PARAG MILK FOODS LTD.

Parag Milk Foods Limited was incorporated as Parag Milk & Milk Products Private Limited on December 29, 1992 with the Registrar of Companies at Mumbai as a Private Limited Company. The name of the Company was changed to Parag Milk Foods Private Limited and a fresh Certificate of Incorporation upon change of name was granted by the RoC on April 11, 2008. The Company then got converted into a Public Limited Company and the name was changed to Parag Milk Foods Limited and a fresh Certificate of Incorporation was granted to the Company by the RoC on July 7, 2015. The Company is one of leading dairy FMCG companies in India. The Company is engaged in the business of procurement of cow milk mainly in western and southern region, undertakes processing of milk and manufacture of various value added products namely cheese, butter, ghee, fresh cream, milk powder, flavoured milk, lassi, curd etc. which are marketed under its registered brand name 'Gowardhan', 'Go', 'Topp up' and 'Avvatar'. The Company enjoys a strong reputation and brand recall across several geographies through its exports across UAE, Singapore, Oman, Kuwait, Mauritius, New Zealand, Australia, Congo, Seychelles, Iraq, USA, Hong Kong, Philippines, , Sri Lanka, UAE and Bangladesh. The Company also supplies farm-to-home premium fresh milk from Bhagyalaxmi Dairy Farms, which it markets and sells in Mumbai, Pune, Surat, and Delhi-NCR region. Company started commercial production in 1992 and commissioned the Manchar, Pune plant for production in 1998 under the Gowardhan Brand. The company launched Bhagyalaxmi Dairy Farms in 2005 and started operations at the Palamaner Plant in 2010. The company launched milk under 'Pride of Cows' Brand in 2011. The company has being launching various products in milk and cheese in subsequent years. Parag Milk Foods raised Rs 300 crore from through fresh issue of 136.99 million equity shares in an initial public offer in May 2016. During the financial year ended 31 March 2017, the company expanded its cheese slice range with flavours like Piri Piri, chutney cheese, Kachha Aam, Schezwan and Acchari and other product categories like Pre-mix with Go Easy Shake and relaunched dairy whitener under Milk Rich brand name. During the year, the company company expanded distribution of fresh milk in upcountry Tamil Nadu market. To strengthen the presence in north, the company acquired the manufacturing unit of Danone Foods and Beverages India Pvt Ltd., the local entity of French dairy firm Danone SA. In 2017, the Company launched a 100% whey protein powder for sports nutrition under the brand Avvatar'. During the financial year ended 31 March 2018, the company introduced fresh dahi to strengthen its presence in north region. With this launch, the company expanded its geographical reach by entering into Rs 1500 crore curd market of Delhi. The company also launched Mishti Doi which is nutritionally rich in protein. It launched Gowardhan Paneer as a fresh paneer category. In 2018, it established 3rd manufacturing facility in North India in Sonipat, Haryana by acquiring Danone's plant. It strengthened the Health and Nutrition profile by adding Go Protein Power and under the brand Avvatar'. In 2019, the Company launched a new variant Gowardhan Swarna ghee, introduced Kesar Dahi' - a premium product under the brand Gowardhan; launched Avvatar ISORICH'. The Company expanded fresh products business in the Northern & Eastern regions of the country. In 2021-22, the Company launched Go Milkshake in 5 flavours; also launched Pride of Cows Paneer & MILKO Cheese products. It expanded cold storage infrastructure at 2 locations. New product launches in FY 2024 were GO Milkshake Tetra pack; MILKO Cheese; GO RAPID; Mango Lassi and Mango Milkshake. Bhagyalaxmi Dairy Farms Private Limited was incorporated as a subsidiary in 2024. The Company has incorporated a wholly owned foreign subsidiary in Dubai, UAE, named Parag Milk Foods Middle East FZE to expand its reach and build seamless supply chain operations worldwide to cater the international market in FY25. The Company launched sesame and groundnut chikki, as a core ingredient, launched flavoured yogurts to the growing food division, launched Greek yogurt with 8g protein and real fruits as well as high protein low fat paneer to the premium dairy portfolio. Expanded the product portfolio with the launch of Avvatar Creatine in FY 2025.