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Dodla Dairy: Healthy earnings profile from FY24 to drive rerating

The trend of low single-digit earnings growth witnessed over the past two years is expected to end and we expect decent double-digit earnings growth to resume from FY24

January 25, 2023 / 10:41 AM IST
Dodla Dairy: Healthy earnings profile from FY24 to drive rerating

DDL has a strong balance sheet and healthy return ratios. We advise investors to add the stock in the portfolio

PRO Only Highlights
Quarterly performance largely backed by improved realisations
Medium-term triggers China plus and protectionist measures for tyre industry
Valuations not inexpensive; but improved medium-term outlook

Highlights Mixed results for December 2022 quarter Industry-leading volume growth to continue Organic growth via entry into adjoining areas Healthy balance sheet to help exploit inorganic opportunities Margins to improve Dodla Dairy (DDL; CMP: Rs 508; Market Cap: Rs 3,022 crore) posted a mixed set of results for Q3FY22. While top line grew in healthy double digits, led by price hikes and volume growth, operating margins declined as milk procurement costs increased. DDL would continue to outgrow the dairy industry, led by its penetration into newer geographies. DDL...

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