The Amul Cooperative Group’s turnover increased by 15% year-on-year to reach Rs 61,000 crore in 2021-22, the Gujarat Cooperative Milk Marketing Federation (GCMMF) announced on Tuesday. It had reported revenue of Rs 53,000 crore in the previous financial year, said GCMMF, which markets products under the Amul brand.
According to the federation, the GCMMF and its constituent member unions recorded a group turnover of Rs 61,000 crore in 2021-22, an increase of Rs 8,000 crore from Rs 53,000 crore in 2020-21.
GCMMF recorded revenue of Rs 46,481 crore in 2021-2022, an increase of 18.46% over the previous financial year thanks to a rapid post-pandemic recovery in out-of-home consumption and demand restaurants, catering, travel and hospitality segments, he said.
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“The Amul Cooperative Movement celebrated its 75th anniversary by achieving group sales of Rs 61,000 crore, further cementing its position as the largest food and FMCG brand in India,” GCMMF said after its 48th Annual General Meeting.
After its Annual General Meeting, GCMMF President Shamalbhai Patel informed that the federation had achieved 18.46% revenue growth in 2021-2022, which was even higher than the CAGR of 16% over the past 12 years.
“Over the past 12 years, our milk purchases have increased by a phenomenal 190%. This impressive growth is the result of the high purchase price of milk which has increased by 143% over this 12-year period paid to our farmer-members.
“The highly remunerative price has helped us to keep farmers interested in dairy farming, and the better returns from dairy farming have motivated them to increase their investments in this sector,” the president added.
He said the cooperative is expanding into fresh produce (milk, curd and buttermilk) and will set up a new dairy factory in Rajkot, Gujarat with an investment of Rs 500 crore. “Within two years, large dairy factories will also sprout in Baghpat, near Delhi, Varanasi, Rohtak and Kolkata,” Patel added.
GCMMF chief executive RS Sodhi said the return of out-of-home consumption has led to strong growth across most product categories.
“Our milk-based drinks business grew by 36% in value, despite the peak of the 2021 summer season impacted by the second wave of COVID-19. Our ice cream business also experienced a strong recovery with a value of more than 50%. growth in 2022,” he said.
Amul’s flagship brand, Amul Butter, grew 17% and the ghee business grew more than 19% in value, Sodhi added.
Sodhi further said that Amul has launched the latest initiative to encourage farmers to adopt organic farming and natural farming, and is committed to providing market linkages and technical assistance to these farmers.
“In addition to this, organic fruits and vegetables will also be launched in the market soon. Special testing laboratories will be set up by Amul across India to enable all farmers involved in organic and natural farming to test their agricultural products at reliable and affordable rates,” he said.