Parag Milk Foods Ltd. · NSE:PARAGMILK
Parag Milk Foods — Q4 FY25 Earnings Presentation
41 slides from Parag Milk Foods's earnings presentation, May 3, 2025
Slide 1: Exchange filing cover letter
May 3, 2025 Compliance Department, Compliance Department, BSE Limited, National Stock Exchange of India Ltd. Phiroze Jeejeebhoy Tower, Exchange Plaza, Dalal Street, Fort, Plot No. C/1, G-Block, Mumbai - 400 001 Bandra Kurla Complex, Bandra (E), Mumbai - 400 051 Scrip Code:- 539889 NSE Symbol:- PARAG
Slide 2: © 2025 All Rights Reserved | Parag Milk Foods
© 2025 All Rights Reserved | Parag Milk Foods
Slide 3: Content Table
CONTENT TABLE 1. Business Highlights 2. Financial Update 3. Business Composition 4. Milk Price Movement 5. Strategic Priorities 6. About The Company
Slide 4: Business Highlights
BUSINESS HIGHLIGHTS
Slide 5: Business Highlights Q4 FY25
BUSINESS HIGHLIGHTS Q4 FY25 EBITDA % of sales 8.2% 918 CR Revenue up 16% YoY 75 CR EBITDA up 69% YoY 26 PAT CR up 167% YoY 13% Volume Growth vs 5.6% LY PBT Growth 141% up YoY PAT % of sales 2.9% vs 1.2% LY © 2025 All Rights Reserved | Parag Milk Foods
Slide 6: Business Highlights FY25
BUSINESS HIGHLIGHTS FY25 EBITDA % of sales 8.5% 3,432 Revenue CR 293CR up 9% YoY EBITDA 119 PAT up 30% YoY CR up 31% YoY 212 CR Cash Flow from Operations 10% Volume Growth vs 7.2% LY PBT Growth 54% up YoY PAT % of sales 3.5% vs 2.9% LY © 2025 All Rights Reserved | Parag Milk Foods
Slide 7: Financial Update
FINANCIAL UPDATE
Slide 8: Financial Update: Consolidated Financials
FINANCIAL UPDATE Consolidated Financials Q4 FY24 Q4 FY25 Growth % YOY Particulars FY24 FY25 Growth % 790 918 16% Revenue 3,139 3,432 9% 199 231 16% Gross Margin 768 885 15% 25.2% 25.1% Gross Margin % 24.5% 25.8% 45 75 69% EBITDA 226 293 30% 5.6% 8.2% EBITDA % 7.2% 8.5% 14 33 141% PBT 86
Slide 9: Financial Update: Standalone Financials
FINANCIAL UPDATE Standalone Financials Q4 FY24 Q4 FY25 Growth % YOY Particulars FY24 FY25 Growth % 776 899 16% Revenue 3,090 3,367 9% 186 216 16% Gross Margin 724 831 15% 24.0% 24.1% Gross Margin % 23.4% 24.7% 38 75 99% EBITDA 210 280 33% 4.9% 8.4% EBITDA % 6.8% 8.3% 11 37 240% PBT 83 13
Slide 10: Parag Business Composition
PARAG BUSINESS COMPOSITION.
Slide 11: FY25 Business Composition
FY25 BUSINESS COMPOSITION 6% 17% New age Ingredients business & SMP 57% Core categories 10% Liquid milk 10% Others © 2025 All Rights Reserved | Parag Milk Foods
Slide 12: Parag Milk Price Movement
PARAG MILK PRICE MOVEMENT
Slide 13: Milk Price Movement
MILK PRICE MOVEMENT For Q4FY25, milk prices have moved 12% up YoY; 9% up QoQ 15 Lakh Litres of milk procured daily With a robust and trusted procurement network, we procure 15 lakh litres of milk daily ensuring scale, reliability, and consistent supply with uncompromised quality. © 2025 All Rights R
Slide 14: Parag Strategic Priorities
PARAG STRATEGIC PRIORITIES
Slide 15: Our Strategic Priorities
OUR STRATEGIC PRIORITIES Strengthening & Brand Strengthening Evolve Driving Accelerating the Building & New Age Route Financial Core Categories Innovation Business to Market Growth
Slide 16: Strengthening & Accelerating the Core Categories
STRENGTHENING & ACCELERATING THE CORE CATEGORIES VOLUME GROWTH VALUE GROWTH Q4FY25 FY25 18% 17% 20% 13% 57% BUSINESS OF OVERALL © 2025 All Rights Reserved | Parag Milk Foods
Slide 17: Core Categories: Cheese and Ghee Market Share
STRENGTHENING & ACCELERATING THE CORE CATEGORIES Cheese Dominant player in cheese category 35% Market share (source IMARC) Ghee Leaders and pioneers of cow ghee category with 22% Market share in branded cow ghee segment (source IMARC) © 2025 All Rights Reserved | Parag Milk Foods
Slide 18: Brand Building & Innovation
BRAND BUILDING & INNOVATION Impact Marketing Digital Expansion Market Penetration Events INDUS FOOD 2025 Add to Cart © 2025 All Rights Reserved | Parag Milk Foods
Slide 19: Brand Building & Innovation
BRAND BUILDING & INNOVATION Brand Engagement Experiential Marketing B2B Growth & INDUS FOOD 2025 & Loyalty Portfolio Expansion AAHAR 2025 Market Expansion Promotion in Bhutan © 2025 All Rights Reserved | Parag Milk Foods
Slide 20: Brand Building & Innovation
BRAND BUILDING & INNOVATION Brand Experience & Consumer Engagement & Digital Expansion Channel Expansion Packaging Innovation © 2025 All Rights Reserved | Parag Milk Foods
Slide 21: Brand Building & Innovation
BRAND BUILDING & INNOVATION Online Consumer Offers Digital Amplification Brand Visibility Market Reach Influencer Impressions 2.4 Cr Offline Consumer Offers Reach 1.2 M Digital Marketing Views 2.3 M Listed on Amazon USA Eng. Rate % 9.7% © 2025 All Rights Reserved | Parag Milk Foods
Slide 22: New Product Launches
NEW PRODUCT LAUNCHES © 2025 All Rights Reserved | Parag Milk Foods
Slide 23: Strengthening New Age Business
STRENGTHENING NEW AGE BUSINESS Grew by 29% YoY Contributes to 6% of overall business Pride of Cows and Avvatar Sports Nutrition represent the New Age Business stream of the company - a strategic pivot towards premium, consumer-centric brands. These ventures are built on strong differentiators: singl
Slide 24: New Age Business: Route to Market
STRENGTHENING NEW AGE BUSINESS ROUTE TO MARKET INCREASING Direct to Consumers PRODUCT PORTFOLIO E-Commerce Ghee | Milk | Curd | Paneer | Organized Trade Channels Greek Yogurt | Fresh Cheese DIRECT CONSUMER BASE 1Lakh+ Now present across 7 Cities Mumbai, Pune, Delhi GROWTH Ahmedabad, Surat STRATEGY ©
Slide 25: Strengthening New Age Business: Avvatar
STRENGTHENING Revenue 6x First “Made in India” whey protein brand—offering unadulterated, More than 60% revenue fresh, 100% vegetarian whey is from E-commerce FY25 4x ROUTE TO MARKET Direct to Consumers Quick & E-Commerce | Website | Organized FY24 X Trade Channels FY22 © 2025 All Rights Reserved |
Slide 26: Evolve Route to Market
EVOLVE ROUTE TO MARKET General Trade 29 Depots Modern HoReCa Trade 500 Quick B2C Commerce B2B ~4,500 65% of 35% of Institutional total total Large Format Business Website: Business Corporates 4.6 Lakh E-Commerce Mobile Application © 2025 All Rights Reserved | Parag Milk Foods
Slide 27: Driving Financial Growth: Revenue Snapshot
DRIVING FINANCIAL GROWTH Revenue Snapshot 3,432 3,139 2,893 2,072 1,842 Amount in ₹ Cr Over the last five years, revenue has grown approximately twofold, reflecting robust fundamentals, product quality, and strong consumer trust. © 2025 All Rights Reserved | Parag Milk Foods
Slide 28: Driving Financial Growth: Margin, EBITDA, PAT, Cash Flow
DRIVING FINANCIAL GROWTH Gross Margin EBITDA 569 768 885 163 226 293 569 768 885 163 226 293 Amount in ₹ Cr Amount in ₹ Cr PAT Cashflow From Operations 212 102 FY23 FY24 FY25 53 91 119 Amount in ₹ Cr -190 Amount in ₹ Cr In FY25, Parag Milk Foods demonstrated a robust financial performance. Cashflow
Slide 29: Driving Financial Growth: Net Debt, Returns, Working Capital
DRIVING FINANCIAL GROWTH Net Debt and Net Worth Net Debt/Equity Ratio & Net Debt to EBITDA(Multiple) 3.3 2.4 808 912 1,023 1.9 0.7 0.6 539 540 561 0.5 Return on Capital 14.3% Net Working capital (no. of days of sales) 11.1% 12.3% 75 74 62 8.6% 10.5% 72 72 61 7.8% 28 28 21 The company’s financial pos
Slide 30: About the Company
ABOUT THE COMPANY
Slide 31: Chairman's Message
CHAIRMAN’S MESSAGE A journey that began with farmers is now aiming to provide complete nutrition to consumers across the globe. The strength of our developed infrastructure, food technology expertise supported by a strong farmer network, and powerful distribution channels have been our strong pillar
Slide 32: Parag's Journey
PARAG’S JOURNEY 1992 2021 Investment by International Finance Corporation (IFC) and prominent consumer fund – Sixth Sense Venture Advisors LLP Parag Milk Foods was founded by Mr. Devendra 2010 2016 Shah. It is strategically located Parag Milk Foods Palamaner plant Limited got listed in the milk belt
Slide 33: Business Model
BUSINESS MODEL 03 3.4mn 100% 10 lakh 110 ~5000+ 29 4,500+ 5 lakh+ 20 500+ 4.6 Lakh Brands © 2025 All Rights Reserved | Parag Milk Foods
Slide 34: Milk Procurement
MILK PROCUREMENT 15 Lakh Litres of milk procured Farmer Services daily 5+ • • Never Say No for Milk Transparent Milk Pricing Lacs Farmers • Free Vaccinations for Cattle • Farmer workshops on 2,400+ Soil and cattle health Village Level Collection points (VLC) 300+ Areas near Maharashtra Bulk Milk Coo
Slide 35: Revenue CAGR FY22 to FY25
FY22 to FY25 REVENUE CAGR 39% CAGR 7% CAGR Ingredients New Age Business 18% CAGR Core Categories 19% CAGR Liquid Milk 37% CAGR Others Overall Revenue 18% CAGR © 2025 All Rights Reserved | Parag Milk Foods
Slide 36: Driving Business Transformation
DRIVING BUSINESS TRANSFORMATION
Slide 37: ESG Initiative
ESG INITIATIVE ENVIRONMENTAL Focus centered around reducing the carbon footprint & an optimal waste management SOCIAL Focus on the well- being of our milk farmers, employees, distribution partners GOVERNANCE Framework includes business governance, talent governance, & sustainability governance Conti
Slide 38: Board of Directors
BOARD OF DIRECTORS Parag has grown consistently under the Mr. Pritam Shah oversees the company’s execution leadership of Mr. Devendra Shah. He brings strategy and market consolidation. His expertise in enthusiasm and innovation to the business and procurement and production has been instrumental has
Slide 39: Awards & Accolades
AWARDS & ACCOLADES Certificate of Appreciation by the Bureau of Indian Best Use of Traditional Standards (BIS) for Platform – Gowardhan BW excellence in Whole Milk Retail Reboot Awards 2024 Powder standards. Grocery Brand of the Year – Gowardhan BW Retail Reboot Awards 2024 D2C Company of the Year –
Slide 40: Safe Harbor
Safe Harbor This presentation and the accompanying slides (the “Presentation”), which have been prepared by Parag Milk Foods Limited (the “Company”), have been prepared solely for information purposes and do not constitute any offer, recommendation or invitation to purchase or subscribe for any secu
Slide 41: Thank You
THANK YOU