Dodla Dairy Ltd

- The company has taken a project loan to finance the Orgafeed expansion, which has increased finance costs in Q1 FY25 (Page 4). - There is no mention of any new or future fundraising through debt or equity in the current or upcoming financial year. - The management noted that the major capex for the Kenya plant acquisition and expansion is already done and only minor maintenance capex is planned for the coming year (Page 13). - No specific plans for additional fund raising were discussed during the call.

- Capex for the international business, particularly in Kenya, was largely completed last year with the acquisition of a plant that commenced production in January FY25. - No significant new capex planned for the coming year in the international business; only minor maintenance capex expected. - Expansion in the Orgafeed business included a bigger feed plant that began operations last year; current utilization is below optimal but expected to reach 60-65% by FY26. - Overall, capex focus appears on maintenance and optimizations rather than major new investments in the immediate future. - Strategic emphasis remains on growing the farmers' network, improving procurement efficiency, and expanding product reach rather than large capital expenditure.

- Revenue growth for FY’25 is expected to be around 10%, driven by a mix of value-added products, price increases, and product mix changes. - Sales volume growth is currently modest at about 2.5% for milk but higher at 6.3% for curd; overall volume growth is expected to remain steady with opportunities in curd and value-added products. - EBITDA and PAT are both projected to grow in the range of 18% to 20% year-on-year for FY’25. - Value-added product contribution is targeted to remain around 33%-35% with margins of 12%-13%; plain liquid milk margins are estimated at 7%-8%. - International business (Africa) aims for 10%-15% sustainable revenue growth. - Capacity expansions, including new plants (e.g., Kenya and Orgafeed), support growth prospects. - Strategic pricing and improved milk procurement efficiencies aim to sustain robust volume growth amidst industry competition.

- EBITDA margins are expected to be maintained around current levels, with slight variations of ±0.5%. - EBITDA and PAT growth for FY25 is projected in the double digits, approximately 18%-20%. - Revenue growth for FY25 is anticipated around 10%, driven by value, price, and product mix. - Value-added products will continue to hold about 33%-34% share with EBITDA margins slightly lower than 15%, approximately 12%-13%. - Liquid milk EBITDA margins are expected to remain steady at 7%-8%. - Consolidated businesses like Africa and Orgafeed are projected to grow significantly, with Africa growing at 10%-15% annually and doubled revenue expected for Orgafeed. - Continued focus on operational efficiencies, product mix improvement, and market expansion will support healthy profitability. - The company aims to sustain current PAT margins and bottom-line growth consistent with Q1 FY25 performance.

The provided transcript from the Dodla Dairy Limited Q1 FY25 conference call does not mention any details regarding the current or expected order book or pending orders. The discussion primarily focused on: - EBITDA and PAT growth projections (18%-20% range for both in FY25) - Milk procurement prices and sales realizations for Q4 and Q1 (standalone) - Revenue growth outlook across different segments including Africa and Orgafeed businesses - Product mix and margins of value-added products versus plain milk - Competitive environment and supply chain strategies No specific information on order backlog, pending orders, or order book status was provided in the call transcript.