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ICICI Securities Report
Takeaways from Dodla Dairy Ltd.'s Q4 FY24:
Value-added-products’ contribution to total sales has increased both in Q4/FY24 (highest ever in FY24). We believe higher revenues from curd are likely to contribute to overall profitability.
The gross margin expanded 628 bps YoY, largely on lower input costs. It expanded 920 bps YoY, excluding the Rs 320 million of inventory write-downs.
Dodla’s Kenya dairy plant has commenced operations; cattle feed capacity expanded by five times.
Benefits from these capacity expansions shall be visible in H2 FY25–26E. Dodla will likely to further strengthen its market position with geographical/distribution expansion, higher contribution from VAP sales and strong brand investments.
We remain positive on Dodla given its compelling competitive advantages and cash flow generation. Maintain Add.
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