FREE Equity Delivery and MF
Flat ₹20/trade Intra-day/F&O
Particulars | 9 months FY21 | FY20 | FY19 | FY18 |
Total Revenue | 1417.04 | 2145.65 | 1699.46 | 1597.01 |
Revenue from operations | 1413.51 | 2139.37 | 1691.67 | 1590.48 |
PAT | 116.39 | 49.87 | 62.76 | 56.85 |
EBITDA | 210.03 | 147.2 | 141.94 | 119.26 |
Total Assets | 863.79 | 800.31 | 751.92 | 751.92 |
EBITDA Margin | 14.82% | 6.86% | 8.35% | 7.47% |
Net Margin | 8.21% | 2.32% | 3.69% | 3.56% |
With annualised EPS of 27.88, P/E is 15.35 calculated at upper price band of Rs 428 per share. Based on FY20 earnings, P/E is 47.77. The sector average P/E is 66.07 (with reference to the listed peers) which suggest that the IPO appears near to fully priced. (Since 9M FY21 revenues have increased considerably and whether this increasing trend would continue is futuristic, hence FY20 earnings are considered.)
At NAV of Rs 98.74 as on 31st Dec 2020, P/BV is 4.33x.
Dodla Dairy offers diversified products under its brands and also has overseas operations in Uganda and Kenya. It is the third largest in terms of milk procurement per day in its area of operations.
The Issuer faces challenges in the form of concentration risk and competition from both the organized and unorganized players in the sector. The financial performance appears to be volatile; achieving consistency may be a challenge. Hence the investors may consider buying from the market.
Review By CA Priyanka Choudhary on 10th Jun 2021
About CA Priyanka Choudhary
Priyanka Choudhary Jain is a Chartered Accountant and an experienced credit analyst. She has worked with CRISIL as Senior Credit Analyst on ratings assignments including business and financial analysis in Corporates as well as the Public Finance Sector.
Email: [email protected]
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