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Dodla Dairy Results: Latest Quarterly Results & Analysis

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Dodla Dairy Ltd. 03 Nov 2025 12:31 PM
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Q2FY26 Quarterly Result Announced for Dodla Dairy Ltd.

Packaged Foods company Dodla Dairy announced Q2FY26 results

  • Revenues: Rs 10,188 million compared to Rs 9,976 million during Q2FY25.
  • EBITDA: Rs 928 million compared to Rs 963 million during Q2FY25.
  • EBITDA Margin: 9.1% for Q2FY26.
  • PAT: Rs 657 million compared to Rs 634 million during Q2FY25.

Dodla Sunil Reddy, Managing Director, Dodla Dairy, said: “In Q2FY26, Dodla Dairy achieved a revenue of ?10,188 million, reflecting a 2.1% year-on-year growth with a gross margin expansion of over 200 bps, reaching 27.7%. Our EBITDA and PAT margins stood at healthy levels of 9.1% and 6.4%, respectively.

This quarter’s performance includes 2 months of contribution from our recently acquired OSAM Dairy business, which currently operates at lower margins. A significant change in product mix was observed for Dodla’s portfolio, with bulk sales contribution declining and growth being driven by liquid milk and high margin value-added products such as curd, ghee, lassi, flavoured milk, and ice cream. This shift resulted in modest revenue growth but strong gross profit improvement.

Over the last two years, we have maintained a CAGR above 15% in revenue and EBITDA, and over 22% in PAT, reflecting the strength of our business strategies. Our Africa and Orgafeed segments continue to show robust growth, with temporary margin pressures arising from strategic product pricing in Kenya to gain market share and seasonal factors in the feed business.

Looking ahead, with GST benefits and festive demand, Dodla is well positioned to sustain consistent growth and enhance the share of value-added products. We remain focused on brand building, increasing procurement, portfolio expansion, and market reach, driving continued value creation for all stakeholders.”

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Packaged Foods company Dodla Dairy announced Q1FY26 results

  • Revenues: Rs 10,069 million compared to Rs 9,116 million during Q1FY25, change 10.5%.
  • EBITDA: Rs 825 million compared to Rs 1,051 million during Q1FY25, change -21.5%.
  • EBITDA Margin: 8.2% for Q1FY26.
  • PAT: Rs 629 million compared to Rs 650 million during Q1FY25, change -3.3%.
  • PAT Margin: 6.2% for Q1FY26.
  • EPS: Rs 10.4 for Q1FY26.

Dodla Sunil Reddy said: “In Q1FY26, Dodla registered a highest-ever revenue of Rs. 10,069 million with a YoY growth of 10.5%; this coincided with our highest-ever procurement of 18.7 LLPD. Several factors influenced our performance during this period. Our Indian operations were impacted due to a shorter summer, resulting in lower sales from summer related VAP products like curd, lassi, ice cream, etc. On the African side, while the business increased in revenue terms, our margins fell due to the focus on capturing higher market share in Kenya with the operations of the new plant in that region. This was partially offset by a healthy performance of our Orgafeed business which delivered a topline of Rs. 411 million and EBITDA of 17.6%.

The impact of these factors became even more pronounced as our performance in the corresponding quarter last year was very strong in both our markets across the product portfolio.

Result PDF

Packaged Foods company Dodla Dairy announced Q4FY25 & FY25 results

Q4FY25 Financial Highlights:

  • The company’s consolidated operating revenues grew by 15.5% on a YoY basis to Rs 9,096 million. The domestic business grew by 11.0% YoY to Rs 8,079 million whereas, the international business saw a phenomenal growth of 71 % YoY growth
  • Gross profit improved by 13.5% YoY, reaching Rs 2,472 million. Gross margins stood at 27.2% in Q4FY25
  • EBITDA increased by 10.7% YoY to Rs 835 million. EBITDA margin stood at 9.2% in Q4FY25
  • Profit After Tax grew by 45.1% YoY to Rs 680 million in Q4FY25. PAT margin stood at 7.5% vs 5.9% in Q4FY24
  • Other Income includes the amount for provision reversal of Rs 94.7 million, on the back of securing favorable TG GST commissioner appeal and AP high court order on flavoured milk classifying under Tariff Heading No. 0402 9990 (IGST 5% vs 12% previously). The balance amount mainly consists of return on other investments made by the company
  • EPS for Q4FY25 stood at Rs 11.3 as compared to Rs 7.9 in Q4FY24

FY25 Financial Highlights:

  • The company’s consolidated Operating Revenues grew by 19.0% to Rs 37,201 million on a YoY basis
  • Gross profit improved by 21.1% YoY, reaching Rs 10,211 million. Gross margins stood at 27.4%
  • EBITDA increased by 31.8% YoY to Rs 3,808 million, EBITDA margin was at 10.2% in FY25 as compared to 9.2% in FY24
  • Profit After Tax grew by 55.9% YoY to Rs 2,599 million in FY25, PAT margin stood at 7.0% vs 5.3% in FY24
  • Cash flow from operation as on 31st March 2025 stood at Rs 5,198 million
  • Total Cash stood at Rs 7,456 million as on 31st March 2025 as against Rs 2,996 million last year
  • EPS for FY25 stood at Rs 43.3 as compared to Rs 28.0 in FY24

Commenting on the performance, Managing Director of Dodla Dairy, Dodla Sunil Reddy said, “I am pleased to share that during FY25, the company’s PAT surpassed the Rs. 2,000 million milestone, reaching Rs. 2,599 million, on the back of a topline of Rs. 37,201 million, which grew at a healthy rate of 19%. This robust performance was primarily driven by faster growth in VAP and healthy performance in Africa as well as the Orgafeed business. Also, I would like to update you that the Board has approved dividend distribution of Rs. 2 per share (20% of the face value).

Our extensive procurement network and long-term relationships with the farmers underscore the underlying strength of our company.

Over time, the company has built a strong leadership team, with dedicated General Managers heading each business vertical and reporting directly to the CEO of the company. Their contributions have been instrumental to our growth journey. We remain focused on advancing Dodla Dairy’s integrated business model through both organic and inorganic growth initiatives. With a continuous focus towards expanding our product reach and portfolio basket, we are confident to achieve accelerated growth in the coming years”

Result PDF

Packaged Foods company Dodla Dairy announced Q3FY25 results

Q3FY25 Financial Highlights:

  • The company’s consolidated operating revenues grew by 20.7% on a YoY basis to Rs 9,012 million. The domestic business grew by 14.5 % YoY to Rs 8,026 million whereas, the international business saw a phenomenal growth of 114.0 % YoY growth and registered revenues of Rs 985 million in Q3FY25.
  • Gross profit improved by 13.3% YoY, reaching Rs 2,543 million. Gross margins stood at 28.2% in Q3FY25.
  • EBITDA increased by 15.8% YoY to Rs 959 million. EBITDA margin stood at 10.6% in Q3FY25.
  • Profit After Tax grew by 53.8% YoY to Rs 636 million in Q3FY25. PAT margin stood at 7.1% vs 5.5% in Q3FY24.
  • EPS for Q3FY25 stood at Rs 10.5 as compared to Rs 7.0 in Q3FY24.

Dodla Sunil Reddy, Managing Director, Dodla Dairy said: “I am delighted to share with you that the company reported its highest-ever nine-month performance during the period with revenues of Rs. 28,104 million (20% YoY growth), EBITDA of Rs 2,973 million (11% margin), and PAT of Rs 1,920 million (7% margin).

During the quarter, we reported a healthy 21% revenue growth on a YoY basis while maintaining our margins, thanks to the healthy festive demand coming in just as we anticipated. Based on our strong relations with the farmers, procurement remained stable at 17.1 LLPD.

Result PDF

Packaged Foods company Dodla Dairy announced Q2FY25 & H1FY25 results

Q2FY25 Financial Highlights:

  • The company’s consolidated operating revenues grew by 29.9% on a YoY basis to Rs 9,976 million. The domestic business grew by 26.2% YoY to Rs 9,032 million whereas, the international business saw a robust 81.1% YoY growth and registered revenues of Rs 944 million in Q2FY25.
  • Gross margins remained in similar range as previous quarter at 25.5% in Q2FY25.
  • EBITDA increased by 37.0% YoY to Rs 963 million. EBITDA margin stood at 9.6% in Q2FY25.
  • Profit After Tax grew by 45.3% YoY to Rs 634 million in Q2FY25. PAT margin stood at 6.4% vs 5.7% in Q2FY24.
  • EPS for Q2FY25 stood at Rs 10.5 as compared to Rs 7.3 in Q2FY24.

H1FY25 Financial Highlights:

  • The company’s consolidated Operating Revenues grew by 20.0% to Rs 19,092 million on a YoY basis.
  • Gross margins stood at 27.2% in H1FY25.
  • EBITDA increased by 54.2% YoY to Rs 2,014 million, EBITDA margin was at 10.5% in H1FY25 as compared to 8.2% in H1FY24.
  • Profit After Tax grew by 63.4% YoY to Rs 1,284 million in H1FY25, PAT margin stood at 6.7% vs 4.9% in H1FY24.
  • EPS for H1FY25 stood at Rs 21.5 as compared to Rs 13.2 in H1FY24.
  • Cash and Bank balance stood at Rs 1,539 million.

Dodla Sunil Reddy, Managing Director of Dodla Dairy, said: “I am pleased to share that for the second time in a row, our company has reported its highest ever quarterly revenue with a 29.9% growth on a yoy basis for Q2FY25. Additionally, in the quarter, our VAP sales rose by 93.5% to Rs 3,779 million, primarily due to the higher sale of Butter and Skimmed milk Powder. With the continuation of flush season, the quarter also remained strong for us in terms of milk procurement, which stood at 17.2 LLPD.

I would like to update you that the company has declared an interim dividend of Rs 3.00 per equity share; this is our first ever dividend since listing.

Strategically, Dodla is committed to working alongside its farmers to create an efficient manufacturing process and supply chain network. In line with this strategy, the company has acquired a land parcel of 35 acres in Maharashtra for its expansion plans. This will eventually help us in improving operational efficiency and expanding the product basket.

Our balance sheet position continues to remain strong, providing optionality and flexibility for the potential investments in the future towards organic as well as inorganic growth.”

Result PDF

Packaged Foods company Dodla Dairy announced Q1FY25 results:

  • Operating revenue rose by 10.7% YoY to Rs 9,116 million in Q1FY25
  • VAP sales grew the most compared to Q1FY24, a 21.4% scoring a higher sales contribution
  • Average milk procurement during Q1FY25 increased by 10.9% YoY to 17.6 LLPD
  • Average curd sales during the quarter grew by 6.3% YoY to 467 MTPD

Dodla Sunil Reddy, Managing Director of Dodla Dairy, said: “During Q1FY25, Dodla once again delivered a healthy quarter with an all-time high revenue of Rs9,116 million registering 10.7% growth on a YoY basis. We also recorded the highest ever quarterly sales for both VAP and international business during Q1FY25. Fruits of our efforts with respect to VAP portfolio expansion are also beginning to bear, with VAP contribution to sales expanding from 32% in Q1FY24 to 35% in Q1FY25. In terms of our international business, we clocked 38% growth to achieve sales of Rs 836 million.

This revenue performance was coupled with even stronger growth on the margins front, with EBITDA growing at 74.2% and PAT growing at 85.9% on a YoY basis. During the quarter, EBITDA crossed the Rs 1,000 million mark for the first time in our history. This performance is a reflection of margin expansion at the gross level due to optimum procurement along with a better product mix.

At Dodla, we intend to expand our procurement network so that we can effectively meet the growing market demand for our products. Our wide footprint across South India allows us to increasingly focus on branding and promotional activities to promote our products, especially the new range of products that we launch from time to time.

We are committed to broadening our revenue base in the long term with international business and Orgafeed contributing a higher share of the revenue pie.”

Result PDF

Packaged Foods company Dodla Dairy announced Q4FY24 & FY24 results:

Q4FY24 Financial Highlights:

  • Operating Revenues at Rs 7,874 million in Q4FY24 as compared to Rs 7,243 million in Q4FY23 – registering growth of 8.7% YoY. The Company’s Domestic business grew by 9.4% YoY to Rs 7,281 million whereas, the International business revenues stood at Rs 594 million in Q4FY24
  • EBITDA grew by 123.7% YoY to Rs 754 million in Q4FY24. EBITDA margin expanded by 492 bps YoY to 9.6%
  • Profit After Tax grew by 107.9% YoY at Rs 468 million in Q4FY24. PAT margin stood at 5.9% in Q4FY24
  • EPS for Q4FY24 stood at Rs 7.79 as compared to Rs 3.76 in Q4FY23

Q4FY24 Operational Highlights:

  • Average milk procurement during Q4FY24 was at 16.7 LLPD as compared to 13.5 LLPD in Q4FY23, registering 24.0% YoY growth
  • Average milk sales during Q4FY24 was at 10.8 LLPD
  • Curd sales during Q4FY24 was at 360.0 MTPD as compared to 317.6 MTPD in Q4FY23, increasing by 13.4% YoY
  • Revenue from Value Added Products (VAP) including fat & fat-based products grew by 19.3% YoY to Rs 2,217 million in Q4FY24 vis-à-vis Rs 1,858 million in Q4FY23. VAP including fat & fat-based products contribution stood at 29.0% of the overall dairy revenue during Q4FY24 as compared to 26.1% contribution of the overall dairy revenue during Q4FY23

FY24 Financial Highlights:

  • Operating Revenues at Rs 31,225 million in FY24 as compared to Rs 28,120 million in FY23 – registering growth of 11.1% YoY. The Company’s Domestic business grew by 12.5% YoY to Rs 29,073 million whereas, the International business revenues stood at Rs 2,181 million in FY24
  • EBITDA grew by 51.0% YoY to Rs 2,888 million in FY24. EBITDA margin expanded by 244 bps YoY to 9.2%
  • Profit After Tax grew by 36.4% YoY at Rs 1,667 million in FY24. PAT margin stood at 5.3% in FY24
  • EPS for FY24 stood at Rs 27.75 as compared to Rs 20.39 in FY23

FY24 Operational Highlights:

  • Average milk procurement during FY24 was at 16.8 LLPD as compared to 13.8 LLPD in FY23, registering 21.2% YoY growth
  • Average milk sales during FY24 was at 10.9 LLPD as compared to 10.7 LLPD in FY23, registering 1.6% YoY growth
  • Curd sales during FY24 was at 349.9 MTPD as compared to 323.8 MTPD in FY23, increasing by 8.1% YoY
  • Revenue from Value Added Products (VAP) including fat & fat-based products grew by 16.3% YoY to Rs 8,619 million in FY24 vis-à-vis Rs 7,408 million in FY23. VAP including fat & fat-based products contribution stood at 28.3% of the overall dairy revenue during FY24 as compared to 26.8% contribution of the overall dairy revenue during FY23

Commenting on the performance, Managing Director of Dodla Dairy, Dodla Sunil Reddy said, “I am happy to share with you that Dodla Dairy’s revenues surpassed the milestone of Rs 30,000 million in FY24 reflecting the management’s continuous effort towards higher procurement, widening distribution and curated focus towards Value Added Products (VAP). The Company’s EBITDA margin expanded by 244 bps YoY to 9.2% in FY24 benefitting from the flush season coupled with higher VAP sales. We continue to expand our procurement network by increasing our chilling centres and creating small collection centres near villages. This has resulted our procurement to grow by 21.2% YoY to 16.8 Lakh Liter Per Day (LLPD) in FY24. The Company’s VAP and Fat & Fat products revenue pie expanded by 143 bps YoY to 28.3% of the total revenues in FY24. Dodla Dairy’s VAP sales grew by 16.3% YoY to Rs 7,408 million in FY24 as result of higher penetration due to several brand connecting activities amongst consumers, robust distribution network and strong brand recall value.”

He also added, “During Q4FY24, the Company has commenced the commercial production of its new dairy plant of 1,00,000 liters per day at Kenya. The aforesaid capacity is expected to add incremental revenues towards our Africa segment revenues in the coming years. Additionally, Orgafeed’s (cattle feed business) capacity has been exponentially enhanced by 5 times to 480 Metric Tonnes per Day (MTPD) during FY24. It strengthens the ties with our dairy farmersresulting higher productivity and profitability. The management strives to work towards different growth levers present in the Company’s existing integrated business model and create value for its esteemed stakeholders.”

Result PDF

Packaged Foods company Dodla Dairy announced Q3FY24 & 9MFY24 results:

  • Q3FY24:
    • Operating Revenues at Rs 7,468 million in Q3FY24 as compared to Rs 6,754 million in Q3FY23 – registering growth of 10.6% YoY. The Company’s Domestic business grew by 13.3% YoY to Rs 7,007 million whereas, the International business revenues stood at Rs 461 million in Q3FY24
    • EBITDA grew by 54.5% YoY to Rs 828 million in Q3FY24. EBITDA margin expanded by 315 bps YoY to 11.1%
    • Profit After Tax grew by 16.8% YoY at Rs 436 million in Q3FY24. PAT margin stood at 5.5% in Q3FY24
    • EPS for Q3FY24 stood at Rs 6.88 as compared to Rs 5.90 in Q3FY23
  • 9MFY24:
    • Operating Revenues at Rs 23,380 million in 9MFY24 as compared to Rs 20,877 million in 9MFY23 – registering growth of 12.0% YoY. The Company’s Domestic business grew by 13.6% YoY to Rs 21,789 million whereas, the International business revenues stood at Rs 1,588 million in 9MFY24
    • EBITDA grew by 35.4% YoY to Rs 2,134 million in 9MFY24. EBITDA margin expanded by 158 bps YoY to 9.1%
    • Profit After Tax grew by 20.2% YoY at Rs 1,199 million in 9MFY24. PAT margin stood at 5.1% in 9MFY24
    • EPS for 9MFY24 stood at Rs 19.96 as compared to Rs 16.63 in 9MFY23

Commenting on the performance, Managing Director of Dodla Dairy, Dodla Sunil Reddy said, “It gives me immense pleasure to share that Dodla Dairy was able to reap the benefits of the peak 2023-24 flush season coupled with positive festive spending enthusiasm as anticipated. The Company continued to strengthen its procurement capabilities during the quarter achieving its highest procurement at 17.5 Lakh Liter Per Day (LLPD), registering a growth of 36.7% YoY. Dodla Dairy’s revenues grew by 12.0% YoY to Rs 23,380 million in 9MFY24. The Company Value Added Products (VAP) and Fat & Fat products sales continued their growth momentum clocking 15.3% YoY growth at Rs 6,402 million, thanks to a robust distribution network and strong brand recall. Dodla Dairy’s VAP sales pie expanded by 95 bps YoY to 28.0% of the overall revenues in 9MFY24.”

He also added, “During January 2024, the Company aired television commercials for the very first time on leading regional and digital channels to tap the festive vibes of Makar Sankranti and Pongal. Dodla Dairy’s team is actively working towards accelerating its go-to-market strategy leveraging its strong brand and constantly delivering consumer delight through its diverse product portfolio.”

 

 

Result PDF

Packaged Foods company Dodla Dairy announced Q2FY24 & H1FY24 results:

Financial Results:
1. Operating Revenues: Dodla Dairy reported operating revenues of Rs 7,678 Mn in Q2 FY24, representing a growth of 10.4% YoY. The domestic business grew by 11.2% YoY to Rs 7,156 Mn, while international business revenues stood at Rs 521 Mn in Q2 FY24.

2. Value-Added Product Sales: The company's value-added product (VAP) sales, including fat and fat-based products, witnessed a growth of 13.1% YoY, reaching Rs 1,953 Mn in Q2 FY24. VAP sales contributed 26.1% to the overall revenues in Q2 FY24.

3. EBITDA and Profit After Tax: Dodla Dairy recorded a growth in EBITDA of 19.2% YoY, amounting to Rs 702 Mn in Q2 FY24. The profit after tax (PAT) increased by 10.5% YoY to Rs 436 Mn in the same period.

4. Milk Procurement and Sales: The average milk procurement during Q2 FY24 witnessed a significant YoY growth of 18.9%, reaching 17.0 LLPD. Average milk sales also saw a YoY growth of 5.8% to 10.9 LLPD.

Half-Yearly Results:
1. Operating Revenues: Dodla Dairy reported operating revenues of Rs 15,912 Mn for the first half of FY24, representing a growth of 12.7% YoY. The domestic business grew by 13.7% YoY to Rs 14,785 Mn, while international business revenues stood at Rs 1,127 Mn.

2. Value-Added Product Sales: The company witnessed a growth of 13.0% YoY in revenue from value-added products (VAP), including fat and fat-based products, reaching Rs 4,539 Mn in H1 FY24. VAP sales contributed 29.2% to the overall dairy revenue during this period.

3. EBITDA and Profit After Tax: The EBITDA grew by 25.6% YoY to Rs 1,306 Mn during H1 FY24, and the PAT increased by 22.1% YoY to Rs 786 Mn. The corresponding EBITDA margin was 8.2% for H1 FY24.

 

 

Result PDF

Packaged Foods company Dodla Dairy announced Q1FY24 results:

  • Operating Revenues at Rs 8,234 million in Q1FY24 as compared to Rs 7,170 million in Q1FY23 – registering growth of 14.8% YoY. The Company’s Domestic business grew by 16.1% YoY to Rs 7,628 million whereas, the International business revenues stood at Rs 606 million in Q1FY24
  • EBITDA grew by 33.9% YoY to Rs 603 million in Q1FY24. EBITDA margin expanded by 104 bps YoY to 7.3% owing to lower raw material prices (44 bps YoY) and a decline in other expenses (89 bps YoY). However, employee expenses grew by 29 bps YoY in Q1FY24
  • Profit After Tax surged by 40.3% YoY at Rs 350 million in Q1FY24.
  • PAT margin expanded by 77 bps YoY to 4.2% in Q1FY24
  • EPS for Q1FY24 stood at Rs 5.82 as compared to Rs 4.16 in Q1FY23
  • Average milk procurement during Q1FY24 was at 15.9 LLPD as compared to 14.8 LLPD in Q1FY23, registering 7.4% YoY growth
  • Average milk sales during Q1FY24 were at 11.1 LLPD as compared to 10.4 LLPD in Q1FY23, registering 6.2% YoY growth
  • Curd sales during Q1FY24 was at 439.7 MTPD as compared to 426.3 MTPD in Q1FY23, increasing by 3.1% YoY
  • Revenue from Value Added Products (VAP) including fat & fat-based products grew by 12.9% YoY to Rs 2,586 million in Q1FY24 vis-à-vis Rs 2,290 million in Q1FY23. VAP including fat & fat-based products contribution stood at 32.0% of the overall dairy revenue during Q1FY24 as compared to 32.5% contribution of the overall dairy revenue during Q1FY23

Commenting on the performance, Managing Director of Dodla Dairy, Dodla Sunil Reddy said, “Dodla Dairy surpassed the Rs 8,000 million quarterly revenue milestone for the first time, registering 14.8% YoY growth at Rs 8,234 million in Q1FY24. The Company’s Value-Added Products (VAP) and Fat & Fat products sales surged by 12.9% YoY to Rs 2,586 million aided by the extended summer season coupled with a diversified product portfolio and strong brand recall. Dodla’s VAP sales contributed 32.0% to the overall revenues in Q1FY24.”

He also added, “The industry has already started to experience some benefits of the upcoming flush season of 2023-24 which is likely to peak by September-October 2023. Dodla Dairy aims to maintain its competitive edge in the industry with a farmer-centric approach, thrust on quality & innovation, regular capacity expansion plans, and the ability to adapt to the evolving market dynamics, thereby leading the Company towards sustainable growth.”

 

 

Result PDF

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