Parag Milk Foods forays into Indian sweet market

Parag Milk Foods, a leading manufacturer and marketer of branded dairy products, has expanded its product portfolio by entering into the Indian sweet category. It has launched two ready-to-eat Indian desserts, Gulab Jamun and Rasgulla, under the brand Gowardhan.

With this launch, the company is targeting the Indian sweet market having a market size of around Rs. 7,000-8,000 crore. Going ahead, the company is also planning to launch other sweets like Mysore Pak and Shahi Gulab Jamun.

On the geographical front, the company is targeting West, North and South India for Gulab Jamun and North and East India for Rasgulla.

During the recent quarter Q2FY19, the share of Milk Products were 68.6 per cent of total revenue, while that of Liquid milk was 18.4 per cent and the same for skimmed milk powder was 11.6 per cent.

On Monday, the stock opened at Rs. 245 per share and was hovering in small range and made an intraday low of Rs. 243. At 11:46 hours, the stock was trading nearly at Rs. 243 on the BSE. The company had hit its 52-week high of Rs. 414.95 on May 17, 2018 and its 52-week low of Rs. 223 on October 1, 2018 on the BSE.