Dodla Dairy (DODLA) Q4 21/22 earnings summary

Executive summary

• FY22 consolidated operating revenue rose 15.4% to ₹22,433.51 million; PAT increased to ₹1,328.13 million from ₹1,259.70 million.

• Higher milk procurement and VAP volumes supported growth, while rising raw milk, fuel and freight costs pressured margins.

Financial highlights

• Consolidated EBITDA was ₹1,861.65 million versus ₹2,168.93 million YoY; PBT was ₹1,633.41 million versus ₹1,654.78 million.

• Standalone revenue from operations grew 14.13% to ₹20,964.84 million; standalone PAT rose to ₹1,366.17 million from ₹1,083.94 million.

• Consolidated revenue from operations was ₹22,433.51 million; other income increased to ₹137.03 million from ₹63.68 million.

• Milk procurement costs lifted raw materials to 72.5% of operating revenue from 69.5%; reported gross, EBITDA and PAT margins were 27.5%, 9.4% and 5.9%.

Outlook and guidance

• FY23 expected to be promising as COVID-related disruption eased; normal monsoon conditions could support milk output and lower procurement prices.

• Pricing actions, higher VAP mix and volume, and expanding distribution were planned to mitigate input-cost pressure and support margins.

• Priorities included a new Kenya plant, Orgafeed capacity expansion, growth in existing Indian markets and Africa, and continued plant automation.