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ICICI Securities Report
Amul delivered revenue growth of ~2% in FY21 – slowest YoY growth in the past decade. However, most consumer products' revenue grew in double digits, and we believe Amul has gained market share in almost all its segments.
The company continues to strengthen its business moats:
Amul brand and sub brands like EPIC, Kool, Amulya, and tru,
distribution network of one million outlets,
strong connect with 3.64 million farmers and
87 milk processing units pan-India.
Management estimates organised industry share to increase from 27% currently to 40% in the next decade. It also believes the next wave of growth will be from ‘out of home' consumption, and Amul has undertaken multiple initiatives to capture the share of the next wave of growth.
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