DODLA DAIRY 2023-24 Annual Report Analysis

Wed, 12 Jun

DODLA DAIRY has announced its results for the year ended March 2024. Let us have a look at the detailed performance review of the company during FY23-24.

DODLA DAIRY Income Statement Analysis

• Operating income during the year rose 11.1% on a year-on-year (YoY) basis.
• The company's operating profit increased by 50.8% YoY during the fiscal. Operating profit margins witnessed a fall and down at 9.3% in FY24 as against 6.8% in FY23.
• Depreciation charges increased by 14.4% and finance costs increased by 34.7% YoY, respectively.
• Other income grew by 17.5% YoY.
• Net profit for the year grew by 36.4% YoY.
• Net profit margins during the year grew from 4.3% in FY23 to 5.3% in FY24.

DODLA DAIRY Income Statement 2023-24

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Net Sales	Rs m	28,120	31,255	11.1%
Other income	Rs m	233	274	17.5%
Total Revenues	Rs m	28,354	31,529	11.2%
Gross profit	Rs m	1,919	2,893	50.8%
Depreciation	Rs m	612	701	14.4%
Interest	Rs m	21	29	34.7%
Profit before tax	Rs m	1,518	2,438	60.6%
Tax	Rs m	296	771	160.7%
Profit after tax	Rs m	1,223	1,667	36.4%
Gross profit margin	%	6.8	9.3
Effective tax rate	%	19.5	31.6
Net profit margin	%	4.3	5.3

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DODLA DAIRY Balance Sheet Analysis

• The company's current liabilities during FY24 stood at Rs 3 billion as compared to Rs 2 billion in FY23, thereby witnessing an increase of 21.6%.
• Long-term debt stood at Rs 288 million as compared to Rs 180 million during FY23, a growth of 59.7%.
• Current assets rose 49% and stood at Rs 7 billion, while fixed assets fell 1% and stood at Rs 8 billion in FY24.
• Overall, the total assets and liabilities for FY24 stood at Rs 15 billion as against Rs 13 billion during FY23, thereby witnessing a growth of 18%.

DODLA DAIRY Balance Sheet as on March 2024

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Networth	Rs m	9,692	11,358	17.2
Current Liabilities	Rs m	2,155	2,621	21.6
Long-term Debt	Rs m	180	288	59.7
Total Liabilities	Rs m	12,514	14,777	18.1
Current assets	Rs m	4,739	7,084	49.5
Fixed Assets	Rs m	7,775	7,693	-1.0
Total Assets	Rs m	12,514	14,777	18.1

DODLA DAIRY Cash Flow Statement Analysis

• DODLA DAIRY's cash flow from operating activities (CFO) during FY24 stood at Rs -7 million on a YoY basis.
• Cash flow from investing activities (CFI) during FY24 stood at Rs 300 million on a YoY basis.
• Cash flow from financial activities (CFF) during FY24 stood at Rs -13 million on a YoY basis.
• Overall, net cash flows for the company during FY24 stood at Rs 283 million from the Rs -348 million net cash flows seen during FY23.

DODLA DAIRY Cash Flow Statement 2023-24

Particulars	No. of months	12	12	% Change
	Year Ending	Mar-23	Mar-24
Cash Flow from Operating Activities	Rs m	1,608	-7	-
Cash Flow from Investing Activities	Rs m	-2,137	300	-
Cash Flow from Financing Activities	Rs m	146	-13	-
Net Cash Flow	Rs m	-348	283	-

Current Valuations for DODLA DAIRY

• The trailing twelve-month earnings per share (EPS) of the company stands at Rs 28.0, an improvement from the EPS of Rs 20.6 recorded last year.
• The price to earnings (P/E) ratio, at the current price of Rs 1,034.0, stands at 36.9 times its trailing twelve months earnings.
• The price to book value (P/BV) ratio at current price levels stands at 5.4 times, while the price to sales ratio stands at 2.0 times.
• The company's price to cash flow (P/CF) ratio stood at 19.3 times its end-of-year operating cash flow earnings.

Per Share Data/Valuations

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*
Sales per share (Unadj.)	Rs	472.7	525.4
TTM Earnings per share	Rs	20.6	28.0
Diluted earnings per share	Rs	20.6	28.0
Price to Cash Flow	x	15.1	19.3
TTM P/E ratio	x	22.6	36.9
Price / Book Value ratio	x	3.1	4.0
Market Cap	Rs m	29,598	45,714
Dividends per share (Unadj.)	Rs	0.0	0.0

Ratio Analysis for DODLA DAIRY

• Solvency Ratios

Current Ratio: The company's current ratio improved and stood at 2.7x during FY24, from 2.2x during FY23. The current ratio measures the company's ability to pay short-term and long-term obligations.

Interest Coverage Ratio: The company's interest coverage ratio improved and stood at 85.9x during FY24, from 72.2x during FY23. The interest coverage ratio of a company states how easily a company can pay its interest expense on outstanding debt. A higher ratio is preferable.

• Profitability Ratios

Return on Equity (ROE): The ROE for the company improved and stood at 14.7% during FY24, from 12.6% during FY24. The ROE measures the ability of a firm to generate profits from its shareholders capital in the company.

Return on Capital Employed (ROCE): The ROCE for the company improved and stood at 21.2% during FY24, from 15.6% during FY23. The ROCE measures the ability of a firm to generate profits from its total capital (shareholder capital plus debt capital) employed in the company.

Return on Assets (ROA): The ROA of the company improved and stood at 11.5% during FY24, from 9.9% during FY23. The ROA measures how efficiently the company uses its assets to generate earnings.

Key Ratio Analysis

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*
Current ratio	x	2.2	2.7
Debtors’ Days	Days	1	1
Interest coverage	x	72.2	85.9
Debt to equity ratio	x	0.0	0.0
Return on assets	%	9.9	11.5
Return on equity	%	12.6	14.7
Return on capital employed	%	15.6	21.2

To see how DODLA DAIRY has performed over the last 5 years, please visit here.

DODLA DAIRY Share Price Performance

Over the last one year, DODLA DAIRY share price has moved up from Rs 525.7 to Rs 1,034.0, registering a gain of Rs 508.3 or around 96.7%.

Overall, the S&P BSE SENSEX is up 22.6% over the year.

(To know more, check out historical annual results for DODLA DAIRY and quarterly results for DODLA DAIRY)