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New Delhi: Dairy major Gujarat Cooperative Milk Marketing Federation (GCMMF), which markets milk and milk products under the Amul brand, on Monday reported 8% increase in its turnover to Rs29,220 crore for the last fiscal ended 31 March.

“Gujarat Co-operative Milk Marketing Federation Ltd has registered a provisional turnover of Rs. 29,220 crore for the financial year 2017-18," it said in a statement. Its branded consumer products have registered a growth of 14% over the previous fiscal with products such as cheese, butter, milk beverages, paneer, cream, buttermilk and dahi having grown at 20-40%.

The total turnover grew by only 8%, mainly due to the decline of 60% in the commodity sales as a result of depressed conditions in the global as well as the local market. “We have achieved volume sales growth in all product categories. Pouch milk which is the highest turnover product has shown double digit value growth. In addition to this, our dairy products such as cheese, butter, milk beverages, paneer, UHT milk, flavored milk, Paneer and fresh cream have also shown double digit value growth," GCMMF’s managing director R.S. Sodhi said.

“...we are committed to achieve sales turnover of 50,000 crore by 2020-21," he added. GCMMF said that it passes on 80-85% of consumer rupee back to milk producer members thus encouraging them to produce more milk.

The 18 member unions of GCMMF with farmer member strength of more than 36 lakh across 18,700 villages of Gujarat are procuring on an average 211 lakhs litres of milk per day which is 20% higher than last year.

GCMMF chairman Ramsinh P. Parmar emphasised that rapid expansion has clearly yielded rich dividends for the co-operative. “Based on estimated growth in market demand for Amul products and our future marketing efforts, we anticipate at least 20% CAGR growth in the business of Amul Federation during the next five years," Parmar said.

He added that Amul plans to enhance its milk processing capacity from the current level of 320 lakh litres per day to 380-400 lakh litres per day in the next two years.

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