Professional Documents
Culture Documents
SSERTATI
ONREPORT
ON
COMPARATI
VEPERFORMANCEANALYSI
SOFAMULANDMOTHERDAI
RY.
SUBMI
TTEDI
NPARTI
ALFULFI
LLMENTOFTHEREQUI
REMENTSFORTHEPOST
GRADUATEDI
PLOMAINMANAGEMENT
2018-
2020
SUPERVI
SEDBY, SUBMI
TTEDBY,
Mr
.AMI
TABHPANDEY MI
KKY
ASSOCI
ATEPROFESSOR PG/
24/
049
1
SMSVARANASI SMSVARANASI
DECLARATI
ON
I,
MIKKYKUMARI, student PGDM4thsemest
of erof
“Schoolof
Management
Sciences”
,
Varanasi,her
ebydeclarethatalltheinformati
oncollect
edt hr
ought
hesecondhanddat awhi
ch
are col
lectin accordance oft he topic.Allthe stat
ist
icaldi
agr
ams are der
ived f
rom t
he
i
nformationcoll
ectedthroughthei nt
ernet.
Ial
sodeclar
ethatthei
nfor
mationofthi
sprojecthasbeendupli
catedf r
om anot
hersour
ce,t
he
i
nformat
ionincl
udedintheprojecthasbeenr esear
chedandpr ojectwri
ttenbymeandt he
i
nformat
ioncoll
ect
edorpresentedinthereportiscorrectt
othebestofmyknowl edgeand
bel
ief
.
Pl
ace:
Var
anasi Mi
kkykumar
i
Dat
e:8thj
uly
,2020 PGDM 4thSemest
er
2
ACKNOWLEDGEMENT
Fi
rst
ly,IWoul
dli
ketoexpr
essmyThankst
oTheDi
rect
orPr
of.P.
N.Jha,t
heDean&al
lfacul
ty
member sf
ort
hei
rgui
dance&suppor
t.
Thecompleti
on ofproj
ecthasdoneundert hegui
dance ofMr
.Amit
abh pandey,
Associ
ate
Prof
essor,SchoolofManagementSci
ences.
Ther
efor
emyspecialt
hanksgotoProf.
Amitabh
Pandeysir
.
Iam alsograt
efult
omypar ent
swi
thoutwhoseconst
antgui
dance& suppor
tthi
ssur
vey
coul
dn’
thav
ebeencarri
edout
.
Thi
srepor
tistheout
comeofthesi
ncer
esupportandgui
danceofal lthepeopl
ewhodi
rect
lyor
i
ndi
rect
lyencour
agedandhel
pedmetocomplet
ethisr
eportsuccessfull
y.
Lastbutnott
hel
east,
Iwoul
doffermyspecial
thankstoall
thosepeopl
ewhohadpr
ovi
dedt
hei
r
preci
ousti
meinf
il
li
ngthequest
ionnai
reasapri
mar ydat
a.
Thanks.
3
PREFACE
I
t’
sagr eatpri
vi
legeandsat
isf
act
ionf
ormet oplacebef
oret
heest
eemedfacul
tymember
,
di
sser
tati
on r
eporton “ COMPARATI VE PERFORMANCE ANALYSIS OF AMUL AND
MOTHERDAI RY”.
Thi
spr
ojectgi
vesi
nfor
mat
iont
hatwhi
chdai
ryi
ndust
ryi
shi
ghl
ypr
efer
redbyt
hecust
omer
s.
Everypeoplehav et
heirownpercepti
ontowardst
heuti
li
zat
ionandqual
ityofdai
rypr
oduct
.This
topicassi
gnedt omewasachal l
engingandhardworktocoll
ectdat
a.Af t
eranal
yzi
ngthose
data,Ihav
er eachedtotheconcl
usion,whi
chhasbeencl
earl
ystat
edintherepor
t.
Thankyou
Mikkykumari
PG/24/049
SMSVARANASI
4
LI
STOFCONTENT
CONTENTS PAGENO.
Ov
erv
iewofDi
sser
tat
ionpr
oject 6-
7
CompanyOv
erv
iew–AMUL 8-
11
CompanyOv
erv
iew–Mot
herDai
ry 12-
15
Li
ter
atur
erev
iew 16-
18
Si
gni
fi
canceofDi
sser
tat
ionpr
oject 19
Obj
ect
ivesoft
heSt
udy 19
Resear
chMet
hodol
ogy 19
Dat
aAnal
ysi
sandI
nter
pret
ati
on 20-
30
Fi
ndi
ngs 31
Concl
usi
on 32
Ref
erences 33
5
OVERVI
EW OFDI
SSERTATI
ONPROJECT
Themainpurposeoft hi
sreportistoComparetheperf
ormanceanalysi
sofAMULandMot her
Dair
yandthengiv
er ecommendat i
onsonhowcant heyimprovet
heper f
ormance.Theai
mi sto
ensuret
hatthecompanyut il
i
zesi t
sresourcesful
lyforitsbenef
it
sornot .Itisapr oj
ect
managementtoolusedtomeett heobj
ect
ivesofthepr
oject
.
Amul ’sstr
engthliesinef fici
entmi lkpr ocurementundercooper ativemodelandpr oduct i
onof
dair
ypr oduct
sconf or
mi ngt oworldst andards, t
hecr editofwhi chgoest oourpr i
mar ysoci eties
andpr oducermember s.Dur i
ngthey earunderr eview,wei nstall
edbulkmi lkcoolersatmany
societi
eswi t
ht hef undingf rom cent ralgov er
nmentgov er
nedNCDC.I nour1, 198f unctional
societi
es,wehav ei nstall
ed 1,221 BMC’ sf ormi lkpr ocurement .Thi
sensur esqual it
ymi l
k
procurementwhi chcanbeconsi deredmaj orachievement .Thi shasensur edi mprov ementi n
thequal i
tyofmi l
kpr ocuredandr educt i
oni nsourmi l
kcol l
ection,whichinturnhasr esul tedi n
savingsforsocietiesanduni onther ebybenef it
ti
ngmi l
kpr oducer s.Al
lthemi l
kpr ocur edf rom
societi
esiscoll
ect edinchi ll
edcondi ti
onandbr oughtt oAmulwhi chhassi gnif
icantl
yi mpr ov ed
thequal i
tyofmi lkcollected.Thishasr esult
edi nincreaseddemandf orAmulpr oduct sf rom
outsidecountri
eswhi chhasenabl edust oenhanceexpor ts,whi chinturnhashel pedusi n
opti
mum ut il
i
zationofourpl antcapaci t
y.
INDIANDAIRYINDUSTRY
INTRODUCTION
Thewor l
d'
sbiggestdai
ryproduci
ngcount
ryi
sgrowi
ngfastandlookingt
obecomeanexport
powerhousedespi
temajorquali
typr
obl
ems.I
ndi
aist
hewor l
d'
slargestmi
lkpr
oduci
ngcount
ry
andisgr
owingfast
,wit
haney etowar
dbecomi
ngamajordai
ryexporter
.
6
SOMEFACTS&FI GURES:
Begi nningi nor ganizedmi lkhandl ingwasmadei nI ndi awi t
ht heest abl i
shmentofMi li
t aryDai r
y
Farms.Handl ingofmi l
ki nCo- oper at i
v eMi l
kUni onsest abli
shedal lov ert hecount ryonasmal l
scalei nt heear l
yst ages.Long di stancer efriger atedr ail
-tr
anspor tofmi lkfr om Anand t o
Bombaysi nce 1945.Past eur i
zation and bot tling ofmi l
k on a l arge scal ef oror ganized
distributionwasst artedatAar ey(1950) ,Calcutta( Har inghata, 1959) , Delhi( 1959) ,Wor l
i(1961) ,
Madr as ( 1963)et c.Est abl ishmentofMi l
k Pl ant s undert he Fi ve-YearPl ans f orDai r
y
Dev elopmental lov erI ndia.Thesewer et akenupwi tht hedualobj ectofi ncreasingt henat ional
l
ev elofmi lkconsumpt i
onandensui ngbet terret ur nst ot hepr imar ymi lkpr oducer .Thei rmai n
aim wast opr oducemor e,bet terandcheapermi lk.
Mi l
kPr oduct ion.
I ndi aist helargestpr oducerofMi l
kint heWor l
d( replacingUSA) .
Percapi taav ailabili
tyofmi l
kpr esent lyis231gr amsperday ,upf rom 112gr amsperday
in1968- 69.
I ndi a'
s3. 8per centannualgr owt hofmi l
kpr oduct i
onsur passest he2percentgr owt hin
popul at i
on; t
heneti ncr easei nav ail
abili
tyi sar ound2percentpery ear.Innov ation.
Bul k-vending-sav i
ngmoneyandt heenv i
r onment .
Mi lktrav el
sasf aras2, 200ki lomet erst odef icitareas, car r
iedbyi nnov ati
ver ailandr oad
mi lktanker s.
Ni nety-fiveper centofdai ryequi pmenti spr oducedi nI ndi a,sav i
ngv aluablef oreign
exchange.Macr oImpact .
Theannual valueofI ndi a'
smi lkpr oduct i
onamount stoaboutRs.880bi l
li
on.
Dai ry cooper atives gener at e empl oy mentoppor tunities f orsome 12 mi l
li
on f arm
fami l
i
es.
Dai ryFar mingi st hesi nglel argestcont ribut ort ot heeconomy (5% ofGDP &13% of
empl oy ment )
Dai ryi ndustryr epresent sahugeoppor tuni t
ybei ngt hel argestsi ngl eFMCG Mar ket:
Ur banMktsi zeRs33000Cr or esandor gani zedsect orRs11000Cr oresr epresent inga
hugeoppor tuni tyforconv er sionandgr owt h.
Keychal lengesbef or eI ndianDai ryIndust ryareasf ollows:
Ensur i
ngQual ity
Pr ocur ementandef ficienciesi nsuppl ychai n
Pr oductdi fferent i
ationandv alueaddi t
ion
7
AMUL–AnOv
erv
iew:
Amuli
sanI
ndi
ancooper
ati
vedai
rycompany
,basedatAnandi
nthest
ateofGuj
arat
.
Formedi n1946,itisacooperat
ivebrandmanagedbyacooper
ati
vebody,t
heGuj
aratCo-
operat
iveMil
kMar keti
ngFeder
ati
onLtd.(GCMMF),whi
cht
odayi
sjoi
ntl
yownedby3.
6mi l
l
ion
mil
kproducersinGujar
at.
Amulspur
redIndia'
sWhi t
eRev
olut
ion,whi
chmadet
hecount
ryt
hewor
ld'
slar
gestpr
oducerof
mil
kandmilkproducts.
AmulwasspearheadedbyTr i
bhuvandasPatelundertheguidanceofSardarVal l
abhbhaiPatel
.
Asar esul
t,Kai
raDistr
ictMilkUnionLimitedwasbor nin1946.Tr i
bhuv andasbecamet he
foundi
ngchai
rmanoftheorganizat
ionandleditunti
lhisdeath.Hehi
redDr .VergheseKurienin
1949.Heconvi
ncedDr.Kuri
entostayandhelpwiththemi ssi
on.
Kuri
en,founder
-chai
rmanoft
heGCMMFf ormorethan30years(1973–2006)
,iscr
edi
tedwi
th
thesuccessofAmul'smar
ket
ing.Amul
hasvent
uredint
omarket
sov er
seas.
NumberofPr
oducerMember
s 7,
64,
954
NumberofVi
l
lageDai
ryCooper
ati
veSoci
eti
es 1821
Tot
alMi
l
kHandl
i
ngCapaci
ty 5Mi
l
li
onl
i
ter
sperday
Mi
l
kCol
l
ect
ion(
Dai
l
yAv
erage) 3.
3Mi
l
li
onl
i
ter
s
Mi
l
kDr
yingCapaci
ty 150Mt
sperday
WheyDr
yingCapaci
ty 60Mt
sperday
Cat
tl
eFeedManuf
act
uri
ngCapaci
ty 3000Mt
sperday
MI
SSI
ON
GCMMFEndeavourt
osati
sfythet
asteandnutr
it
ionr
equi
rement
soft
hecust
omer
s,of
t
hewor
ldt
hroughexcel
l
enceinmarket
ingbyt
hei
rcommitt
edteam.
Throughco-oper
ati
venetwor
king,t
heyar
ecommi
tt
edt
oof
ferqual
i
typr
oduct
sthat
provi
debestval
ueformoney.
8
VI
SION
AMUL’
sv i
sionist
opr ov
idemor
eandmor
esat
isf
act
iont
othef
armer
s,t
hei
rcust
omer
s,
empl
oyees,anddi
str
ibutor
s.
GCMMFwi l
lbeanoutst
andi
ngmarket
ingorganizat
ionwit
hspeci
ali
zat
ioninfoodand
dai
rypr
oduct
sbot
hfr
eshandlongl
i
fewithcustomerfocusandI
Tint
egrated.
Sal
esTur
nov
er Rs(
mil
li
on) US$(
inmi
ll
ion)
1994-
95 11140 355
1995-
96 13790 400
1996-
97 15540 450
1997-
98 18840 455
1998-
99 22192 493
1999-
00 22185 493
2000-
01 22588 500
2001-
02 23365 500
2002-
03 27457 575
2003-
04 28941 616
2004-
05 29225 672
2005-
06 37736 850
2006-
07 42778 1050
2007-
08 52554 1325
2008-
09 67113 1504
2009-
10 80053 1700
2010-
11 97742 2172
2011-
12 116680 2500
2012-
13 137350 2540
9
2013-
14 181434 3024
2014-
15 207330 3410
2015-
16 229720 3500
2016-
17 270850 4100
2017-
18 292250 4500
2018-
19 331500 4800
OBJECTI
VES
Theobj ecti
veofAmul ,thedai r
ycooperat
iveinIndi
a,istospurtheWhi t
eRev ol
uti
oninthe
countr
yandmakeI ndiat helargestpr
oducerofmi l
kandmi lkproductsint hewor l
d.The
cooperati
veissharedbet weenov er2.
8mill
iondair
yproducer
sandt hethree-
ti
erAmulModel
hasincreasedI
ndia’
smi l
kpr oducti
ononanincr
edibl
escale.
VALUES
Cust
omerOr
ient
ati
on
Commi
tmentt
opr
ocedur
es
Excel
l
ence
Gi
vecust
omer
sagood,
fai
rdeal
.Gr
eatcust
omerr
elat
ionshi
ptakest
ime.
Al
way
slookf
orway
stomakei
teasi
ert
odobusi
nesswi
thus.
Communicat
edai
l
ywi
thy
ourcust
omer
s.I
ftheyar
etal
ki
ngt
oyou,t
heycan’
tbet
alki
ngt
oa
compet
it
or.
Oper
ati
onsshoul
dbef
astandsi
mpl
e.
QUALI
TYPOLI
CY
Wet hemoti
vat
edanddev ot
edworkforceofAMULar ecommi tt
edtoproducewhol esomeand
safefoodsofexcel l
entqualit
ytoremai n mar
ketleadersthr
ough developmentofqualit
y
managementsy stem,state ofar
tt echnol
ogyinnovati
on and eco-
fr
iendlydeli
ghtmentof
cust
omerandbet t
ermentofmi l
kpr
oducer.
AMULPRODUCTS
10
AMULBREADSPREADS
Amul
But
ter
Amul
li
te
Amul
chocoBut
ter
ySpr
ead
Del
i
ciousTabl
eMar
gar
ine
Amul
Unsal
tedBut
ter
Amul
Gar
li
cBut
ter
AMULCHEESE
Amul
processedCheese
Amul
Emment
alcheese
Amul
GaudaCheese
Amul
Cheesespr
ead
Pi
zzaMozr
ell
aCheese
AMULBEVERAGES
Amul
Memor
yMi
l
k
Amul
tru
Kool
Caf
é
Amul
Kool
Flav
our
edMi
l
k
Amul
ProDr
ink
Amul
Mast
iBut
ter
mil
k
Amul
Lassi
AMULGHEE
Amul
Ghee
SagarGhee
Amul
Yel
l
ow(
cow)Ghee
11
Amul
Brown
AMULCHOCOLATE
Amul
Chocol
ate
Chocozoo
Chocol
ateSy
rup
Amul
Waf
erChocol
ates
Amul
Rej
oiceAssor
tedChocol
ate
Amul
Cooki
ngChocol
ate
THEAMULMODEL
TheAmulModelofdai rydev el
opmenti
sat hr
ee-t
ieredst
ruct
urewit
hthedairycooper
ati
ve
soci
eti
esatthevi
ll
agelevelf
ederat
edunderamil
kunionatt
hedist
ri
ctl
evelandafeder
ati
onof
memberunionsatthestat
elevel
.
12
MOTHERDAI
RY–ANOVERVI
EW
MotherDai r
ywascommi ssionedin1974andi sawhol l
yownedsubsi diaryoft heNat i
onalDai r
y
DevelopmentBoar d(NDDB) .Itwasani ni
ti
ati
v eunderOper ati
onFlood,t hewor ld'
sbiggestdai r
y
developmentpr ogram l aunchedt omakeI ndiaami lksuffi
cientnati
on.Ov erthey ears,Mot her
Dair
yhascont ributedsi gnif
icant
lyinachievingt hisobjecti
vet hr
oughaser i
esofi nnov at
ions
andpr ograms.Today ,Mot herDai r
ymanuf act uresmar kets& sellsmi lkandmi l
kpr oducts
i
ncludingculturedpr oduct s,icecreams,paneerandgheeundert heMot herDai rybr and.The
Companyal sohasadi versifi
edportfol
iowithpr oductsinedibleoil
s,fr
ui t
s&v eget ables,frozen
vegetabl
es,pulses, processedf oodlikefr
uitjuices,j
ams, etc.tomeett hedai l
yr equir
ement sof
everyhousehold.
13
HI
STORY:
MotherDairywascommissi
onedin1974asawhol lyownedsubsidiar
yoft heNati
onalDair
y
Devel
opmentBoard(NDDB).Itwasanini
tiativ
eunderOper ati
onFlood,adairydevel
opment
pr
ogram aimedatmaki
ngIndi
aami l
ksuff
icientnat
ion.MotherDai
rysourcesasigni
fi
cantpar
t
ofitsrequir
ementofli
quid mi
lkfr
om dai rycooperat
ivesand vi
ll
age levelf
armercentri
c
or
ganizat
ions.
Thecompanyorigi
nal
lyf
ocusedonDelhiandot
herpar
tsoft
heNat
ional
Capi
tal
Regi
on(
NCR)
.It
l
aterexpandedt
ootherr
egi
onsinIndi
a.
BRANDSANDSUBSDI
ARI
ES:
Thecompanysel
l
smi
l
kpr
oduct
sundert
he"
Mot
herDai
ry"br
and.
14
MotherDai
ryisal
sopresenti
ntoedibl
eoi
l
ssegmentunderthebr
andnameDhar
a,whi
chwas
l
aunchedundert
heOperati
onGoldenFl
owprogr
am ofNDDB.
Mot
herDai
ryopensf
ir
str
est
aur
ant'
Caf
éDel
i
ght
s'i
nNoi
daandpl
ansmor
eout
let
sinDel
hi.
VI
SION:
Provi
dequal
it
yf oodandbev
eragest
oconsumer
sataf
for
dabl
epr
icewhi
l
eensur
ingf
airr
etur
ns
tothepr
oducers.
MI
SSI
ON:
MotherDair
y’sher
it
ageisint
ri
nsi
cal
lyli
nkedtothecooper
ativ
emov ementi
nIndi
a.Wit
h
det
erminat
ion& Pride.Wewil
lcont
inuetoser
veourfarmers,r
ural
Indi
a&ourconsumers.Our
val
uesrefl
ectwhowear e&whatwef ir
mlybeli
evei
n.
15
Mot
herdai
ryFr
uitandv
eget
abl
e
Ty
pe Pr
ivat
e
I
ndust
ry Dai
ry,
Pul
ses,
Frui
tsandVeget
abl
es,
Veget
abl
eOi
l
Founded 1974;
46y
ear
sago
Headquar
ter
ed Sect
or-
1,Noi
da,
Indi
a
Keypeopl
e Sangr
am Chaudhar
y(Managi
ngDi
rect
or)
Br
ands Mot
herDai
ry
Saf
al
Dhar
a
Dai
l
yci
ous
Rev
enue ₹7,
000cr
ore(
US$980mi
l
li
on)
16
NumberofEmpl
oyees 3,
500
Mot
herDai
ryBr
andAnal
ysi
s
Par
ent
Nat
ionalDai
ryDev
elopmentBoar
d(NDDB)
Company
Cat
egor
y Mi
l
kandFoodPr
ocessi
ng
Sect
or Food&Bev
erages
Tagl
ine/
Slogan Pi
yoPur
e
17
Indi
a’sveryownpr oducerofmi
lk,mi
lkproduct
s,bev
erages,f
oods,
USP
etc.ataf
fordabl
eratesandofpr
emium qual
it
y
Li
ter
atur
eRev
iew:
Thel it
er aturei ndicat est hatagr o-indust ri
algr owt hinI ndiahashi stori
callybeenconst r
ainedby
bothsuppl yofr awmat erialandsl owgr owthi nconsumerdemandf oragroindustrialpr oduct s
(seeSr ivast av aandPat el (1989) ,BoerandPandey( 1997) )
.Sr iv
ast avaandPat el(
1989) ,Kejri
wal
(1989)andGul atiet.al(1994)i ndicatet hatbesi det hequant ityofrawmat er
ial,t
hequal i
tyoft he
raw mat eriali salsoamaj orconst r
aint.Av ailabler aw mat eri
alisof t
enofunsui tabl equal ity,
processi ngv ari
etiesar ef r
equent lynotav ailable,and t heper i
od ofav ail
abil
ityoft her aw
mat erialist ooshor tandunr eliable.Gul atiet.al.(1994)i ndicatet hatonl yabout5percentoft he
frui
tsandv eget ablesgr owni nI ndiaar ecommer cial
lypr ocessed.Bot hquant ityandqual it
y
suppl yconst raintsi ndicat et hatt her eisagr eatneedt oimpr ovet hel i
nkagesbet weensmal l
farmersuppl iers(whi chconst itutet hemaj ori
tyofr awmat er i
alpr oducers)andagr o-industries.
Effectiveandi nnov ativei nstitut i
onalar rangement st hatwoul daddr essmul tipl
eobj ect i
vesar e
required.Sr ivastav aandPat el( 1989)i ndicat et hatanot hermaj orconst r
aintist heobsol ete
technol ogyusedi npr ocessi ng,r esultingi nl ow ef fi
ciencyand poorqual ityoft heout put .
Accor dingt oBoerandPandey( Op.ci t.)amaj orpr oblem i nimpr ovi
ngt echnologyi st hev ery
smal lsizeoft heav er ageagr o- processi nguni t,suggest ingacl earneedt ointegratei nor dert o
achiev eal ar gerscal eofoper at i
on.Howev er,Goy al (Op.cit.)andot hershaveshownt hatpr i
v ate
sectori ndust ri
alconcent r
at i
oni sof tenassoci at
edwi thdel inkingwi thsmal lfarmersuppl iers
andl ossesi nr uralempl oyment .
18
agricultureandi nputsuppl ychai nt hroughbackwar dl inkages.Onanav erage,agr oindust r
ies
gener ate47percentv alueadded( i
ncome)ov erinvest edf i
xedcapi t
alannual ly,ascompar ed
with53percentv alueaddedf orot heri ndust ries.Agr o- indust r
iesar ealsoabl etoabsor bmor e
i
nput sf rom ot hersectors( e.g.agr iculture)asaper cent ageoft hev alueofout putcompar edt o
otheri ndust r
ies.Thesef eat uresi ndicat et hatt heagr o- indust ri
alsectordeser vest hepr iority
givent oi tint henat i
onal str
at egyofdev elopmentwi thempl oyment .SrivastavaandPat el(1989)
showev i
denceoft woaddi tional maj orconst r
aintst oIndi anagr o-i
ndustrialdevelopment ,mai nly:
smal lmar ketsi zeformanypr ocessedpr oduct sanddi fficul t
iesi nobtainingadequat efinanci ng.
Thef inanci alinstit
uti
onsi nI ndiaar emai nlygear edt ol endi ngf orf i
xedcapi talrequi rement s,
whileagr o- i
ndust ri
es,asshowni nt heanal ysisabov e,hav eal arger equirementofwor king
capital.Banksl endwor kingcapi t
al ,ifatal l,athi gheri nterestr atest hatothercapi talloans.
Furthermor e,t hegov ernmentofI ndiat ypi callyconsi der spr ocessedandpackagedgoodsas
l
uxur yi temsandasar esul tt hei
rpr oduct ioni sheav i
lyt axed.Ther ear ealsomy ri
adspeci al
regulationsandl i
censingr equi rement sf orspeci ficagr o- i
ndust ri
es,suchast heMi lkPr oduct
Orderf ort hedai ryindustry.Thesepol iciescr eatedi sincent ivesf orinvestmenti nhi gherv alue-
addedagr opr ocessing.Nat i
onalDai ryDev elopmentBoar d( wi l
lstopsel li
ngAmul milkpr oduct s
i
ni tsMot herDai rymi l
kboot hs).
Asi aAf ri
caI ntelli
genceWi r
e|Apr il
30,2003| Busi nessToday .
Thismat erialispublishedunderl i
censef rom t hepubl i
shert hrought heGal eGr oup, Far mingt on
Hill
s,Mi chi gan.Nat i
onalDai ryDev elopmentBoar d(NDDB)wi llstopsel l
ingAmulmi lkpr oduct s
i
ni tsMot herDai r
ymi lkboot hs.Thi sdeci sionwast akenasNDDBhasi tsownbr andofmi lk
product st hatar esi
mi l
art oAmul mi l
kpr oduct sl i
kebut ter, cheese, ghee, paneerandi cecr eam.
RecommendedLev el
sofDai ryProductI ntake byGr egoryD.Mi ller,PhD,DouglasD.Di Rienzo,
PhD, Moll
yE.Reusser ,BAandDav i
dA.McCar ron,MD. Thequant ityofdairyproductsnecessar y
toreducebloodpr essureorhy pert
ensi onriskisconsi stentwithther ecentNationalAcademyof
Sciencesrecommendat ionsf oradults:threet ofourser vi
ngsperdayofdai ryproducts.Threeor
fourservi
ngsofdai r
ypr oductshav ebeenspeci fi
callyrecommendedbyatl easttwonat ional
healthagenciesast her angef oradequat eoropt imali ntake.Thef i
rstofthese,theNat ional
Insti
tut
esofHeal thConsensusConf erenceonOpt imalCal ci
um I ntake[13],stat
est hatthe
“pref
erred approach to attaini
ng opt imalcal cium i ntake ist hrough diet
arysour ces”and
specifi
cal
lyidenti
fi
esdairypr oductsast hei dealsourceofcal cium inthediet.
DelhiNat ionalCapi t
alRegi on (NCR) ,among t he bi ggestmi lkmar ketsi nt he count r
y,is
dominatedbyMot herDai rycur rentl
y.Delhi
‘
sest i
mat ed40l akhl i
tresperday( LLPD)or ganised
l
iqui
dmi l
ki sdomi natedbyMot herDairy(23LLPD)andGuj aratCooper ati
veMi l
kMar keti
ng
Feder
ation( GCMMFor‗ Amul ‘,whichsel l
s10LLPD) .Besi dest heset wo,ther eisthepubl i
c
sect
orDel hiMilkScheme( threeLLPD)andpr i
vatebrandssuchas‗ Paras‘and‗ Gopalj
ee‘ (1.
5-2
LLPD each) .Amuland NDDB' s non-compet e agreementhas pr evented the formerf r
om
l
aunchingi tsli
quidmi lkint heDel himar kettil
l2003. Withthenon- compet eagr eementhav i
ng
runout,Amull aunchedi t
sf reshmi l
kinDelhiintwov ari
ants—f ullcream andt oned—pr icedat
parwit
ht hatofMot herDairy. Amul ,t
oi t
sdel i
ght,hasseent hedemandf orit
smi l
kgoingupby
l
eapsandboundsi nt heci tyandi snow pl anni
ngt oent eri ntoal l
ianceswi t
hdai ri
esl ocated
19
ar
oundDel
hisuchasI
ndi
anPot
ashandModer
nDai
ryt
ocat
ert
othedemand.
Bhal
la(2001)discussedthechall
engesofthedair
yi ndustr
yinter
msofqualit
ywhi chincludes
Qual
it
yManagementSy st
ems( QMS),TotalQual
it
yManagement( TQM),I
SO9000ser ies,food
saf
ety standar
ds,Env i
ronmentalManagementSy stem (IS0:14000)
,quali
ty ofr aw mi lk,
combati
ngadulterati
onofmil
k,andupgradingqual
it
yoft esti
ngandanal
yti
cal
laborator
ies.
NDDBpl anst oent erintojointv ent ureswi ththeStateGov ernmentstosetupmar keting. Art
icle:
Amuland I BM Si gn IT Ser vices Agr eementt o FuelFuture Growth.|July 21, 2009 by
BusinessToday .Thismat er i
ali spubl i
shedunderl i
censef rom thepublisherthr
ought heGal e
Group,Far mingt onHi ll
s,Mi chigan.I ndia'slargestfoodpr oductsmar keti
ngor gani zati
oni .e.
Amul ,hasappr ov edadealwi t
hI BM ( NYSE: I
BM)wi llhel
pt r
ansformtheInformati
onTechnol ogy
l
andscapeofGCMMFandt heMi lkUni onst oenableandsuppor tthei
racceler
atedgr owt hplans.
The10- y earstrat egicoutsour cingdeali swor t
hov erRs.80crores,andunderscor esGCMMF' s
rapi
dgr owt hpat handv i
siont oensur ei t
sI nfor
mationTechnologyser vi
cesarest ate-of-t
he-art.
Undert het ermsoft hedeal ,IBM wi l
lmanageandoper ateITenv i
ronmentofAmulf orthenext
10y ears. SAPERPonI BM t echnol ogypl atformist hechosenv ehi
cleforthi
st ransf ormation
Buttergir lgetst ough!;Nev erbef orehasAmulbeenbuf f
etedbyasmuchcompet i
ti
onasi ti s
today.ButI ndi
a'sl argestdai ryf oodsl ayerhasanedge:I tsunique"cow-to-
customer "model .
|
April
18, 2010| busi nesstoday .
20
SI
GNI
FICANCEOFDI
SSERTATI
ONPROJECT:
• Thest
udywi
l
lhel
pinf
indi
ngoutt
hepr
obl
emsf
acedbyt
heCompany
.
• Thestudywil
lnotonl
ygi
veanideafacedbyt
hedist
ri
butor
sindist
ribut
ingt
heAMULand
MotherDai
ryproduct
sbutwi
l
lalsoprovi
dewit
hthesui
tabl
esoluti
onsforsol
vi
ngi
t.
• Thest
udywi
l
lgi
veani
nsi
ghtaboutt
hecompet
eti
ngbr
andsofAMULandMot
herDai
ry.
• Thestudywillhel
pini
mpr
ovi
ngt
hemar
ketshar
eoft
her
espect
ivepr
oduct
sofbot
hthe
companies.
• Thest
udypr
ovi
desv
ari
oussuggest
ionst
othecompanyt
oimpr
ovet
hei
rpr
oductsal
es.
OBJECTI
VE:
• Toest
abl
i
shacompar
ati
vest
udybet
weent
wobr
andAMULandMot
herDai
ry.
• Tostudythedi
str
ibut
ionchannel
&thest
rat
egyassoci
atedwi
thi
tforbot
hthe
companies.
• Toanal
yzet
hebet
terper
for
manceofdai
rypr
oductofbot
hthecompani
es.
• Toknowt
hef
utur
est
rat
egyf
ormar
ketexpansi
onofbot
hthecompani
es.
RESEARCHMETHODOLOGY:
Ty
peofResear
ch : Descr
ipt
iveResear
ch
Dat
acol
l
ect
ionSour
ces : Secondar
yDat
a
Dat
aCol
l
ect
iont
ool : Resear
chPaper
,Jour
nal
s.
Dat
aRepr
esent
ati
ont
ool : Tabl
es,
Char
ts,
andGr
aphs.
21
St
ati
sti
cal
tool : Mean,
Per
cent
age.
KAI
RADI
STRI
CTCO-
OPERATI
VEMILKPRODUCERS'
UNI
ON
LIMI
TED
Bal
anceSheetasat31stMar
ch2019
(
Allamounti
nIndi
anRupees(
inl
akhs)exceptf
orshar
edat
aorot
her
wisest
ated)
Asat31st
Asat31st
Par
ti
cul
ars Not
es March,
Mar
ch,2019
2018
EQUI
TYANDLI
ABI
LITES
Shar
ehol
der
s’f
unds
Shar
eCapi
tal 1 8,
823 8,
057
Reser
vesandSur
plus 2 14,
946 12,
274
23,
768 20,
331
Non-
cur
rentl
iabi
li
ti
es -
Long-
ter
m bor
rowi
ngs 3 28,
342 28,
073
Long-
ter
m pr
ovi
sions 4 1,
828 1,
807
Def
err
edt
axl
i
abi
l
iti
es(
Net
) 5,
920 4,
663
36,
090 34,
543
Cur
rentl
iabi
li
ti
es -
Shor
tter
m bor
rowi
ng 5 53,
006 53,
263
Tr
adepay
abl
es 6 85,
911 86,
010
ot
hercur
rentl
i
abi
l
iti
es 7 34,
949 29374
Shor
t-
ter
m pr
ovi
sions 8 1,
937 1,
587
175,
803 170,
234
TOTAL 235,
662 225,
108
ASSETS
Noncur
rentAsset
s
Tangi
bleAsset
s 9 96,
144 95,
542
22
Capi
tal
wor
kinpr
ogr
ess 13,
637 2,
958
109,
781 98,
500
Non-
cur
rentI
nvest
ment
s 10 3,
387 3,
387
113,
168 101,
887
Cur
rentasset
s
I
nvent
ori
es 11
75,
918
77,
624
Tr
ader
ecei
vabl
es 12
33,
909
35,
734
Cashandcashequi
val
ent
s 13 4,
791 5,
969
Shor
t-
ter
mloansandadv
ances 14
6,
436
3,
479
Ot
hercur
rentasset
s 15 866 989
122,
494
123,
221
Tot
al
122,
494
225,
108
23
Si
gnificantaccount
ing
poli
cies
Theaccompany i
ngnotesf
orm ani
ntegr
alpar
toft
heFi
nanci
al
Stat
ement s
I
nter
msofourr
epor
tat
tachedasofev
endat
e
ForM/
s.Bhar
atN.Pat
el&Co.
Char
ter
edAccount
ant
s
F.
R.N.
128422W
ShriJ.S. ShriAmit
CABHARATN.PATEL Damor CAD.D.Heranj
al Vyas
Special Chi
eff
inance ManagingDi
rect
or
Par
tner audit
or of
fi
cer
Mil
kUni on,
Mem No.
126332 Award
Pl
ace:Anand
Dat
e:10-05-
2019
23
KAI
RADI
STRI
CTCO-
OPERATI
VEMILKPRODUCERS'
UNI
ON
LIMI
TED
St
atementofPr
ofi
t&Lossf
ort
hey
earended31stMar
ch,
2019
(
Allamounti
nIndi
anRupees(
inl
akhs)exceptf
orshar
edat
aorot
her
wisest
ated)
Yearended31st Yearended31st
Par
ti
cul
ars Not
es
March,2019 March,2018
I
NCOME
Rev
enuef
rom Oper
ati
ons 16 696,
634 625,
626
Ot
herI
ncome 17 1,
297 1,
568
TOTALI
NCOME 697,
931 627,
194
EXPENSES
CostofMat
eri
alconsumed 18
605,
188 566,
034
Manuf
act
uri
ngExpenses 19
41,
401 35,
351
Decrease(
Increase)i
ninv
ent
ori
esof
Fi
nishedgoods&
Workinprogress 20 - -
2,
758 24,
416
Empl
oyeeBenef
it
sExpense 13,
965 13,
745
Fi
nanceCost
s 9,
974 6,
597
Depr
eci
ati
onandAmor
ti
sat
ionExpense 9 10,
598 10,
071
Advert
isement,
fri
eghtoutward&Market
ing 21 3,
512 3,
797
Expenses
Administr
ati
ve,
Co-operat
iveDevel
opment& 22 11,
790 12,
082
OtherExpenses
TOTALEXPENSES 693,
670 623,
261
Pr
ofi
tBef
oreTax 4,
261 3,
933
24
TaxExpenses:
Cur
rentTax 343 37
Def
err
edt
ax 1,
266
1,
406
Pr
ofi
tfort
hey
ear 2,
652 2,
490
Appr
opr
iat
ions:
Reser
veFund25% 663 623
Cont
ri
but
iont
oEducat
ionFund 3 3
Shar
edi
vi
dend15%ofpai
dupcapi
tal 1,
269 970
OutofRemai
ningPr
ofi
t 23
Di
vi
dendEqui
l
isat
ionFund75% 538.
00 671.
00
Fur
ther
,outofr
emai
ningpr
ofi
t
Gener
alFund80% 143.
00 179.
00
Char
it
yFund20% 36.
00 45.
00
Tot
al 2,
652 2,
490
si
gnifi
cantAccount
ingpol
i
cies¬
esi
n
accounts
Theaccompany
ingnot
esf
orm ani
ntegr
alpar
toft
heFi
nanci
alSt
atement
s
I
nter
msofourr
epor
tat
tachedasofev
endat
e
ForM/
s.Bhar
atN.Pat
el&Co.
Char
ter
edAccount
ant
s
F.
R.N.
126422W
ShriJ.S. CAD.D.
CABHARATN.PATEL Damor Heranj
al ShriAmitVy
as
Special Chi
effi
nance Managing
Par
tner audit
or of
fi
cer Dir
ector
Mil
kUni on,
Mem No.
126332 Award
Pl
ace:Anand
Dat
e:10-05-
2019
25
KAI
RADI
STRI
CTCO-
OPERATI
VEMILKPRODUCERS'
UNI
ON
LIMI
TED
St
andl
oneSt
atementofPr
ofi
tandLossfort
heYearendedon31stMar
ch
2019
Year Year
(
Rs.
inLakhs) Ended0n Ended0n
31.03.
2019 31.
03.2018 Gr
owt
h%(
y-o-
y) 0
1 Rev
enueFr
om Oper
ati
on 696,
634.
00 625,
626.
00 11%
2 Ot
herI
ncome 1,
297.
00 1,
568.
00 -
17%
c) Wor
kinpr
ogess (
2,758.
00) (
24,
416.
00) -
89%
d) HumanResour
cecost 13,
965.
00 13,
745.
00 2%
e) Fi
nancecost 9,
974.
00 6,
597.
00 51%
f
) Depr
eci
ati
on 10,
598.
00 10,
071.
00 5%
Tot
alOper
ati
ngExpenses 678,
368.
00 607,
382.
00 12%
26
5 Oper
ati
ngPr
ofi
t 19,
563.
00 19,
812.
00 -
1%
6 Non-
Operat
ingExpenses 15,
302.
00 15,
879.
00
6 Pr
ovi
sion
7 Tax 1,
609.
00 1,
443.
00
8 Pr
ofi
taf
terTax 2,
652.
00 2,
490.
00 7%
KeyP&LRat
ios
ReturnonAssets 3% 2% 3%
ReturnonEqui
ty 11% 10% 7%
I
nterestCov
erageRat
io 2.
96 4.
00 -
26%
Summar
yBal
ancesheet&Pr
iorPer
iodCompar
ison
(
Rs.
inLakhs) 3/
31/
2019 3/
31/
2018
Bor
rowi
ngs 81,
348.
00 81,
336.
00
Shar
ehol
der
sFunds 23,
768.
00 20,
331.
00
Cur
rentAsset
s 122,
493.
00 123,
221.
00
Cur
rentLi
abi
l
iti
es 175,
803.
00 170,
234.
00
Wor
kingcapi
tal (
53,
310.
00) (
47,
013.
00)
Tot
alCapi
tal
Funds 105,
116.
00 101,
667.
00
KeyBal
ancesheetRat
ios
Cur
rentRat
io 0.
70 0.
72
Debt
-equi
tyRat
io 3.
42 4.
00
27
Nat
ionalDai
ryDev
elopmentBoar
d("
NDDB"or"
theBoar
d")
Bal
anceSheetasat31stMar
ch2019
(
Allamounti
nIndi
anRupees(
inmi
ll
ion)exceptf
orshar
edat
aorot
her
wisest
ated)
Asat31st
Asat31st
Par
ti
cul
ars Annexur
e March,
Mar
ch,2019
2018
EQUI
TYANDLI
ABI
LITES
NDDBFunds I
30,597 29,
854
Secur
edl
oans I
I 4,636 612
Cur
rentl
i
abi
l
iti
esandpr
ovi
sions I
II 8,
305 6,
705
Def
err
edt
axl
i
abi
l
iti
es XVI(Not
e
323 291
8)
TOTAL 43,
861 37,
462
ASSETS
Cashandcashequi
val
ent
s I
V
6,
411
5,
006
I
nvent
ori
es V
0.
37
0.
38
Sundr
yDebt
ors
190
186
Loans,
Adv
anceandOt
herCur
rentAsset
s VI 22,
192 15,
972
I
nvest
ment
s VI
I
13,
027
14,522
Fi
xedAsset
s VI
II 1,955 1,
862
28
Tot
al 43,
861 37,
462
XV
Signif
icantaccounti
ngpolici
es
Theaccompany i
ngnot esfor
m ani
ntegral
par
toft
he XVI
FinancialSt
atements
statement
Intermsofourr eportatt
achedasofevendat
e
ForBor
kar&Muzumdar
Char
ter
edAccount
ant
s Forandonbehal
foft
heBoar
d
F.
R.N.101569W
Dev
angVaghani Di
li
pRath ArunRaste SRegupathi
Chai
rman Executi
ve Gener
al
Par
tner Dir
ector Manager
Mem No.109386 (
Accounts)
Pl
ace:Mumbai
Dat
e:15t
hjul
y,
2019 Anand,
21stj
une,
2019
Nat
ionalDai
ryDev
elopmentBoar
d("
NDDB"or"
theBoar
d")
St
atementofPr
ofi
t&Lossf
ort
hey
earended31stMar
ch,
2019
(
Allamounti
nIndi
anRupees(
inmi
ll
ion)exceptf
orshar
edat
aorot
her
wisest
ated)
Yearended31st Yearended31st
Par
ti
cul
ars Not
es
March,2019 March,2018
I
NCOME
I
nter
est 2,
432 2,
216
Ser
vicechar
ges I
X 263 258
Rent 212 200
Di
vi
dend X 142 227
Ot
herI
ncome
215 466
Tot
al(
A)
3,
264 3,
367
EXPENDI
TURE
I
nter
estandf
inanci
alchar
ges
428 172
Remuner
ati
onandBenef
it
stoEmpl
oyees XI
875 814
Admi
nist
rat
iveexpenses XI
I 160 147
29
Gr
ant
s 116 20
Resear
chandDev
elopment 132 155
Mai
ntenanceofAsset
s XI
II 218 232
Ot
herExpenses XI
V 160 95
Baddebt
swr
it
tenof
f 339
Depr
eci
ati
on VI
II 163 152
Tot
al(
B) 2,
252 2,
126
Surpl
usduri
ngtheyearbef
oret
ax(
C)=(
A- 1,
012 1,
241
B)
Less:pr
ovi
sionf
ort
ax
Cur
rentTax 228 147
Def
err
edt
ax XVI
(Not
e 32 52
8)
Sur
plusdur
ingt
hey
earaf
tert
ax 752 1,
042
Appr
opr
iat
ions:
Speci
alr
eser
ve 138 149
Bal
ancecar
ri
edt
ogener
alf
unds 614 894
Tot
al(
D)=(
B+C) 3,
264 3,
367
si
gnifi
cantAccount
ingpol
i
cies¬
esi
n XV
accounts
Theaccompany
ingnot
esf
orm ani
ntegr
alpar
toft
heFi
nanci
alSt
atement
s
I
nter
msofourr
epor
tat
tachedasofev
endat
eat
tached.
ForBor
kar&Muzumdar
Char
ter
edAccount
ant
s
F.
R.N.
101569W
Dev
angVaghani Di
li
pRath ArunRaste SRegupathi
Chai
rman Execut
iveDi
rect
or Gener
al
Par
tner Manager
Mem No.109386 (
Accounts)
Pl
ace:Mumbai
Dat
e:15t
hjul
y,2019 Anand,
21stj
une,
2019
30
ACCOUNTI
NGRATI
OS:
Nat
ionalDai
ryDev
elopmentBoar
d("
NDDB"or"
theBoar
d")
Stat
ementofProf
itandLossf
ortheYearendedon31stMar
ch2019
(
Allamounti
nIndi
anRupees(inmil
li
on)exceptf
orshar
edat
aorot
herwi
se
st
ated)
Year Year
(
Rs.
inmi
l
li
ons) Ended0n Ended0n
31.03.
2019 31.
03.2018 Gr
owt
h%(
y-o-
y)
1 Rev
enueFr
om Oper
ati
on 3,
049.
00 2,
901.
00
2 Ot
herI
ncome 215.
00 466.
00 -
54%
3 Tot
alIncome[1+2] 3,
264.
00 3,
367.
00 -
3%
4 Oper
atingExpenses
a) I
nter
estandfinanci
alcharges 428.
00 172.
00 149%
Remunerat
ionandBenef i
tsto 7%
31
b) Empl
oyees 875.
00 814.
00
c) Admi
nist
rat
iveexpenses 160.
00 147.
00 9%
d) Gr
ant
s 116.
00 20.
00 480%
e) Resear
chandDev
elopment 132.
00 155.
00 -
15%
f
) Mai
ntenanceofAsset
s 218.
00 232.
00 -
6%
g) Ot
herExpenses 160.
00 95.
00 68%
h) Baddebt
swr
it
tenof
f - 339.
00 -
100%
i
) Depr
eci
ati
on 163.
00 152.
00 7%
Tot
alOper
ati
ngExpenses 2,
252.
00 2,
126.
00 6%
5 Oper
ati
ngPr
ofi
t 1,
012.
00 1,
241.
00 -
18%
6 Non-
Operat
ingExpenses - -
6 Pr
ovi
sion
7 Tax 260.
00 199.
00
8 Pr
ofi
taf
terTax 752.
00 1,
042.
00 -
28%
KeyP&LRat
ios
ReturnonAssets 2% 3% -
38%
ReturnonEqui
ty 2% 3% -
28%
I
nterestCov
erageRat
io 3.
36 8.
22 -
59%
Summar yBal
ancesheet&Pri
orPeri
odCompar
ison
(
Rs.
inmi
ll
ions) 3/31/
2019 3/
31/
2018
Bor
rowi
ngs 4,
636.
00 612.
00
Shar
ehol
der
sFunds 30,
597.
00 29,
854.
00
Cur
rentAsset
s 27,
384.
00 22,
573.
00
Cur
rentLi
abi
l
iti
es 8,
305.
00 6,
705.
00
Worki
ngcapi
tal - 15,
868.
00
Tot
alCapi
tal
Funds
32
COMPARATIVE ANYLISIS OF PRODUCTS
COMPARATIVE ANALYSIS OF SALES
&TURNOVER
AMUL
MOTHER DAIRY
YEAR TURNOVER GROWTH NET PROFIT
(Rs CR.) (%) ( Rs CR.)
2012-13 6,064 10.7 30.4
2013-14 6,364 5 33
2014-15 6,930 8.8 39
2015-16 7,000 * **
*
** NOT DISCLOSED
FI
NDI
NGS
Oneoft hemostef
fect
ivewaystocomparetwobusi
nessesi
stoper
for
m ar
ati
o
anal
ysi
soneachcompany’
sfi
nanci
alst
atement
s.
AMULhav emoredi
str
ibut
ionandsel
l
ingexpensesascompar
etoMot
herDai
ry
becauseMot
herDai
ryhasthei
rowndi
str
ibut
ionchannel
.
33
AMULFi
nancecosti
sal
somor
ebecauset
hei
rint
erestexpensesar
emor
e.
Operati
ngexpenseofAMUL( 678368)Mot
herDair
y(225200)meanst
heyuseor
e
di
recti
onstorunthei
rbusiness.AMULOperat
ingI
ncomei sal
somoreAMULisa
well
-knownbrandandtheygenerat
ehighi
ncome.
AMULhavemoretaxbecausetheyhavemor epr
oduct
sthati
s(1609)wher
eas
Mot
herDai
rypr
oduct
sareli
mitedandthei
rtaxis(
2600)
.
Soaft
eranal
ysisofincomest
atementweseethatAMULhavemoresal
esandmor e
pr
ofi
tthanMotherDai
rywhi
chshowsthatAMULcompanyi
sgoodt
hanMotherDai
ry.
CONCLUSI
ON
Aft
erallthef i
ndi
ngs,itisconcl udedt hatf i
nancialrat
iosar ethebasi candmost
i
mpor t
antpartofanybusiness.Itdescr ibest hefir
m’ sfi
nancialposit
ion.Ast hedata
i
ndicat
esthatAMULi saninternationalbr andandhasexpandedi t
sbusi nessont he
l
argegeographi
calareaandal soof ferst helargerangeofPr oducts,butont heother
si
deMot herDairyoffer
sthel imitedr angeofpr oductsandmostoft hem ar edai
ry
pr
oducts.
34
From t
hef inancialstat
ementsiti
scleart hatt
hefinanci
alpositi
onofAMULi sfarbett
er
thanMot herDai ryasitismorepr ef
erredbyt hecustomersandal soaninter
nati
onall
y
dist
ri
buted.Italsohasl essri
sk.Itgivesmor eret
urnbecausei tgainsmoreprofi
tthan
MotherDai ry.Ont heotherhand,Mot herDair
yhasabet t
erfinanci
alposi
ti
onandal so
hasanoppor tunit
ytoexpanditsbusiness.Bot ht
hecompani eshav esoeopport
uniti
es
andthreadsandt heyneedtoworkoni t.
REFERENCES
ht
tp:
//www.
amul
dai
ry.
com/
pdf
/FY%2018-
19%20Chai
rman'
s%20Speech.
pdf
.
ht
tps:
//www.tof
ler
.i
n/mot
her-
dair
y-
i
ndial
i
mi t
ed/
company /
U74899DL2003PLC119645.
ht
tps:
//www.
owl
er.
com/
company
/mot
her
dai
ry.
ht
tps:
//www.
nddb.
coop/
sit
es/
def
aul
t/
fil
es/
NDDB_
AR_
2018_
19_
Eng.
pdf
.
35
htt
p:/
/image.sl
i
desharecdn.
com/mot
her
dai
ry-
120214035127-
phpapp02/
95/
mot
her
-
dai
ry-
1-728.
jpg?cb=1329213701.
ht
tp:
//admi
n.mbar
endezv
ous.
com/
upl
oadi
mages/
banner
image_
1465361004.
j
pg.
ht
tps:
//i
mages.
fi
nanci
alexpr
ess.
com/
2018/
05/
amul
-mot
her
-dai
ry.
jpg.
36