Mumbai-based homegrown foods company Parag Milk Foods Ltd has reportedly floated an RFP (Request for Proposal) for its media planning and buying account. The account size is approximately between Rs125 crore and Rs 140 crore, industry sources told Storyboard18.
This RFP is for ATL marketing only and does not include digital buying or selling.
Parag has had multiple agencies on board in the past. Some of them include the likes of GroupM’s m/SIX, Gozoop, Carat, Scion, J Walter Thompson India (now VML India) and others.
Overall, Parag Milk Foods Ltd has been witnessing strong growth. Quarterly net profit for the brand stood at Rs. 34.17 crore in December 2023 up from Rs. 9.26 crore in December 2022. Their EBITDA stood at Rs. 68.65 crore in December 2023 up from Rs. 38.04 crore in December 2022.
The net sales also saw growth. It grew from Rs. 735.89 crore in December 2022 to Rs 800.84 crore in December 2023.
Last year,Parag Milk Foods gathered a lot of attention with the company’s shares seeing significant gains. Between last year and now the stock has seen over 120 percent gains.
The company has also seen some top level hirings in the recent past. This includes the appointment of ex Amul and ex Lactalis India executive, Rahul Kumar Srivastava as the chief operating officer (COO) and a former Reliance Brands executive Sumit Jain as President of Finance.
Parag’s milk products have a global presence as the brand is present across multiple countries like the USA, Philippines, Mauritius, Australia, Korea, China and Singapore.