Amul eyes 20% revenue growth to Rs 66k cr in FY24

NEW DELHI: GCMMF, which sells dairy products under the Amul brand, is expecting 20 per cent growth in its revenue this fiscal to around Rs 66,000 crore on rising demand, its MD Jayen Mehta said.

Gujarat Co-operative Milk Marketing Federation Ltd (GCMMF) registered a turnover of Rs 55,055 crore in 2022-23, up 18.5 per cent from the previous year.

The GCMMF MD (in charge) said it had clocked a strong growth in revenue last fiscal, as demand for branded dairy products rose significantly post-COVID. “We expect the sales momentum to continue across our product portfolio. Demand is shifting from unorganised to organised players,” he said.

Mehta said the federation is also focusing on growing organic food and edible oil businesses, which are currently very small. Asked about milk prices, Mehta said, “We have no plans to increase rates as of now”.

He pointed out that input cost has risen by 15 per cent in the last one year, forcing the cooperative to hike retail prices to some extent last year. GCMMF did not hike prices in 2020 and 2021 because of COVID, he said, adding that rates were raised a few times last year.