Prabhat Dairy Limited and its subsidiaries (together referred to as The Group) are engaged in the business of procurement and processing of milk and sale of milk and milk products like Ghee Flavored Milk Skimmed Milk Powder Whole Milk Powder Cheese Paneer and Sweetened Condensed Milk etc. catering to the needs of retail as well as the industrial trade sector. It is an integrated milk and dairy products company in India catering to institutional as well as retail customers. The company sells products under its' retail consumer brands as well as ingredient products or as co-manufactured products to a number of institutional and multinational companies. As of June 30 2015 it had an aggregate milk processing capacity of 1.5 million litres per day.The company has established large automated production facilities with advanced equipment at Shrirampur (Ahmednagar) and at Navi Mumbai with an aggregate milk processing capacity of 1.5 million litres per day. These facilities are in close proximity to its milk procurement region as well as target market. The company has received several quality certifications relating to its' products and production facilities including certifications from the Food Safety and Standards Authority of India (FSSAI) for certain of its' products; the AGMARK quality certification for ghee and butter; the IS 1166:1986 certification for condensed milk partly skimmed and skimmed condensed milk. It has also received 'Halal' certifications for skimmed milk powder whole milk powder dairy whitener sweetened condensed milk and UHT milk. Prabhat Dairy Ltd was incorporated as Prabhat Dairy Private Limited on November 25 1998 as a private limited company. It was converted into a public limited company and consequently the name of the company was changed to Prabhat Dairy Limited on March 19 2015.During the financial year ended 31 March 2016 the company commissioned a 20 metric tonnes per day cheese plant - India's third largest state-of-the-art cheese manufacturing plant - to address the growing needs of the institutional HORECA (Hotels Restaurants and Catering) segment. During the year under review the company also commissioned 5 metric tonnes per day paneer and 5 metric tonnes per day shrikhand plants. The company also installed a 3 MW co-generation captive power plant which is nearing completion. The commissioning of this plant will moderate energy and utility costs enhancing efficiencies and margins. The company also installed a 40-tonne per day sprayer drier to enhance plant capacity.During the year under review the company substantially reduced its high interest long-term debt to the tune of Rs 18500 Lakhs from the IPO proceeds. The repayment substantially reduced the interest outflow which will enhance profits and accruals relieving the Company from borrowing large working capital sums. During the year under review the company made a direct investment in a wholly owned step-down subsidiary called Sunfresh Agro Industries Pvt. Ltd. (SAIPL) subscribing to 14419640 equity shares of Rs 10 each of SAIPL at Rs 112 per share. SAIPL is a material subsidiary of the company engaged in processing milk and manufacturing various milk products at its plant in Taluka Rahata Dist. Ahmednagar.The company made an initial public offering (IPO) of its shares including an offer for sales of shares by the existing shareholders in August - September 2015. The Company issued and allotted fresh 26247421 equity shares of Rs 10 each in IPO at an issue price of Rs 115 per share with a discount of Rs 5 per share to retail individual investor. The existing shareholders (viz. the promoters and private equity investors i.e. India Agri Business Fund Ltd. and Societe De Promotion Et De Participation Pour La Cooperation Economique (`PROPARCO')) (`the Selling Shareholders') sold a minority of their shareholding to the extent of 4915925 (i.e. 6.89% of the then existing total capital) in the IPO. The equity shares of the Company got listed on BSE Ltd. and the National Stock Exchange of India Limited on September 21 2015. During the financial year ended 31 March 2017 (FY 2017) the company launched in-house Ice-cream brands viz. `VOLUP' - a popular brand and `SINSANE' - a premium brand with 40 SKUs. Foray into this vibrant product segment has enabled the company achieve its another milestone while keeping up its tradition to deliver high quality products.