NEW DELHI: Parag Milk Products Ltd, which sells products under 'Gowardhan' and 'Go' brands, is looking to more than double exports to Rs 300 crore this fiscal, hoping to gain from the rupee's fall against the US dollar.
"We are looking at more than doubling our exports to Rs 300 crore. Our share of export in our turnover last fiscal was Rs 120 crore,"Parag Milk Products Ltd Chairman and Managing Director Devendra Shah told PTI.
The company exports cheese and ghee to 27 countries in the Middle East, South East Asia and North Africa and is looking to increase export volume to these markets.
"Rupee's depreciation is good opportunity for us to increase margins," Shah said.
The rupee has fallen by over 20 per cent against the US dollar since April. It closed at new all-time low of 68.80, down 256 paise -- the worst single day fall -- from yesterday.
The company is also targeting 40 per cent increase in its domestic sales on the back of increased focus on value added products.
"In the domestic market, we would look at increasing our sales to Rs 1,400 crore. Value added products account for about 70-80 per cent of our total sales. We will focus more on them to push sales," he said.
The company had reported domestic sales of Rs 1,000 crore in the last fiscal.
He said the value added dairy products market in India is estimated to be up to Rs 12,000 crore. The products includes cheese, variety of yogurt, flavoured milk, curd, ghee, paneer, whey protein, skimmed milk powder and dairy whitener.
It has recently entered into fresh paneer category. The potential for growth in this market is huge, he said, adding that the firm was also looking at expanding its distribution reach by adding 14 more depots. At present, the company has 18 distribution depots.