Milk Mantra achieves ₹279 cr revenue in FY24

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Milk Mantra, a dairy company, has reported a revenue of ₹279 crore in 2023-24 as against ₹272.90 crore in 2022-23.

A media statement said the company improved its EBITDA (earnings before interest, taxes, depreciation, and amortization) from a loss of ₹6.56 crore in 2022-23 to a positive 6 per cent of revenue in 2023-24.

This significant swing back to profitability comes despite challenging market conditions, highlighting the effectiveness of the brand’s focus on value-added products and operational efficiency, it said.

The value-added portfolio of Milk Mantra grew by 15 per cent year-over-year, with its curd products maintaining a 35 per cent CAGR (Compound Annual Growth Rate).

Own trade distributions

Quoting Rashima Misra, Co-founder and ED of Milk Mantra, the statement said, “Our journey from a ₹6.56 crore EBITDA loss to a positive 6 per cent margin, coupled with our industry-leading 28 per cent contribution margin, reflects the strength of our business model. This milestone enables us to further invest in innovation and expansion of our ‘Milky Moo’ brand, while continuing to support our network of 80,000 farmers.”

The company said 95 per cent of revenue is generated through its own general trade distribution channel. Its D2C initiative ‘Daily Moo’ has gained significant traction, contributing 5 per cent of total revenue and serving approximately 4,000 daily orders in Bhubaneswar alone, it said.

The recent $10 million funding from USDFC has further fuelled the company’s expansion plans, the statement said, adding, Milk Mantra plans to scale up its D2C model, expand into key markets, and introduce innovative niche products over the next two financial years.