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 broad-based growth across India, Africa, and Orgafeed, and stable procurement at 17.1 LLPD.

• Achieved highest-ever nine-month performance with consolidated revenues of ₹28,104 Mn (20% YoY growth), EBITDA of ₹2,973 Mn (11% margin), and PAT of ₹1,920 Mn (7% margin).

• Value-added product (VAP) sales contributed 32.3% of total revenues, 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.

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

Financial highlights

• Q3 FY25 revenue from operations: INR 901 crores (₹9,012 Mn), up 20.7% YoY; EBITDA: INR 96 crores (₹959 Mn, 10.6% margin); net profit: 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 up 60% YoY to INR 192 crores (₹1,920 Mn).

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

• Earnings per share for Q3 FY25: ₹10.54 (up from ₹7.0 YoY).

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

Outlook and guidance

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

• Board approved ₹2,800 Mn capex for Maharashtra expansion, to be funded by internal accruals and debt.

• Expecting VAP sales to rise in summer and aiming to curb seasonality by expanding into new geographies.

• Confident in maintaining current margin levels and healthy growth rates over the next three years.

• The Board and management have not issued specific forward-looking guidance but have continued dividend payouts, indicating confidence in ongoing performance.