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Subscribe to Dodla Dairy: Anand Rathi

Anand Rathi has come out with its report on Dodla Dairy. The research firm has recommended to ''Subscribe'' the ipo in its research report as on June 15, 2021.

June 15, 2021 / 05:03 PM IST
IPO (Representative image)

IPO (Representative image)

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Anand Rathi IPO report on Dodla Dairy

Dodla Dairy Ltd is an integrated dairy company based in south India primarily deriving all of its revenue from the sale of milk and dairy based VAPs in the branded consumer market. Amongst private dairy players with a significant presence in the southern region of India, they are the third highest in terms of milk procurement per day (Source: CRISIL Report) with an average procurement of 1.02 million liters of raw milk per day (“MLPD”) as of Dec 31, 2020 and second highest in terms of market presence across all of India amongst private dairy players with a significant presence in the southern region of India (Source: CRISIL Report). Their operations in India are primarily across the five Indian states of Andhra Pradesh, Telangana, Karnataka, Tamil Nadu and Maharashtra. They process and sell retail milk and produce dairy based value-added products (“VAPs”) such as curd, Ultra-High Temperature processed (“UHT”) milk, ghee, butter, flavored milk and ice cream amongst others. They also manufacture and sell cattle feed to farmers through their procurement network. Their revenue from sale of milk and dairy based VAPs constituted 72.81% and 27.18% respectively, of their revenue in FY20.

Valuation and Outlook

Considering the company has a diversified product basket, strong brands and wide distribution network, we believe that the company will continue to perform well on both the top-line and the bottom-line front. Hence we recommend investors to Subscribe to the issue from a longer term perspective.

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