Dodla Dairy's consolidated net profit surged 34.2% to Rs 39.45 crore on 22.8% rise in net sales to Rs 695.32 crore in Q2 FY23 over Q2 FY22.
The increase in the net profit was due to decline in finance cost, rise in other income coupled with decline in the effective tax rates.
The company's domestic business jumped 20.1% YoY to Rs 643.5 crore whereas, the international business soared 70.1% YoY to Rs 51.9 crore.
Consolidated profit before tax stood at Rs 48.72 crore in Q2 FY23, rising 2.1% from Rs 47.72 crore posted in Q2 FY22.
EBITDA declined 4.07% to Rs 58.9 crore in Q2FY23 as compared to Rs 61.4 crore reported in the corresponding quarter previous year. EBITDA declined to 8.5% in Q2 FY23 as compared to 10.8% posted in Q2 FY22.
Average milk procurement during Q2 FY23 was at 14.3 lakh litres per day (LLPD) as compared to 12.8 LLPD in Q2 FY22, registering a growth of 11.2% YoY.
Average milk sales jumped 14.7% to 10.9 LLPD in quarter ended 30 September 2022 as compared to 9.5 LLPD reported in Q2 FY22.
Curd sales during Q2 FY23 was at 292 metric tonnage per day (MTPD) as compared to 252 MTPD in Q2 FY22, increasing by 16% YoY.
Revenue from value added products (VAP) including fat & fat-based products grew by 19.3% YoY to Rs 172.7 crore in Q2 FY23 as against Rs 144.8 crore in Q2 FY22. VAP including fat & fat-based products contribution stood at 25.3% of the overall dairy revenue during Q2 FY23 as compared to 26% contribution of the overall dairy revenue during Q2 FY22.
Commenting on the performance, Dodla Sunil Reddy, managing director of Dodla Dairy, said, Dodla Dairy's operating revenue grew by 22.8% YoY to Rs 695.3 crore supported by gradual rise in the selling prices coupled with strong demand of milk and value-added products during the festive season. The company successfully navigated multiple sectoral headwinds including Lumpy Skin Diseases (LSD) outbreak amongst cattle impacting the milk procurement, rise in material & packaging cost and inflationary economic trend.
He further added, Dodla Dairy remains committed to strengthen it procurement network in its existing states, continue to scout for organic and inorganic growth opportunities without compromising its existing Balance Sheet strength and create long-term value for the esteemed stakeholders.
Dodla Dairy is one of India's leading integrated dairy companies. The company procures, processes, and sells milk and milk products. The company's product portfolio consists of milk, butter milk, ghee, curd, paneer, flavoured milk, doodh peda, ice cream and milk based sweets.
Shares of Dodla Dairy were up 0.24% to Rs 513.70 on th BSE.
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