Dodla Dairy Q4 Results Review - Higher VAP Sales Likely To Aid Margins: ICICI Securities
Capacity expansion to drive revenue growth in FY25-26E21-05-2024
21-05-2024
Q4FY24 Quarterly & FY24 Annual Result Announced for Dodla Dairy Ltd.
Packaged Foods company Dodla Dairy announced Q4FY24 & FY24 results: Q4FY24 Financial Highlights: Operating Revenues at Rs 7,874 million in Q4FY24 as compared to Rs 7,243 million in Q4FY23 – registering growth of 8.7% YoY. The Company’s Domestic business grew by 9.4% YoY to Rs 7,281 million whereas, the International business revenues stood at Rs 594 million in Q4FY24 EBITDA grew by 123.7% YoY to Rs 754 million in Q4FY24. EBITDA margin expanded by 492 bps YoY to 9.6% Profit After Tax grew by 107.9% YoY at Rs 468 million in Q4FY24. PAT margin stood at 5.9% in Q4FY24 EPS for Q4FY24 stood at Rs 7.79 as compared to Rs 3.76 in Q4FY23 Q4FY24 Operational Highlights: Average milk procurement during Q4FY24 was at 16.7 LLPD as compared to 13.5 LLPD in Q4FY23, registering 24.0% YoY growth Average milk sales during Q4FY24 was at 10.8 LLPD Curd sales during Q4FY24 was at 360.0 MTPD as compared to 317.6 MTPD in Q4FY23, increasing by 13.4% YoY Revenue from Value Added Products (VAP) including fat & fat-based products grew by 19.3% YoY to Rs 2,217 million in Q4FY24 vis-à-vis Rs 1,858 million in Q4FY23. VAP including fat & fat-based products contribution stood at 29.0% of the overall dairy revenue during Q4FY24 as compared to 26.1% contribution of the overall dairy revenue during Q4FY23 FY24 Financial Highlights: Operating Revenues at Rs 31,225 million in FY24 as compared to Rs 28,120 million in FY23 – registering growth of 11.1% YoY. The Company’s Domestic business grew by 12.5% YoY to Rs 29,073 million whereas, the International business revenues stood at Rs 2,181 million in FY24 EBITDA grew by 51.0% YoY to Rs 2,888 million in FY24. EBITDA margin expanded by 244 bps YoY to 9.2% Profit After Tax grew by 36.4% YoY at Rs 1,667 million in FY24. PAT margin stood at 5.3% in FY24 EPS for FY24 stood at Rs 27.75 as compared to Rs 20.39 in FY23 FY24 Operational Highlights: Average milk procurement during FY24 was at 16.8 LLPD as compared to 13.8 LLPD in FY23, registering 21.2% YoY growth Average milk sales during FY24 was at 10.9 LLPD as compared to 10.7 LLPD in FY23, registering 1.6% YoY growth Curd sales during FY24 was at 349.9 MTPD as compared to 323.8 MTPD in FY23, increasing by 8.1% YoY Revenue from Value Added Products (VAP) including fat & fat-based products grew by 16.3% YoY to Rs 8,619 million in FY24 vis-à-vis Rs 7,408 million in FY23. VAP including fat & fat-based products contribution stood at 28.3% of the overall dairy revenue during FY24 as compared to 26.8% contribution of the overall dairy revenue during FY23 Commenting on the performance, Managing Director of Dodla Dairy, Dodla Sunil Reddy said, “I am happy to share with you that Dodla Dairy’s revenues surpassed the milestone of Rs 30,000 million in FY24 reflecting the management’s continuous effort towards higher procurement, widening distribution and curated focus towards Value Added Products (VAP). The Company’s EBITDA margin expanded by 244 bps YoY to 9.2% in FY24 benefitting from the flush season coupled with higher VAP sales. We continue to expand our procurement network by increasing our chilling centres and creating small collection centres near villages. This has resulted our procurement to grow by 21.2% YoY to 16.8 Lakh Liter Per Day (LLPD) in FY24. The Company’s VAP and Fat & Fat products revenue pie expanded by 143 bps YoY to 28.3% of the total revenues in FY24. Dodla Dairy’s VAP sales grew by 16.3% YoY to Rs 7,408 million in FY24 as result of higher penetration due to several brand connecting activities amongst consumers, robust distribution network and strong brand recall value.” He also added, “During Q4FY24, the Company has commenced the commercial production of its new dairy plant of 1,00,000 liters per day at Kenya. The aforesaid capacity is expected to add incremental revenues towards our Africa segment revenues in the coming years. Additionally, Orgafeed’s (cattle feed business) capacity has been exponentially enhanced by 5 times to 480 Metric Tonnes per Day (MTPD) during FY24. It strengthens the ties with our dairy farmersresulting higher productivity and profitability. The management strives to work towards different growth levers present in the Company’s existing integrated business model and create value for its esteemed stakeholders.” Result PDF20-05-2024
Dodla Dairy Ltd - 543306 - Announcement under Regulation 30 (LODR)-Newspaper Publication
Newspaper publication under regulation 47 under SEBI(LODR)201519-05-2024
Dodla Dairy Ltd - 543306 - Announcement under Regulation 30 (LODR)-Investor Presentation
Investor Presentation18-05-2024
Dodla Dairy Ltd - 543306 - Announcement under Regulation 30 (LODR)-Press Release / Media Release
Press Release18-05-2024
Dodla Dairy Ltd - 543306 - Intimation Of Change In The Logo Of The Company
Intimation of change in the Logo of the Company18-05-2024
Dodla Dairy Ltd - 543306 - Announcement under Regulation 30 (LODR)-Change in Management
1. Approved the appointment of Mr. Mohana Kumar Returi as Head - Quality Assurance of the Company. 2. Approved the reappointment of M/s. BDO India LLP as Internal Auditors of the company for FY 2024-25 3. Approved the appointment of M/s. J K & Co, Cost Accountants as the Cost Auditors of the Company for FY 2024-2518-05-2024
Dodla Dairy Ltd - 543306 - Audited Standalone And Consolidated Financial Results For The Quarter And Financial Year Ended 31 March 2024
Financial Results 31 March 202418-05-2024
Dodla Dairy Ltd - 543306 - Board Meeting Outcome for Outcome Of The Board Meeting Held On 18 May 2024
Outcome of the Board Meeting held on 18 May 202418-05-2024