20 March 2011

Gujarat Co-operative Milk Marketing Federation Ltd - JP Morgan -India Packaged Foods Overview

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Gujarat Co-operative Milk Marketing Federation Ltd (GCMMF) is a state-level
conglomeration of milk cooperatives based in Gujarat and has 2.9mn producer
members. It is the largest dairy and food manufacturer in the country and its leading
brand ‘Amul’ holds strong consumer franchise across dairy products. The company
benefits from its strength across its supply chain. It sources milk daily from 2.9mn
producers and has an efficient nationwide distribution system. Its value-for-money
and high quality products enjoy strong consumer affinity.
It has 13 district cooperative milk producer unions affiliated to it, which procure milk
from dairy farmers and produce various value-added products. GCMMF collected
3.32bn litres of milk in FY10. It is also the largest exporter of dairy products from
India.
It enjoys dominant shares in icecream, milk, butter, cheese, yoghurt and milk powder
categories. GCMMF has nearly doubled its revenues over past three years.

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