NEW DELHI: Gujarat Co-operative Milk Marketing Federation Ltd (GCMMF), which sells dairy products under Amul brand, on Saturday said its turnover has increased by 8 per cent to Rs 59,445 crore in the financial year ending March 2024 on better sales.

"In the Golden Jubilee year of GCMMF, the organization registered a turnover of Rs 59,545 crore (USD 7 billion) for the financial year 2023-24 with a growth of 8 per cent year-on-year," the cooperative said in a statement after its 50th annual general meeting.

The group turnover of brand Amul reached Rs 80,000 crore (USD 10 billion) in 2023-24 from Rs 72,000 crore (USD 9 billion) in 2022-23.

Amul has been ranked as the world's strongest food brand and the strongest dairy brand as per Brand Finance, UK, world's leading brand consultancy.

GCMMF said it is the world's largest farmer-owned dairy cooperative having 36 lakh farmers across 18,600 villages of Gujarat and its 18 member unions procure 300 lakh litres of milk per day.

GCMMF also ranks 8th among the top 20 dairy companies in the world in terms of milk processing, as per the International Farm Comparison Network (IFCN).

Shamalbhai Patel, Chairman, GCMMF, said, "GCMMF has achieved a historic milestone of emerging as the strongest food brand in the world in its golden jubilee year."

"We are planning continuous expansion in terms of adding new markets, launching of new products, and adding new milk processing capacities across India," he added.