GCMMF Turnover Up 18% In FY23 To Rs 55,055 Cr, Eyes Trillion Rupees By 2025

Gujarat Cooperative Milk Marketing Federation, the marketer of Amul milk and dairy products, posted a provisional 18.5 per cent spike in turnover to Rs 55,055 crore in FY23, largely due to demand for branded consumer products.

Its fresh products grew by 21 per cent, contributing 50 per cent to GCMMF's turnover. The ice cream range grew by 41 per cent while its consumer products grew 23 per cent year-on-year, the dairy major said in a release.  

Products such as cheese, butter, UHT milk, milk beverages, paneer, cream, buttermilk and dahi grew 20-40 per cent.

Jayen Mehta, in-charge managing director, GCMMF, said in the release, “We have achieved volume sales growth in all product categories. Pouch milk, the highest turnover product, has shown double-digit volume growth, as have products like butter, ghee, ice cream, UHT milk, flavored milk, paneer, and fresh cream.”

The provisional unduplicated group turnover of Amul's member unions crossed Rs 72,000 crore ($9 billion), the release said.

“With a focus of increasing our distribution across top 400 towns by population, GCMMF is taking its network of 82 branches and warehouses to more than 100 in 2023-24 while also increasing the distributors and retail universe in these towns,” it said in its release.

The 18 member unions, which have over 3.6 million farmer members across 18,600 villages in Gujarat, are procuring 27 million litres of milk a day on average. To meet milk and milk product demand in major metros of India, the member unions of GCMMF have set up a network of 98 dairy plants.

GCMMF ranks eighth among the world's top 20 dairy companies in terms of milk processing, according to the International Farm Comparison Network (IFCN). Amul is also the strongest dairy brand according to the Brand Finance 2022 report, UK. It distributes 20 billion packs of products across India, it said in its release.

The dairy co-operative is investing in new products such as organic foods, high protein products, probiotic range and fresh sweets as it aims to move from India’s largest dairy brand to the largest food and beverages FMCG firm.

“Based on the estimated growth in market demand for Amul products and our future marketing efforts, GCMMF plans to achieve sales turnover of Rs one trillion  by 2025 and further grow at a compounded annual growth rate (CAGR) of more than 20 per cent over the next seven years, because of higher milk procurement, sustained addition of new markets, launching of new products, and adding new milk processing capacities across India,” Shamalbhai Patel, chairman, GCMMF was quoted as saying in the release.