Amul (Amul )
Business News: Amul's parent company, Gujarat Cooperative Milk Marketing Federation (GCMMF), made a major announcement on Saturday. The company stated that it is reducing the prices of more than 700 of its product packs. This decision was taken to pass on the benefits of the recent GST reforms directly to consumers. The new prices will come into effect from September 22. The price reduction will affect several items such as ghee, butter, ice cream, bakery products, and frozen snacks.
According to a statement issued by Amul, this change will apply to several categories, including:
The company believes that the price reduction will increase the consumption of products such as ice cream, cheese, and butter. Per capita consumption of dairy products in India is still very low, so this decision could prove to be a major growth opportunity for the company.
Before Amul, Mother Dairy also announced a price reduction on its products, effective September 22nd. Many Mother Dairy products will become cheaper by up to 40 rupees.
GCMMF Managing Director Jayen Mehta stated that fresh packaged milk already attracts 0% GST. Therefore, there has been no change in milk prices. GCMMF, which is owned by 3.6 million farmers, says that the price reduction will increase both demand and sales of dairy products. This will also boost the company's turnover. In the last financial year, GCMMF's revenue increased by 11% to ₹65,911 crore.
Union Finance Minister Nirmala Sitharaman announced several major changes after the 56th GST Council meeting on September 3. Many items were included in the 0% GST regime. Some products were reduced from higher rates to the 5% and 18% slabs. The direct benefits of these reforms will now be available to consumers through brands like Amul.
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