DODLA - Dodla Dairy Limited Share Price

Food Products

₹1046.70-41.50(-3.81%)

Market Open as of Apr 30, 2025, 10:06 IST

What does Dodla Dairy Limited do?

Dairy Products•Fast Moving Consumer Goods•Small Cap

Dodla Dairy Limited, together with its subsidiaries, engages in the production and sale of milk and milk products in India and internationally. The company offers toned, standardized, full cream, ultrahigh temperature processed (UHT)-toned, UHT cow, and UHT-double toned milk; and milk products, such as butter milk, sweet and mango lassi, ghee, paneer, curd, flavored milk, yoghurt, butter, ice cream, and sweets. It also engages in agricultural activities, such as farming, breeding, horticulture, and livestock farming, and seed crushing activities, as well as production and sale of cattle feed. The company was incorporated in 1995 and is based in Hyderabad, India.

Industry Group:Food Products

Employees:2,897

Website:www.dodladairy.com

The Good, Bad and Ugly

Growth

Profitability

Size

Dilution Rank

Balance Sheet

Momentum

Technicals

Smart Money

Insider Trading

Sector Comparison: DODLA vs Food Products

Comprehensive comparison against sector averages

Comparative Metrics

DODLA metrics compared to Food

Category	DODLA	Food
PE	27.49	38.11
PS	1.81	1.85
Growth	17.6 %	7.4 %

Performance Comparison

DODLA vs Food (2022 - 2025)

Key Insights

1. DODLA is among the Top 3 Dairy Products companies by market cap.
2. The company holds a market share of 15.5% in Dairy Products.
3. In last one year, the company has had an above average growth that other Dairy Products companies.

Share Holdings

Understand Dodla Dairy ownership landscape with insights into key distribution patterns, offering investors a clear view of stakeholder dynamics.

Holding Pattern

Major Shareholders

Share Holding Details

As of 2025-03-31

Shareholder Name	Holding %
DODLA FAMILY TRUSTt	24.08%
DODLA SUNIL REDDY	12.69%
DODLA DEEPA REDDY	10.78%
MYLKTREE CONSULTANTS LLP	10.29%
SBI LONG TERM ADVANTAGE FUND-SERIES IV	7.91%
DSP SMALL CAP FUND	6.6%
BHARAT BIOTECH INTERNATIONAL LTD	3.36%
STEINBERG INDIA EMERGING OPPORTUNITIES FUND LIMITED	2.32%
ASHOKA WHITEOAK ICAV - ASHOKA WHITEOAK INDIA OPPOR	2.1%
HDFC SMALL CAP FUND	1.53%
PINEBRIDGE GLOBAL FUNDS - PINEBRIDGE INDIA EQUITY	1.13%
FIDELITY EMERGING MARKETS LIMITED	1.05%
EDELWEISS TRUSTEESHIP CO LTD AC- EDELWEISS MF AC-E	1.04%
B V K REDDY	1%
SESHA REDDY DODLA	0.92%
BOMMI SUREKHA REDDY	0.92%
DODLA GIRIJA REDDY	0%
DODLA SUBBA REDDY	0%

Overall Distribution

Distribution across major stakeholders

Ownership Distribution

Distribution across major institutional holders

Summary of Latest Earnings Report from Dodla Dairy

Summary of Dodla Dairy's latest earnings call, featuring management's outlook on business performance, financial results, and analyst Q&A sessions that highlight key strategic initiatives and market challenges.

Earnings Outlook

Last updated: Jul 24

Management Outlook and Key Points:

Strong Financial Performance:
- Record Q1 revenues and profitability driven by growth across India, Africa, and Orgafeed.
- Value-Added Products (VAP) contributed 35.4% of revenues (up 21.4% YoY), supporting margin expansion.
Margin Improvement and Cost Efficiency:
- Gross margins improved 543 bps YoY to 29.1%, aided by efficient procurement and favorable product mix.
- Strategic price reductions in milk to sustain volumes; focus on automation and digital initiatives to enhance operational efficiency.
Expansion Plans:
- Geographic Growth: Targeting deeper penetration in African markets (Kenya, Uganda) and expanding India footprint (Maharashtra, Karnataka).
- Capacity Utilization: New plants in Kenya and Orgafeed to reach 60-65% utilization by FY26.
- Product Portfolio: Focus on scaling VAP (ice cream, curd, ghee) and leveraging flush season procurement (healthy until Q2).
Financial Targets for FY25:
- Revenue Growth: Double-digit growth expected, with Africa aiming for INR 360 crore (vs. INR 218 crore in FY24) and Orgafeed targeting INR 160 crore (double YoY).
- Profitability: EBITDA margins to sustain ~20% in Africa; standalone India margins at 12-13% for VAP and 7-8% for liquid milk.
Farmer and Supply Chain Initiatives:
- Strengthening farmer partnerships via Orgafeed (cattle feed) to improve procurement costs and working capital.
- Direct engagement in Maharashtra's INR 5/liter subsidy scheme (effective July 2024), ensuring farmer realization at INR 35/liter.
Market and Competitive Dynamics:
- Price adjustments narrowed the gap with cooperatives, aiding market share gains.
- No major policy disruptions in Andhra/Telangana despite new government.
Inventory and Costs:
- Additional INR 10 crore provision for inventory mark-to-market in Q1.
- Procurement prices stable at INR 34.15/liter (consolidated); realization at INR 59.17/liter.

Outlook: Management remains confident in sustaining double-digit revenue and profit growth in FY25, driven by geographic expansion, VAP focus, and operational efficiencies. Margins to remain stable with strategic pricing and cost controls.

Q&A Session

Last updated: Jul 24

Question 1: What is the impact of the new Andhra Pradesh government on competitive intensity, and are there policy changes affecting operations?
Answer: Competitive dynamics remain stable despite the new government. Historical policy continuity minimizes disruption. Strategic price adjustments balance farmer and consumer interests, narrowing the gap with cooperatives to boost market share.

Question 2: How much price reduction has been implemented, and will further cuts occur amid flush season supply?
Answer: Marginal price cuts (e.g., ~~Rs.2/liter) were product-specific. Future cuts depend on procurement costs; gross margins (~~29%) will be prioritized, with surplus benefits shared with farmers or consumers.

Question 3: Were there inventory losses this quarter, and why did standalone gross margins decline despite lower procurement costs?
Answer: No inventory losses occurred. Margin fluctuations stem from seasonality (Q1 typically lower than Q3) and product/geographic mix shifts, including higher contribution from lower-margin regions/businesses.

Question 4: What is the revenue outlook for Africa and Orgafeed businesses in FY25?
Answer: Africa revenues (Rs.218 crore in FY24) are projected to reach Rs.360 crore (+65% YoY). Orgafeed aims to double revenue from Rs.82 crore (FY24) to Rs.160 crore, driven by expanded capacity utilization.

Question 5: How is procurement scaled, and what initiatives drive farmer engagement?
Answer: Procurement growth leverages geographic expansion (e.g., Maharashtra) and deepening farmer ties via fair pricing, cattle feed access, and veterinary services. Surplus procurement over sales ensures operational flexibility.

Question 6: What is the branding strategy to shift consumers from unorganized to organized sectors?
Answer: Differentiation emphasizes quality (e.g., microbial standards), service consistency, and targeted campaigns (trade events, ads). Direct consumer engagement (B2C) and modern trade expansion reinforce brand loyalty.

Question 7: What are the EBITDA margins for liquid milk vs. value-added products (VAP)?
Answer: Liquid milk margins average 7"“8%, while VAP (e.g., curd, ice cream) delivers 12"“15%. Curd contributes ~~60"“70% higher margins. VAP's revenue share (~~35%) is expected to sustain, supporting blended margins.

Question 8: How will Maharashtra's Rs.5/liter subsidy impact procurement?
Answer: The subsidy (effective July 11) raises farmer payouts to Rs.30/liter (Rs.5 reimbursed by govt.). Direct farmer payments via verified accounts ensure compliance, stabilizing procurement costs without margin pressure.

Question 9: What drives Africa's growth, and what are sustainable margins?
Answer: Kenya plant (operational since January 2024) mitigates permit delays. Africa targets 10"“15% annual revenue growth with ~20% EBITDA margins (double India's), aided by stable operations and market penetration.

Question 10: How does seasonality affect procurement prices and volumes?
Answer: Early monsoon accelerated flush season in Q1, boosting procurement (16.45 lakh liters/day consolidated). Prices stabilized (~Rs.35.45/liter standalone); flush volumes will extend into Q2/Q3, supporting inventory buffers.

Balance Sheet for Dodla Dairy

Standalone figures (in Rs. Crores) / View Consolidated Data

Description	(%) Q/Q	Sep-2024	Mar-2024	Sep-2023	Mar-2023	Sep-2022	Mar-2022
Cash and cash equivalents	126.3%	87	39	37	26	74	55
Current investments	154.4%	464	183	201	190	194	128
Loans, current	0%	3.68	3.68	2.94	2.2	2.2	3.23
Total current financial assets	138.1%	570	240	264	234	292	202
Inventories	-47.5%	187	355	199	97	61	108
Total current assets	26.2%	762	604	469	352	358	319
Property, plant and equipment	-0.2%	526	527	527	506	499	468
Capital work-in-progress	-37.4%	7.89	12	7.01	30	18	4.08
Goodwill	0%	43	43	43	43	38	36
Non-current investments	0%	54	54	109	119	92	100
Loans, non-current	0%	27	27	24	25	20	14
Total non-current financial assets	0%	99	99	149	162	126	126
Total non-current assets	-1.3%	689	698	743	762	714	687
Total assets	11.5%	1,451	1,302	1,212	1,114	1,072	1,005
Borrowings, non-current	-	0	0	0	0	0	9.83
Total non-current financial liabilities	11.1%	11	10	11	11	10	9.83
Provisions, non-current	10%	12	11	10	9.79	9.42	11
Total non-current liabilities	-2.7%	37	38	38	39	44	49
Borrowings, current	-	0	0	0	0	0	2.97
Total current financial liabilities	-2.3%	172	176	171	153	146	127
Provisions, current	6.7%	17	16	16	15	15	14
Current tax liabilities	29.6%	36	28	33	16	19	16
Total current liabilities	7.9%	246	228	225	191	189	169
Total liabilities	6.4%	283	266	263	231	233	218
Equity share capital	1.7%	60	59	59	59	59	59
Total equity	12.6%	1,168	1,037	950	883	839	787
Total equity and liabilities	11.5%	1,451	1,302	1,212	1,114	1,072	1,005

Consolidated figures (in Rs. Crores) / View Standalone Data

Description	(%) Q/Q	Sep-2024	Mar-2024	Sep-2023	Mar-2023	Sep-2022	Mar-2022
Cash and cash equivalents	17.6%	121	103	65	75	115	110
Current investments	154.9%	465	183	201	190	194	128
Loans, current	-	0	0	0	0	0	0.48
Total current financial assets	113.3%	643	302	338	329	372	271
Inventories	-40.7%	231	389	225	120	75	121
Total current assets	25.6%	889	708	574	474	457	403
Property, plant and equipment	2.1%	668	654	627	559	546	515
Capital work-in-progress	-24.5%	9.31	12	13	58	20	4.1
Goodwill	0%	52	52	52	52	46	44
Non-current investments	-16.7%	11	13	60	70	48	56
Loans, non-current	-	0	0	0	0	0	0
Total non-current financial assets	-6.7%	29	31	74	87	62	68
Total non-current assets	0.3%	771	769	799	777	713	685
Total assets	12.3%	1,660	1,478	1,373	1,251	1,170	1,088
Borrowings, non-current	-35.9%	26	40	38	18	0	9.83
Total non-current financial liabilities	-5.1%	38	40	38	29	10	9.83
Provisions, non-current	10%	12	11	10	9.94	9.52	11
Total non-current liabilities	1.3%	78	77	73	64	53	58
Borrowings, current	-38.3%	3.75	5.46	4.15	3.58	0	3.04
Total current financial liabilities	5.9%	215	203	193	175	158	140
Provisions, current	6.7%	17	16	16	15	15	14
Current tax liabilities	18.8%	39	33	34	17	22	20
Total current liabilities	11.9%	293	262	248	215	205	188
Total liabilities	9.5%	371	339	321	279	258	245
Equity share capital	1.7%	60	59	59	59	59	59
Total equity	13.3%	1,290	1,139	1,052	972	911	843
Total equity and liabilities	12.3%	1,660	1,478	1,373	1,251	1,170	1,088

Income Statement for Dodla Dairy

Standalone figures (in Rs. Crores) / View Consolidated Data

QuarterlyAnnual

Description	(%) Q/Q	Dec-2024	Sep-2024	Jun-2024	Mar-2024	Dec-2023	Sep-2023
Revenue From Operations	-11.1%	803	903	828	728	701	715
Other Income	226.2%	30	9.89	6.78	5.11	6.08	6.84
Total Income	-8.9%	832	913	835	733	707	722
Cost of Materials	2.4%	563	550	576	584	635	628
Employee Expense	2.9%	36	35	35	30	30	31
Finance costs	0%	0.28	0.28	0.3	0.5	0.27	0.31
Depreciation and Amortization	0%	16	16	16	17	16	16
Other expenses	-1%	100	101	104	99	94	92
Total Expenses	-11.7%	736	833	762	683	641	669
Profit Before exceptional items and Tax	20.3%	96	80	73	50	66	53
Total profit before tax	20.3%	96	80	73	50	66	53
Current tax	-10%	19	21	20	12	17	14
Deferred tax	39%	-0.22	-1	-0.66	0.29	-0.62	-0.45
Total tax	-5.3%	19	20	19	13	17	14
Total profit (loss) for period	31%	77	59	54	38	49	40
Other comp. income net of taxes	-45.1%	-0.32	0.09	-0.4	-0.08	0.18	-0.08
Total Comprehensive Income	27.1%	76	60	54	37	50	40
Earnings Per Share, Basic	31.6%	12.7	9.89	9.11	6.3	8.3	6.72
Earnings Per Share, Diluted	31.6%	12.7	9.89	9.02	6.24	8.22	6.66

Description	(%) Q/Q	Mar-2024	Mar-2023	Mar-2022	Mar-2021
Revenue From Operations	12.5%	2,907	2,584	2,096	1,837
Other Income	4.3%	25	24	33	7.79
Total Income	12.4%	2,932	2,608	2,129	1,845
Cost of Materials	24.5%	2,463	1,979	1,538	1,312
Employee Expense	13%	123	109	94	82
Finance costs	80%	1.36	1.2	6.49	12
Depreciation and Amortization	10.5%	64	58	49	47
Other expenses	15.8%	374	323	279	241
Total Expenses	9.3%	2,726	2,493	1,966	1,679
Profit Before exceptional items and Tax	79.8%	206	115	163	165
Total profit before tax	79.8%	206	115	163	165
Current tax	79.3%	53	30	39	50
Deferred tax	78.7%	-1.28	-9.7	-11.86	6.78
Total tax	168.4%	52	20	27	57
Total profit (loss) for period	62.8%	154	95	137	108
Other comp. income net of taxes	-529.2%	-0.51	0.76	-0.36	0.34
Total Comprehensive Income	60%	153	96	136	109
Earnings Per Share, Basic	66.1%	25.87	15.97	23.07	19.34
Earnings Per Share, Diluted	65.8%	25.61	15.84	22.87	19.22

Consolidated figures (in Rs. Crores) / View Standalone Data

QuarterlyAnnual

Description	(%) Q/Q	Dec-2024	Sep-2024	Jun-2024	Mar-2024	Dec-2023	Sep-2023
Revenue From Operations	-9.7%	901	998	912	787	747	768
Other Income	16.8%	11	9.56	6.93	7.8	5.7	6.69
Total Income	-9.4%	912	1,007	919	795	753	774
Cost of Materials	1.5%	621	612	620	618	658	662
Employee Expense	0%	40	40	39	34	33	34
Finance costs	62.5%	0.94	0.84	1.05	0.76	0.88	0.4
Depreciation and Amortization	5.6%	20	19	18	18	18	17
Other expenses	0%	118	118	121	109	108	102
Total Expenses	-10.3%	826	921	826	731	683	715
Profit Before exceptional items and Tax	0%	86	86	93	64	70	59
Total profit before tax	0%	86	86	93	64	70	59
Current tax	13%	27	24	26	15	29	15
Deferred tax	-183.2%	-4.21	-0.84	2.27	2.13	-1.18	0.26
Total tax	0%	23	23	28	17	28	16
Total profit (loss) for period	1.6%	64	63	65	47	41	44
Other comp. income net of taxes	580%	2.7	1.25	3.19	-0.76	-0.31	0.32
Total Comprehensive Income	1.6%	66	65	68	46	41	44
Earnings Per Share, Basic	0%	10.54	10.54	10.93	7.87	6.95	7.33
Earnings Per Share, Diluted	0%	10.54	10.54	10.81	7.79	6.88	7.26

Description	(%) Q/Q	Mar-2024	Mar-2023	Mar-2022	Mar-2021
Revenue From Operations	11.1%	3,125	2,812	2,243	1,944
Other Income	18.2%	27	23	14	6.37
Total Income	11.2%	3,153	2,835	2,257	1,950
Cost of Materials	21.9%	2,582	2,118	1,627	1,366
Employee Expense	14.4%	136	119	102	90
Finance costs	566.7%	2.4	1.21	6.52	12
Depreciation and Amortization	15%	70	61	52	51
Other expenses	15.8%	418	361	304	261
Total Expenses	8.4%	2,909	2,683	2,091	1,764
Profit Before exceptional items and Tax	60.9%	244	152	166	186
Total profit before tax	60.9%	244	152	166	186
Current tax	87.5%	76	41	43	52
Deferred tax	98.8%	0.84	-11.84	-10.71	8.72
Total tax	162.1%	77	30	33	60
Total profit (loss) for period	37.2%	167	122	133	126
Other comp. income net of taxes	-119%	-0.1	6.79	5.49	-0.04
Total Comprehensive Income	29.7%	167	129	138	126
Earnings Per Share, Basic	38.3%	28.03	20.55	22.43	22.48
Earnings Per Share, Diluted	38%	27.75	20.39	22.24	22.33

Cash Flow for Dodla Dairy

Standalone figures (in Rs. Crores) / View Consolidated Data

Description	(%) Q/Q	Mar-2024	Mar-2023	Mar-2022
Finance costs	80%	1.36	1.2	6.49
Change in inventories	-2454.7%	-258.02	12	-22.84
Depreciation	10.5%	64	58	49
Dividend income	-	0	0	17
Adjustments for interest income	-9.1%	11	12	8.26
Share-based payments	-	0	0	0.07
Net Cashflows from Operations	-83.4%	29	170	184
Income taxes paid (refund)	48.3%	44	30	39
Net Cashflows From Operating Activities	-111.5%	-14.94	140	145
Cashflows used in obtaining control of subsidiaries	-104%	0	26	30
Proceeds from sales of PPE	30.1%	1.95	1.73	0.21
Purchase of property, plant and equipment	-11.1%	65	73	71
Proceeds from sales of investment property	-	0	0	497
Purchase of investment property	-	0	0	550
Proceeds from sales of long-term assets	34%	1,341	1,001	0
Purchase of other long-term assets	17.8%	1,260	1,070	0
Cash receipts from repayment of advances and loans made to other parties	-94%	2.2	21	1.65
Dividends received	-	0	0	17
Interest received	11.1%	11	10	5.92
Other inflows (outflows) of cash	-	5.28	0	0
Net Cashflows From Investing Activities	118.6%	32	-165.75	-128.95
Proceeds from issuing shares	-	0	0	50
Repayments of borrowings	-	0	0	87
Payments of lease liabilities	-	3.45	0	3.07
Interest paid	-	0	0	5.6
Other inflows (outflows) of cash	-	0	0	-3.18
Net Cashflows from Financing Activities	-2.8%	-3.45	-3.33	-48.78
Net change in cash and cash eq.	139.7%	13	-29.21	-32.87

Consolidated figures (in Rs. Crores) / View Standalone Data

Description	(%) Q/Q	Mar-2024	Mar-2023	Mar-2022
Finance costs	566.7%	2.4	1.21	6.52
Change in inventories	-15717.3%	-269.18	2.73	-24.42
Depreciation	15%	70	61	52
Unrealised forex losses/gains	-	-1.34	0	0
Adjustments for interest income	-9.1%	11	12	6.76
Net Cashflows from Operations	-69.6%	63	205	211
Income taxes paid (refund)	40.9%	63	45	40
Net Cashflows From Operating Activities	-101.1%	-0.71	161	171
Cashflows used in obtaining control of subsidiaries	-105%	0	21	30
Proceeds from sales of PPE	-44.6%	2.08	2.95	0.28
Purchase of property, plant and equipment	-0.9%	107	108	72
Proceeds from sales of investment property	-	0	0	507
Purchase of investment property	-	0	0	549
Proceeds from government grants	-100.1%	0	996	0
Proceeds from sales of long-term assets	-	1,341	0	0
Purchase of other long-term assets	19.1%	1,268	1,065	0
Interest received	22.5%	11	9.16	4.44
Other inflows (outflows) of cash	265.8%	50	-28.56	0
Net Cashflows From Investing Activities	113.5%	30	-213.67	-138.34
Proceeds from issuing shares	-	0	0	50
Proceeds from borrowings	-35.3%	12	18	0
Repayments of borrowings	-	0	0	87
Payments of lease liabilities	-	0	0	3.17
Interest paid	-	0.92	0	5.6
Other inflows (outflows) of cash	-	0	0	-3.18
Net Cashflows from Financing Activities	-116.1%	-1.25	15	-48.88
Effect of exchange rate on cash eq.	-129.5%	0.28	3.44	1.83
Net change in cash and cash eq.	175.3%	28	-34.85	-14.25

Investor Care
Dividend Yield	0.28%
Dividend/Share (TTM)	3
Shares Dilution (1Y)	1.4%
Diluted EPS (TTM)	39.68

Financial Health
Current Ratio	3.03
Debt/Equity	0.02
Debt/Cashflow	-0.02

Ticker	Name	Mkt Cap	Revenue	Price %, 1M	Returns, 1Y	P/E	P/S	Rev 1-Yr	Inc 1-Yr
HATSUN	Hatsun Agro ProductsDairy Products	19.9 kCr	8.52 kCr	-7.34%	-18.69%	69.11	2.34	+9.83%	+19.92%
VADILALIND	Vadilal IndustriesDairy Products	4.72 kCr	1.23 kCr	+43.04%	+51.46%	30.27	3.82	+8.07%	+6.04%
HERITGFOOD	Heritage FoodsDairy Products	3.72 kCr	4.06 kCr	+4.14%	+20.97%	19.52	0.92	+10.64%	+133.63%
PARAGMILK	Parag Milk FoodsDairy Products	2.18 kCr	3.33 kCr	+22.11%	-14.58%	21.28	0.65	+4.85%	-0.71%

Valuation
Market Cap	6.56 kCr
Price/Earnings (Trailing)	27.49
Price/Sales (Trailing)	1.81
EV/EBITDA	16.09
Price/Free Cashflow	-65.27
MarketCap/EBT	19.92

Fundamentals
Revenue (TTM)	3.63 kCr
Rev. Growth (Yr)	21.22%
Rev. Growth (Qtr)	-9.43%
Earnings (TTM)	238.8 Cr
Earnings Growth (Yr)	53.79%
Earnings Growth (Qtr)	0.30%

DODLA - Dodla Dairy Limited Share Price

What does Dodla Dairy Limited do?

Sector Comparison: DODLA vs Food Products

Comparative Metrics

Performance Comparison

Share Holdings

Holding Pattern

Share Holding Details

Overall Distribution

Ownership Distribution

Summary of Latest Earnings Report from Dodla Dairy

Balance Sheet for Dodla Dairy

Income Statement for Dodla Dairy

Cash Flow for Dodla Dairy

Investor Care

Financial Health

Is Dodla Dairy Better than it's peers?

Valuation

Fundamentals

Profitability

Price to Sales Ratio

Revenue (Last 12 mths)

Net Income (Last 12 mths)

Profitability
Operating Margin	9.07%
EBT Margin	9.07%
Return on Equity	18.52%
Return on Assets	14.38%
Free Cashflow Yield	-1.53%