Dodla Dairy (DODLA) Q3 24/25 earnings summary

Executive summary

• Achieved 21% year-over-year revenue growth in Q3 FY25, reaching INR 901 crores, with strong contributions from India, Africa, and Orgafeed, and the highest-ever nine-month consolidated revenues of ₹28,104 Mn (20% YoY growth).

• Board and auditors reviewed and approved unaudited consolidated financial results for the quarter and nine months ended December 31, 2024, with an unmodified review opinion.

• Value-added product (VAP) sales contributed 32.3% of total revenue, with Q3 VAP sales up 50.9% YoY to ₹2,812 Mn.

• Board approved INR 280 crore (₹2,800 Mn) Capex for a new greenfield facility in Maharashtra, to be funded by a mix of debt and internal accruals.

• Interim dividend of Rs. 3 per equity share declared in October 2024, totaling Rs. 180.98 million.

Financial highlights

• Q3 FY25 revenue from operations: INR 901 crores (₹9,012 Mn), up from INR 747 crores (₹7,468 Mn) in Q3 FY24.

• EBITDA at INR 96 crores (₹959 Mn, 10.6% margin), up 15.8% YoY; PAT at INR 64 crores (₹636 Mn, 7.1% margin), up 53.8% YoY.

• Nine-month FY25 revenue: INR 2,018 crores (₹28,104 Mn, 20% YoY); net profit at INR 192 crores (₹1,920 Mn, up 60%).

• Earnings per share for Q3 FY25: Rs. 10.54, up from Rs. 6.95 YoY.

• Other income rose 92.9% YoY, mainly from investment returns.

Outlook and guidance

• Expecting VAP sales to rise in upcoming quarters due to seasonal demand for curd, buttermilk, and ice cream.

• Targeting 10% volume and 15% revenue growth annually for FY26 and FY27.

• Board and management have not issued specific forward-looking guidance but continued dividend payouts indicate confidence.

• Confident in maintaining current margin levels and steady growth, supported by diversified revenue streams and new capacity.

• Focus on expanding manufacturing footprint and leveraging strong balance sheet for growth.