July 21 , 2022

Compliance Department,

Compliance Department,

BSE Limited,

National Stock Exchange of India Ltd.

Phiroze Jeejeebhoy Tower,

Exchange Plaza,

Dalal Street, Fort,

Plot No. C/1, G-Block,

Mumbai- 400001

Bandra-Kurla Complex Bandra-(E),

Mumbai-400051

Scrip Code :- 539889

Scrip Symbol :- PARAGMILK

Dear Sir(s)/Madam,

Subject: Intimation of Revision in Credit Rating

This is with reference to intimation under Regulation 30 read with Part A of Schedule III of the SEBI(Listing Obligations and Disclosure Requirements) Regulations,2015,("Listing Regulations'), we wish to inform that ICRA Limited has granted the credit rating for the credit facilities availed by the Company, for the long-term Rating to [ICRA] BBB+ (Negative) from [ICRA] A (Stable)and for short-term Rating to [ICRA]A2 from [ICRA]A2+.In case of rating for Non-Convertible Debentures the rating is Long-term Rating of [ICRA] BBB+ (Negative) from [ICRA]A (Stable). Reason for the downgrade in rating is due to the announcement of the Q4 FY2022 results.

We request you to kindly take the same on record.

For Parag Milk Foods Limited

Rachana Sanganeria

Company Secretary and Compliance Officer

ACS No. 10280

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Parag Milk Foods Ltd. published this content on 21 July 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 21 July 2022 18:23:03 UTC.