zone, he said.
This would be a counter sale and local distribution point for the company's milk and milk based products.
In the first phase, the firm will cover Maharashtra, followed by pan-India expansion in the second phase.
"We are planning to open 500 stores in the state (Maharashtra) in the next three years through the franchise model. We will spend Rs 30 crore for marketing and promotions of our beverage brand," Nirmal said.
The new range of beverages will be manufactured in the company's plant in Shrirampur and Turbhe in Maharashtra.
Meanwhile, the company is targeting to grow its consumer business to Rs 1,000 crore over the next two year, according to him.
The shares of the company today closed 1.65 per cent down at Rs 172.85 on the BSE, against 0.67 per cent decline in the benchmark.
Disclaimer: No Business Standard Journalist was involved in creation of this content
