Milk Mantra faces fiscal challenge: posts INR 12.3 Cr loss in FY23
Source: The DairyNews
Bhubaneswar-based dairy tech startup, Milk Mantra, marked a financial shift in the fiscal year ending March 31, 2023, transitioning from two consecutive years of profits to a net loss of INR 12.3 Cr in FY23. Despite a net profit of INR 13.6 Cr in FY22, the startup faced challenges as its operating revenue remained flat, experiencing a marginal 2% YoY increase to INR 272.9 Cr in FY23.
Founded in 2009 by Srikumar Misra and Rashima Misra, Milk Mantra commenced operations in 2012, offering products under two brands – Milky Moo and Moo Shake. The startup's product range includes packaged milk, curd, paneer, lassi, mishti dahi, and flavored milkshakes.
Total expenditure for Milk Mantra surged by 13%, reaching INR 289.4 Cr in FY23, up from INR 256.6 Cr in the previous fiscal year. The breakdown of revenue sources during the year under review reveals both challenges and successes:
Pasteurized Milk: Despite being a primary revenue driver, sales of pasteurized milk dipped by 4.6%, contributing INR 162.5 Cr in FY23 compared to INR 170.5 Cr in the previous fiscal year.
Curd: Curd sales experienced a slight uptick, reaching INR 59.5 Cr in the year under review, up from INR 53 Cr in the previous fiscal year.
Cottage Cheese & Lassi: Revenue from this category increased by 17% to INR 33 Cr in FY23, compared to INR 28.2 Cr in FY22.
Including other income, Milk Mantra's total income saw a 2.2% rise to INR 277.1 Cr in FY23, up from INR 271.1 Cr in the previous fiscal year. The figures suggest that the company faces difficulties in scaling up its business, reflecting the complexities of the dairy tech market.
Total expenditure for Milk Mantra surged by 13%, reaching INR 289.4 Cr in FY23, up from INR 256.6 Cr in the previous fiscal year. The breakdown of revenue sources during the year under review reveals both challenges and successes:
Pasteurized Milk: Despite being a primary revenue driver, sales of pasteurized milk dipped by 4.6%, contributing INR 162.5 Cr in FY23 compared to INR 170.5 Cr in the previous fiscal year.
Curd: Curd sales experienced a slight uptick, reaching INR 59.5 Cr in the year under review, up from INR 53 Cr in the previous fiscal year.
Cottage Cheese & Lassi: Revenue from this category increased by 17% to INR 33 Cr in FY23, compared to INR 28.2 Cr in FY22.
Including other income, Milk Mantra's total income saw a 2.2% rise to INR 277.1 Cr in FY23, up from INR 271.1 Cr in the previous fiscal year. The figures suggest that the company faces difficulties in scaling up its business, reflecting the complexities of the dairy tech market.
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