Milky Mist Dairy Food (MILKYMIST) Q4 22/23 earnings summary

Executive summary

• FY23 revenue from operations rose 41% YoY to ₹143,165.05 lakh; EBITDA increased to ₹20,094 lakh, while PAT declined to ₹2,801.83 lakh from ₹3,174.75 lakh.

• Growth reflected market expansion, higher milk procurement and volume gains across key dairy categories; input-cost inflation and higher interest and deferred tax weighed on profitability.

Financial highlights

• Total income reached ₹143,667.20 lakh versus ₹101,458.95 lakh; revenue from operations was ₹143,165.05 lakh versus ₹101,187.25 lakh.

• PBT before exceptional items was ₹6,420.77 lakh versus ₹5,516.08 lakh; FY22 included ₹494.54 lakh of exceptional items, while FY23 had none.

• PAT was ₹2,801.83 lakh versus ₹3,174.75 lakh; diluted EPS was ₹78.52 versus ₹88.97.

• EBITDA was ₹20,094 lakh versus ₹15,721 lakh; EBITDA margin was 14.01% versus 15.54%.

Outlook and guidance

• Management aims to restore EBITDA margin to 15%–16% in coming years through cost control and operating efficiencies.

• Priorities include deeper procurement and market coverage, new UHT products, commercial launch of sweetened condensed milk and ice cream, and increased whey permeate powder and paneer capacity.

• The UHT plant was commercialized in September 2022; ice cream, chocolate and sweetened condensed milk facilities were expected to be commissioned in FY24.

• Plans target pan-India brand reach within 3–4 years, while continuing power-surplus, water-neutrality and carbon-neutrality efforts.