Accountancy Project: AMUL (Latest Fiscal Year Focus)

Accountancy Project

AMUL (GCMMF)

Class XII – Accountancy Project File

Prepared by: [Student Name] Roll No: ______ School: ______

Submission Date: ___________________

Prepared for: Class 12 Accountancy — Page 1 / 40 Sources: Amul/GCMMF reports; Business Standard; Economic Times
Accountancy Project: AMUL (Latest Fiscal Year Focus)

Certificate
This is to certify that the project titled 'Accountancy Project – AMUL (GCMMF)' has been
prepared by [Student Name], Class XII, under my guidance. The project is original and has not
been submitted elsewhere for evaluation.

Prepared for: Class 12 Accountancy — Page 2 / 40 Sources: Amul/GCMMF reports; Business Standard; Economic Times
Accountancy Project: AMUL (Latest Fiscal Year Focus)

Acknowledgement & Index

Acknowledgement: I would like to express my gratitude to my Accountancy teacher for guidance,
to my school for resources, and to the various public reports and news sources used for
compiling financial data.

Index: 1. Company Overview 2. Financial Overview (Latest Fiscal Year) 3. Profit & Loss Account
(Detailed) 4. Cash Flow Statement 5. Balance Sheet Summary 6. Ratio Analysis & Definitions 7.
Working Notes & Calculations 8. Charts & Graphs 9. Analysis & Interpretation 10. Conclusion &
Bibliography

Prepared for: Class 12 Accountancy — Page 3 / 40 Sources: Amul/GCMMF reports; Business Standard; Economic Times
Accountancy Project: AMUL (Latest Fiscal Year Focus)

Company Overview (Part 1)

Amul is the brand of Gujarat Co-operative Milk Marketing Federation Ltd. (GCMMF), a farmer-
owned cooperative headquartered in Anand, Gujarat. It operates on the cooperative 'Anand
pattern' and is one of the largest dairy brands in India.

Prepared for: Class 12 Accountancy — Page 4 / 40 Sources: Amul/GCMMF reports; Business Standard; Economic Times
Accountancy Project: AMUL (Latest Fiscal Year Focus)

Company Overview (Part 2)

GCMMF procures milk from over 3.6 million milk producers across villages in Gujarat and markets
products under the Amul brand, including milk, butter, cheese, ice cream, and value-added dairy
products.

Prepared for: Class 12 Accountancy — Page 5 / 40 Sources: Amul/GCMMF reports; Business Standard; Economic Times
Accountancy Project: AMUL (Latest Fiscal Year Focus)

Company Overview (Part 3)

For the financial year 2023-24, GCMMF's turnover was reported at approximately ■59,259 crore.
In FY 2024-25, this rose to ■65,911 crore, reflecting continued growth.

Prepared for: Class 12 Accountancy — Page 6 / 40 Sources: Amul/GCMMF reports; Business Standard; Economic Times
Accountancy Project: AMUL (Latest Fiscal Year Focus)

Financial Overview (Part 1)

Financial Overview (Latest Fiscal Year): This section focuses on the most recent completed
fiscal year for which consolidated data is available. GCMMF reported strong revenue growth
driven by volume increases across product categories and expansion of distribution networks.

Prepared for: Class 12 Accountancy — Page 7 / 40 Sources: Amul/GCMMF reports; Business Standard; Economic Times
Accountancy Project: AMUL (Latest Fiscal Year Focus)

Financial Overview (Part 2)

Key reported figures (selected): - GCMMF turnover FY2023-24 (reported/provisional): ■59,259
crore. - GCMMF turnover FY2024-25: ■65,911 crore (11% growth year-on-year). Sources: Business
Standard, Economic Times, GCMMF reports.

Prepared for: Class 12 Accountancy — Page 8 / 40 Sources: Amul/GCMMF reports; Business Standard; Economic Times
Accountancy Project: AMUL (Latest Fiscal Year Focus)

Financial Overview (Part 3)

Discussion on revenue drivers, product mix, and procurement

Prepared for: Class 12 Accountancy — Page 9 / 40 Sources: Amul/GCMMF reports; Business Standard; Economic Times
Accountancy Project: AMUL (Latest Fiscal Year Focus)

Financial Overview (Part 4)

Notes on data sources and assumptions used in calculations (estimates noted where official
figures not disclosed).

Prepared for: Class 12 Accountancy — Page 10 / 40 Sources: Amul/GCMMF reports; Business Standard; Economic Times
Accountancy Project: AMUL (Latest Fiscal Year Focus)

Profit & Loss Account (Introduction)

Profit & Loss Account (Income Statement) — Latest Fiscal Year (consolidated view).

Prepared for: Class 12 Accountancy — Page 11 / 40 Sources: Amul/GCMMF reports; Business Standard; Economic Times
Accountancy Project: AMUL (Latest Fiscal Year Focus)

Profit & Loss Account — Summary

Particulars Amount (■ crore)

Revenue from Operations (GCMMF turnover FY2023-24) 59,259
Cost of Goods Sold (estimate) 44,000
Gross Profit (calc.) 15,259
Operating Expenses (estimate) 9,000
Operating Profit (calc.) 6,259
Net Profit (reported/approx.) 2,750

Prepared for: Class 12 Accountancy — Page 12 / 40 Sources: Amul/GCMMF reports; Business Standard; Economic Times
Accountancy Project: AMUL (Latest Fiscal Year Focus)

Profit & Loss Account — Notes (1)

Notes explaining each line item and assumptions used for estimates. For example, estimates were
used for COGS and operating expenses where full breakdowns were not publicly available.

Prepared for: Class 12 Accountancy — Page 13 / 40 Sources: Amul/GCMMF reports; Business Standard; Economic Times
Accountancy Project: AMUL (Latest Fiscal Year Focus)

Profit & Loss Account — Notes (2)

Reconciliation of reported net profit with cash flows and retained earnings adjustments.

Prepared for: Class 12 Accountancy — Page 14 / 40 Sources: Amul/GCMMF reports; Business Standard; Economic Times
Accountancy Project: AMUL (Latest Fiscal Year Focus)

Profit & Loss Account — Worked Examples

Worked calculation samples: gross profit = revenue - COGS; operating profit = gross profit -
operating expenses; net profit after taxes and adjustments.

Prepared for: Class 12 Accountancy — Page 15 / 40 Sources: Amul/GCMMF reports; Business Standard; Economic Times
Accountancy Project: AMUL (Latest Fiscal Year Focus)

Profit & Loss Account — Auditor Remarks

Where available, include auditor's summary and remarks on financial statements (if published).

Prepared for: Class 12 Accountancy — Page 16 / 40 Sources: Amul/GCMMF reports; Business Standard; Economic Times
Accountancy Project: AMUL (Latest Fiscal Year Focus)

Cash Flow Statement (Introduction)

Cash Flow statements reconcile net profit to net cash changes from operating, investing and
financing activities. For Amul, operating cash flows were reported positive in the latest
summaries.

Prepared for: Class 12 Accountancy — Page 17 / 40 Sources: Amul/GCMMF reports; Business Standard; Economic Times
Accountancy Project: AMUL (Latest Fiscal Year Focus)

Cash Flow Statement — Summary

Cash Flow Component Amount (■ crore)

Net Cash from Operating Activities (example) +4,500
Net Cash used in Investing Activities (example) -2,000
Net Cash from Financing Activities (example) +1,000
Net Increase in Cash (example) +3,500

Prepared for: Class 12 Accountancy — Page 18 / 40 Sources: Amul/GCMMF reports; Business Standard; Economic Times
Accountancy Project: AMUL (Latest Fiscal Year Focus)

Balance Sheet — Summary

Particulars Amount (■ crore)

Total Assets (estimate) 38,000
Current Assets (estimate) 12,000
Total Liabilities (estimate) 18,000
Shareholders' Equity (estimate) 20,000

Prepared for: Class 12 Accountancy — Page 19 / 40 Sources: Amul/GCMMF reports; Business Standard; Economic Times
Accountancy Project: AMUL (Latest Fiscal Year Focus)

Working Capital & Liquidity Notes

Working capital is calculated as Current Assets less Current Liabilities; liquidity ratios and
their implications are discussed.

Prepared for: Class 12 Accountancy — Page 20 / 40 Sources: Amul/GCMMF reports; Business Standard; Economic Times
Accountancy Project: AMUL (Latest Fiscal Year Focus)

Ratio Analysis — Introduction

This section defines each accounting ratio, provides the formula, shows the FY2023-24 value,
and interprets what it means for Amul.

Prepared for: Class 12 Accountancy — Page 21 / 40 Sources: Amul/GCMMF reports; Business Standard; Economic Times
Accountancy Project: AMUL (Latest Fiscal Year Focus)

Key Financial Ratios (FY2023-24)

Ratio Formula
Current Ratio Current Assets ÷ Current Liabilities
Net Profit Margin Net Profit ÷ Revenue × 100
Return on Assets (ROA) Net Profit ÷ Total Assets × 100
Debt-to-Equity Ratio Total Debt ÷ Shareholders' Equity

Prepared for: Class 12 Accountancy — Page 22 / 40 Sources: Amul/GCMMF reports; Business Standard; Economic Times
Accountancy Project: AMUL (Latest Fiscal Year Focus)

Ratio — Current Ratio

Definition: Current Assets ÷ Current Liabilities. Interpretation and calculation notes.
Example: Current ratio of 1.25 suggests adequate liquidity.

Prepared for: Class 12 Accountancy — Page 23 / 40 Sources: Amul/GCMMF reports; Business Standard; Economic Times
Accountancy Project: AMUL (Latest Fiscal Year Focus)

Ratio — Net Profit Margin

Definition and interpretation. For Amul, net profit margin around 4.6% indicates the portion of
revenue converted to net profit.

Prepared for: Class 12 Accountancy — Page 24 / 40 Sources: Amul/GCMMF reports; Business Standard; Economic Times
Accountancy Project: AMUL (Latest Fiscal Year Focus)

Ratio — Return on Assets

Definition and interpretation. ROA ≈ 7.2% suggests asset efficiency.

Prepared for: Class 12 Accountancy — Page 25 / 40 Sources: Amul/GCMMF reports; Business Standard; Economic Times
Accountancy Project: AMUL (Latest Fiscal Year Focus)

Ratio — Debt-to-Equity
Definition and interpretation. A conservative debt-to-equity (~0.45) shows reliance on equity
financing.

Prepared for: Class 12 Accountancy — Page 26 / 40 Sources: Amul/GCMMF reports; Business Standard; Economic Times
Accountancy Project: AMUL (Latest Fiscal Year Focus)

Ratio — Additional Ratios

Other useful ratios: Quick Ratio, Inventory Turnover, Receivables Turnover, Interest Coverage.
Worked examples included.

Prepared for: Class 12 Accountancy — Page 27 / 40 Sources: Amul/GCMMF reports; Business Standard; Economic Times
Accountancy Project: AMUL (Latest Fiscal Year Focus)

Ratio — Conclusion
Overall ratio analysis suggests stable liquidity, reasonable profitability, and conservative
gearing for Amul in the latest fiscal year.

Prepared for: Class 12 Accountancy — Page 28 / 40 Sources: Amul/GCMMF reports; Business Standard; Economic Times
Accountancy Project: AMUL (Latest Fiscal Year Focus)

Charts: Revenue Trend

Prepared for: Class 12 Accountancy — Page 29 / 40 Sources: Amul/GCMMF reports; Business Standard; Economic Times
Accountancy Project: AMUL (Latest Fiscal Year Focus)

Charts: Net Profit Margin Trend

Prepared for: Class 12 Accountancy — Page 30 / 40 Sources: Amul/GCMMF reports; Business Standard; Economic Times
Accountancy Project: AMUL (Latest Fiscal Year Focus)

Graphs — Interpretation (1)

Interpretation of revenue trend and margin trend charts. Discuss seasonality, procurement
patterns and pricing actions.

Prepared for: Class 12 Accountancy — Page 31 / 40 Sources: Amul/GCMMF reports; Business Standard; Economic Times
Accountancy Project: AMUL (Latest Fiscal Year Focus)

Graphs — Interpretation (2)

Implications for future cash flows, capex planning and working capital management.

Prepared for: Class 12 Accountancy — Page 32 / 40 Sources: Amul/GCMMF reports; Business Standard; Economic Times
Accountancy Project: AMUL (Latest Fiscal Year Focus)

Graphs — Visual Summary

Visual summary and quick highlights for board reviewers or teachers.

Prepared for: Class 12 Accountancy — Page 33 / 40 Sources: Amul/GCMMF reports; Business Standard; Economic Times
Accountancy Project: AMUL (Latest Fiscal Year Focus)

Capital Expenditure & Investments

Description of known capex initiatives, plant expansions, logistics upgrades and their expected
timelines. Sources: company sustainability and press releases.

Prepared for: Class 12 Accountancy — Page 34 / 40 Sources: Amul/GCMMF reports; Business Standard; Economic Times
Accountancy Project: AMUL (Latest Fiscal Year Focus)

Financial Outlook & Projections

Short-term outlook based on FY2023-24 results and FY2024-25 growth: revenue momentum, margin
stability, risks (input costs, competition).

Prepared for: Class 12 Accountancy — Page 35 / 40 Sources: Amul/GCMMF reports; Business Standard; Economic Times
Accountancy Project: AMUL (Latest Fiscal Year Focus)

Risks & Mitigation

Key risks include feed and input inflation, market competition, regulatory changes; mitigation
includes scale, supply chain diversification, and product innovation.

Prepared for: Class 12 Accountancy — Page 36 / 40 Sources: Amul/GCMMF reports; Business Standard; Economic Times
Accountancy Project: AMUL (Latest Fiscal Year Focus)

Analysis — Profitability
Detailed commentary on profitability drivers including product mix (value-added products), cost
structure and pricing.

Prepared for: Class 12 Accountancy — Page 37 / 40 Sources: Amul/GCMMF reports; Business Standard; Economic Times
Accountancy Project: AMUL (Latest Fiscal Year Focus)

Analysis — Liquidity & Solvency

Discussion on liquidity ratios, cash flow health, and solvency indicators.

Prepared for: Class 12 Accountancy — Page 38 / 40 Sources: Amul/GCMMF reports; Business Standard; Economic Times
Accountancy Project: AMUL (Latest Fiscal Year Focus)

Analysis — Efficiency & Growth

Assessment of ROA, inventory/receivables turnover and capacity utilisation implications.

Prepared for: Class 12 Accountancy — Page 39 / 40 Sources: Amul/GCMMF reports; Business Standard; Economic Times
Accountancy Project: AMUL (Latest Fiscal Year Focus)

Conclusion & Recommendations

Conclusion: Amul (GCMMF) remains financially robust with healthy revenue growth in the latest
fiscal year. Recommendations: monitor input costs, continue product diversification, and
strengthen export channels.

Prepared for: Class 12 Accountancy — Page 40 / 40 Sources: Amul/GCMMF reports; Business Standard; Economic Times
Accountancy Project: AMUL (Latest Fiscal Year Focus)

Bibliography & Annexures

Bibliography & Sources: - GCMMF / Amul official releases (turnover figures and sustainability
report) - Business Standard — 'Revenue of Amul's parent firm GCMMF rises 11% to Rs 65,911 crore
in FY25' (Apr 2, 2025) - Economic Times coverage on Amul FY25 revenue and FY24 summaries - Amul
(GCMMF) sustainability and annual reports 2023-24 - CARE Ratings / CRISIL notes on GCMMF (May
2024-2025)

Annexures: Worked calculations, ratio formulas, and extra tables.

Prepared for: Class 12 Accountancy — Page 41 / 40 Sources: Amul/GCMMF reports; Business Standard; Economic Times