Financials Dodla Dairy Limited Bombay S.E.

Equities

DODLA

INE021O01019

Food Processing

Delayed Bombay S.E. Other stock markets 03:30:49 16/05/2024 pm IST			5-day change	1st Jan Change
984.5 ^INR	+0.91%		+5.24%	+12.13%

10/05	Dodla Dairy Limited Announces Commencement of Commercial Production at Dodderi Plant	CI
05/04	Dodla Dairy Limited Closes the Lease Plant at Tumkur, Karnataka	CI

Valuation

Fiscal Period: March	2022	2023	2024	2025	2026
Capitalization ¹	26,608	27,590	58,717	-	-
Enterprise Value (EV) ¹	26,608	27,590	54,367	52,229	49,466
P/E ratio	20.1 x	22.7 x	33.7 x	27 x	22.2 x
Yield	-	-	-	-	-
Capitalization / Revenue	1.19 x	0.98 x	1.87 x	1.61 x	1.42 x
EV / Revenue	1.19 x	0.98 x	1.73 x	1.43 x	1.2 x
EV / EBITDA	12.6 x	14.4 x	18.9 x	15.1 x	12.4 x
EV / FCF	26.7 x	49.2 x	90.4 x	28.1 x	22.1 x
FCF Yield	3.75%	2.03%	1.11%	3.56%	4.53%
Price to Book	3.16 x	2.84 x	5.08 x	4.29 x	3.65 x
Nbr of stocks (in thousands)	59,493	59,493	60,328	-	-
Reference price ²	447.2	463.8	973.3	973.3	973.3
Announcement Date	16/05/22	20/05/23	-	-	-

¹INR in Million²INR

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: March	2021	2022	2023	2024	2025	2026
Net sales ¹	-	22,434	28,120	31,430	36,554	41,349
EBITDA ¹	-	2,107	1,913	2,871	3,455	3,979
EBIT ¹	-	-	-	2,172	2,594	3,128
Operating Margin	-	-	-	6.91%	7.1%	7.56%
Earnings before Tax (EBT) ¹	-	1,656	1,518	2,403	2,855	3,463
Net income ¹	1,260	1,328	1,223	1,713	2,143	2,612
Net margin	-	5.92%	4.35%	5.45%	5.86%	6.32%
EPS ²	-	22.24	20.39	28.84	36.09	43.93
Free Cash Flow ¹	-	996.7	560.4	601.3	1,858	2,241
FCF margin	-	4.44%	1.99%	1.91%	5.08%	5.42%
FCF Conversion (EBITDA)	-	47.3%	29.29%	20.95%	53.77%	56.32%
FCF Conversion (Net income)	-	75.04%	45.83%	35.1%	86.67%	85.79%
Dividend per Share ²	-	-	-	-	-	-
Announcement Date	30/08/21	16/05/22	20/05/23	-	-	-

¹INR in Million²INR

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: March	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3
Net sales ¹	-	7,243	8,234	8,692	7,708
EBITDA ¹	-	337.2	603.4	700	809.9
EBIT	-	-	-	-	-
Operating Margin	-	-	-	-	-
Earnings before Tax (EBT)	-	-	-	-	620
Net income	353.8	-	-	-	484.4
Net margin	-	-	-	-	6.28%
EPS	5.900	-	-	-	8.100
Dividend per Share	-	-	-	-	-
Announcement Date	21/01/23	20/05/23	21/07/23	-	-

¹INR in Million

Estimates

Balance Sheet Analysis

Fiscal Period: March	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	-	-	-	-	-
Net Cash position ¹	-	-	-	4,350	6,488	9,251
Leverage (Debt/EBITDA)	-	-	-	-	-	-
Free Cash Flow ¹	-	997	560	601	1,858	2,241
ROE (net income / shareholders' equity)	-	17.7%	13.5%	15.3%	16.2%	16.7%
ROA (Net income/ Total Assets)	-	-	-	13%	15%	16%
Assets ¹	-	-	-	13,180	14,289	16,323
Book Value Per Share ²	-	142.0	163.0	192.0	227.0	267.0
Cash Flow per Share	-	-	-	-	-	-
Capex ¹	-	715	1,048	1,000	1,133	1,133
Capex / Sales	-	3.19%	3.73%	3.18%	3.1%	2.74%
Announcement Date	30/08/21	16/05/22	20/05/23	-	-	-

¹INR in Million²INR

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Dodla Dairy Limited

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

973.3 INR

Average target price

1,127 INR

Spread / Average Target

+15.76%

Consensus

EPS Revisions

Estimates Revisions

Quarterly revenue - Rate of surprise

Company calendar

Sector Dairy Products

	1st Jan change	Capi.
INNER MONGOLIA YILI INDUSTRIAL GROUP CO., LTD.	+3.93%	2.44TCr
CHINA MENGNIU DAIRY COMPANY LIMITED	-19.90%	847.43Cr
WANT WANT CHINA HOLDINGS LIMITED	-0.85%	718.32Cr
NESTLÉ (MALAYSIA)	+9.69%	642.9Cr
VIETNAM DAIRY PRODUCTS	-0.89%	550.2Cr
CHINA FEIHE LIMITED	+6.79%	524.71Cr
GLANBIA PLC	+21.86%	517.12Cr
HEBEI YANGYUAN ZHIHUI BEVERAGE CO., LTD.	+24.88%	464.79Cr
THE A2 MILK COMPANY LIMITED	+48.26%	300.76Cr

Dairy Products