On consolidated basis

Quarter ended June 2025 compared with Quarter ended June 2024.

Net sales (including other operating income) of Parag Milk Foods has increased 12.35% to Rs 851.52 crore.''Operating profit margin has declined from 7.41% to 6.80%, leading to 3.01% rise in operating profit to Rs 57.88 crore.''Raw material cost as a % of total sales (net of stock adjustments) increased from 72.20% to 75.49%. ''Employee cost decreased from 4.36% to 4.06%. ''Other expenses fell from 15.96% to 14.36%. ''

Other income rose 38.91% to Rs 7.64 crore.''PBIDT rose 6.21% to Rs 65.52 crore.''Provision for interest rose 4.05% to Rs 20.02 crore.''

PBDT rose 7.18% to Rs 45.5 crore.''Provision for depreciation rose 4.35% to Rs 16.32 crore.''

Profit before tax grew 8.84% to Rs 29.18 crore.''Share of profit/loss were nil in both the periods.''Provision for tax was debit of Rs 1.6 crore, compared to credit of Rs 0.49 crore.''Effective tax rate was 5.48% compared to negative 1.83%.

Minority interest was nil in both the periods.''Net profit attributable to owners of the company increased 1.03% to Rs 27.58 crore.''

Promoters' stake was 42.61% as of 30 June 2025 ,compared to 42.61% as of 30 June 2024 .''

Full year results analysis.

Net sales (including other operating income) of Parag Milk Foods has increased 9.35% to Rs 3432.21 crore.''Operating profit margin has jumped from 6.39% to 7.36%, leading to 26.02% rise in operating profit to Rs 252.68 crore.''Raw material cost as a % of total sales (net of stock adjustments) decreased from 75.94% to 73.76%. ''Employee cost increased from 3.82% to 4.44%. ''Other expenses rose from 13.96% to 14.31%. ''

Other income rose 60.94% to Rs 40.25 crore.''PBIDT rose 29.90% to Rs 292.93 crore.''Provision for interest rose 17.28% to Rs 93.12 crore.''Loan funds rose to Rs 654.29 crore as of 31 March 2025 from Rs 616.47 crore as of 31 March 2024.''Inventories declined from Rs 615.32 crore as of 31 March 2024 to Rs 577.95 crore as of 31 March 2025.''Sundry debtors were higher at Rs 259.51 crore as of 31 March 2025 compared to Rs 244.26 crore as of 31 March 2024.''Cash and bank balance declined from Rs 27.58 crore as of 31 March 2024 to Rs 25.05 crore as of 31 March 2025.''Investments stood at Rs 4.63 crore as of 31 March 2025 to Rs 4.63 crore as of 31 March 2024.''

PBDT rose 36.75% to Rs 199.81 crore.''Provision for depreciation rose 11.57% to Rs 67.22 crore.''Fixed assets increased to Rs 594.92 crore as of 31 March 2025 from Rs 533.77 crore as of 31 March 2024.''Intangible assets increased from Rs 0.90 crore to Rs 1.98 crore.''

Profit before tax grew 54.43% to Rs 132.59 crore.''Share of profit/loss were nil in both the periods.''Provision for tax was debit of Rs 13.8 crore, compared to credit of Rs 4.73 crore.''Effective tax rate was 10.41% compared to negative 5.51%.

Minority interest was nil in both the periods.''Net profit attributable to owners of the company increased 31.13% to Rs 118.79 crore.''

Equity capital stood at Rs 119.20 crore as of 31 March 2025 to Rs 119.20 crore as of 31 March 2024.''Per share face Value remained same at Rs 10.00.''

Promoters' stake was 42.61% as of 31 March 2025 ,compared to 42.61% as of 31 March 2024 .''

Cash flow from operating activities increased to Rs 212.04 crore for year ended March 2025 from Rs 102.27 crore for year ended March 2024.''Cash flow used in acquiring fixed assets during the year ended March 2025 stood at Rs 125.51 crore, compared to Rs 61.19 crore during the year ended March 2024.''

Other Highlights

In Q1 FY26, the company reported 5% YoY volume growth aided by healthy volume growth in its core categories. The core categories of mainly Ghee, Cheese and Paneer have witnessed a volume growth of 9% YoY for Q1 FY26.

In Q1 FY26, core categories contributed 57% to revenue, Liquid milk 10%, Ingredients & SMP 14%, new age business 9%, and others 10%.

The average milk prices during Q1 FY26 were at Rs 37/ litre; up 18% YoY.

In Q1 FY26, Pride of Cows and Avvatar (New age business) continued its momentum and recorded robust 57% value growth YoY.

Management Comments :
Mr. Devendra Shah, Chairman, Parag Milk Foods said, 'Q1FY26 has set a promising tone for PMFL as we begin the new financial year. Delivering our highest-ever first-quarter revenue reflects our strategic focus and disciplined execution. Our value-added product portfolio and purpose-led marketing are deepening consumer trust and supporting long-term value creation. At the core of our success lies a deep commitment to backward and forward integration. Our strong relationships with farmers empower us to maintain timely procurement and high quality of milk. We have handled an average of ~16.5 lac liter of milk per day during Q1 which is 10% higher over the immediate last quarter. Our brands are not only rooted in tradition ' celebrating the authenticity of Indian dairy ' but are also evolving to meet the aspirations of health-conscious households. We continue to deliver nutrition-rich, trustworthy products across the globe. As the festive season approaches, we are energized by the growing momentum. Festivities in India are deeply cultural and emotionally rooted ' and so are we. Our growing portfolio of value-added products, including traditional sweets, ghee, and cheese, is well-positioned to meet the festive demand, powered by consumer trust and brand love.'

Parag Milk Foods : Consolidated Results

' Quarter ended Year ended Particulars 202506 202406 Var.(%) 202503 202403 Var.(%) Net Sales (including other operating income) 851.52 757.93 12.35 3,432.21 3,138.70 9.35 OPM (%) 6.80 7.41 -62 bps 7.36 6.39 97 bps OP 57.88 56.19 3.01 252.68 200.50 26.02 Other Inc. 7.64 5.50 38.91 40.25 25.01 60.94 PBIDT 65.52 61.69 6.21 292.93 225.51 29.90 Interest 20.02 19.24 4.05 93.12 79.40 17.28 PBDT 45.50 42.45 7.18 199.81 146.11 36.75 Depreciation 16.32 15.64 4.35 67.22 60.25 11.57 PBT 29.18 26.81 8.84 132.59 85.86 54.43 Share of Profit/(Loss) from Associates 0 0 - 0 0 - PBT before EO 29.18 26.81 8.84 132.59 85.86 54.43 EO Income 0 0 - 0 0 - PBT after EO 29.18 26.81 8.84 132.59 85.86 54.43 Taxation 1.6 -0.49 PL 13.8 -4.73 PL PAT 27.58 27.3 1.03 118.79 90.59 31.13 Minority Interest (MI) 0 0 - 0 0 - Net profit 27.58 27.3 1.03 118.79 90.59 31.13 P/(L) from discontinued operations net of tax 0 0 - 0 0 - Net profit after discontinued operations 27.58 27.3 1.03 118.79 90.59 31.13 EPS (Rs)* 2.31 2.29 1.03 9.95 7.59 31.13 * EPS is on current equity of Rs 119.38 crore, Face value of Rs 10, Excluding extraordinary items. # EPS is not annualised bps : Basis points EO : Extraordinary items Figures in Rs crore Source: Capitaline Corporate Database

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