Interim report
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S.R. BATL/80/ & ASSOCIATES LLP Chartered Accountants THE SKYVIEW 10 18th Floor, "NORTH LOBBY" Survey No. 83/1, Raidurgam Hyderabad - 500 032, India Tel : +91 40 6141 6000 Independent Auditor's Review Report on the Quarterly and Year to Date Unaudited Consolidated Financial Results of Dodla Dairy Limited Pursuant to the Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended Review Report to The Board of Directors Dodla Dairy Limited I. We have reviewed the accompanying Statement of Unaudited Consolidated Financial Results ofDodla Dairy Limited (the ·'Holding Company") , its subsidiaries (the Holding Company and its subsidiaries together referred to as "the Group") and its associate for the quarter ended September 30, 2025 and year to date from April O I, 2025 to September 30, 2025 (the ''Statement " ) attached herewith , being submitted by the Holding Company pursuant to the requirements of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations , 20 I 5, as amended (the "L isting Regulations "). 2. The Holding Company's Management is responsible for the preparation of the Statement in accordance with the recognition and measurement principles laid down in Indian Accounting Standard 34, (Ind AS 34) ·'Interim Financial Reporting" prescrib ed under Section 133 of the Companies Act, 2013 as amended , read with relevant rules issued thereunder and other accounting principles generally accepted in India and in compliance with Regulation 33 of the Listing Regulations. The Statement has been approved by the Holding Company ' s Board of Directors. Our responsibility is to express a conclusion on the Statement based on our review . 3. We conducted our review of the Statement in accordance with the Standard on Review Engagements (SRE) 24 I 0, --Review of Interim Financial Information Performed by the Independent Auditor of the Entity'' issued by the Institute of Chartered Accountants of India. This standard requires that we plan and perform the review to obtain moderate assurance as to whether the Statement is free of material misstatement. A review of interim financial infonnation consists of making inquiries , primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures . A review is substant ially less in scope than an audit conducted in accordance with Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion. We also performed procedures in accordance with the Master Circular issued by the Securities and Exchange Board of Indi a under Regulation 33(8) of the Listing Regulations , to the extent app licable. 4. The Statement includes the results of the following entities: Holding Company: Dodla Dairy Limited Subsidiaries: a) Dodla Holdings Pte Limited , Singapore b) Lakeside Dairy Limited, Uganda c) Dodla Dairy Kenya Limited , Kenya d) Orgafeed Private Limited, India e) Country Delight Dairy Limited , Kenya f) HR Food Processing Private Limited , India (with effect from August O I, 2025) Associate: Global VetMed Concepts India Private Limited, India S.R. Batlioo i & Associat es LLP, a Limited Liabi lit y Partner ship with LLP Identity No. AAB -'1 29 5 Regd. Office: 22, Camac Street, Block 'e', 3rd Floor, Kolkatii ·700 0 16
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S.R. BATL/B01 & ASSOCIATES LLP Chartered Accountants 5. Based on our review conducted and procedures performed as stated in paragraph 3 above and based on the consideration of the review reports of other auditors refen-ed to in paragraph 6 below , nothing has come to our attention that causes us to believe that the accompanying Statement, prepared in accordance with recognition and measurement principles laid down in the aforesaid Indian Accounting Standards ('Ind AS') specified under Section I 33 of the Companies Act, 2013 , as amended, read with relevant rules issued thereunder and other accounting principles generally accepted in India , has not disclosed the information required to be disclosed in terms of the Listing Regulations, including the manner in which it is to be disclosed, or that it contains any material misstatement. 6. The accompanying Statement includes the unaudited interim financial results , in respect of 3 subsidiaries, whose unaudited interim financial results include total assets of Rs. 1,627.37 million as at September 30, 2025 , total revenues of Rs. 1,237.82 million and Rs. 2,359 .91 million, total net profit after tax of Rs. 44.98 million and Rs. 130.28 million and total comprehensive income of Rs. 44.98 million and Rs. 130.28 million , for the quarter ended September 30, 2025 and the period ended on that date respectively, and net cash outflows of Rs. 26.34 million for the period from April O I, 2025 to September 30, 2025 , as considered in the Statement which have been reviewed by their respective independent auditors. The independent auditor's reports on interim financial results of these entities have been furnished to us by the Management and our conclusion on the Statement , in so far as it relates to the amounts and disclosures in respect of these subsidiaries is based solely on the report of such auditors and procedures perfonned by us as stated in paragraph 3 above. 7. The accompanying Statement includes unaudited interim financial results in respect of I associate , whose interim financial results includes the Group ' s share of net profit of Rs. Nil and Rs. Nii and Group ·s share of total comprehensive income of Rs. Nil and Rs. Nil for the quarter ended September 30, 2025 and for the period ended on that date respectively . The unaudited interim financial results of the associate have not been reviewed by any auditor and have been approved and furnished to us by the Management and our conclusion on the Statement, in so far as it relates to the affairs of the associate , is based solely on such unaudited interim financial results . According to the information and explanations given to us by the Management. these interim financial results are not material to the Group. Our conclusion on the Statement in respect of matters stated in para 6 and 7 above is not modified with respect to our reliance on the work done and the reports of the other auditors and the financial results certified by the Management. For S.R. Batliboi & Associates LLP Chartered Accountants ICAI Firm registration number: 101049W /E300004 (~)½ \..u2_ ·,llM per Mitesh K Parikh Partner Membership No.: 225333 UDIN : 25225333BMLXOl8340 Place: Hyderabad Date : November 03, 2025
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©O©L.71 DODLA DAIRY LIMITED CIN: LI5209TGI995PLC020324 Registered Office and Corporate Office: 8-2-293/82/A/270-Q, Road No. 10-C, Jubilee Hills, Hyderabad, 500 033, Telangana, India Tel: 040-4546 7777, Fax: 040-4546 7788 f in Millions exce t er share data Statement of Unaudited Consolidated financial results for the uarter and half ear ended 30 Se tember 2025 Particulars uarter ended Half ear ended Year ended 30-Sep-25 30-Jun-25 30-Sep-24 30-Sep-25 30-Sep-24 31-Mar-25 Unaudited Unaudited Unaudited Unaudited Unaudited Audited I. INCOME a) Revenue from operations 10,188.22 10,068.66 9,976.22 20,256.88 19,092.19 37,200.65 b) Other income 113.76 169.20 95.65 282.96 165.00 532.94 Total income (a+b( 10,301.98 10,237.86 10,071.87 20,539.84 19,257.19 37,733.59 2. EXPENSES a) Cost of materials consumed 7,569.29 7,106.08 6,123.68 14,675.37 12,322.79 24,670.10 b) Purchase of stock-in-trade 3.24 3.24 c) (lncrease)/decrease in inventories of finished goods, work-in-progress and stock-in-trade (204.76) 367.23 1,312.33 162.47 1,573.14 2,319.52 d) Employee benefits expense 499.17 471.42 397.12 970.59 791.99 1,599.15 e) Finance costs 8.26 6.86 8.43 15.12 18.97 37.06 0 Depreciation and amortisation expense 205.98 177.68 187.03 383.66 369.03 746.34 g) Other expenses 1,393.15 1,298.82 1,180.54 2,691.97 2,390.56 '4,803.64 Total expenses 9,474.33 9,428.09 9,209.13 18,902.42 17,466.48 34,175.81 3. Profit before share of profit of equity accounted investee and tax (1-2( 827.65 809.77 862.74 1,637.42 1,790.71 3,557.78 4. Share of profit of equity accounted investee, net of tax 5. Profit before tax (3-4) 827.65 809.77 862.74 1,637.42 1,790.71 3,557.78 6. Tax expense/( credit) a) Current tax 248.96 241.62 237.41 490.58 492.43 933.86 b) Adjustment of tax relating to earlier years (57.05) (19.19) (76.24) c) Deferred tax (20.91) (41.37) (8.43) (62.28) 14.28 24.62 Total tax expense 171.00 181.06 228.98 352.06 506.71 958.48 7. Profit for the period/year (5-6) 656.65 628.71 633.76 1,285.36 1,284.00 2,599.30 8. Other comprehensive income Items 1ha1 will no/ be reclassified subseq11en1/y to s/a/ement of prof/I and loss Remeasurement (loss)/gain on the net defined benefit obligation (3.59) (8.62) 1.26 (12.21) (3.99) (13.05) Income tax on above 0.91 2.17 (0.32) 3.08 1.00 3.29 Items that will be reclassified s11bseq11en1/y to s/atement of prof/I and loss Exchange differences on translating financial statements of foreign operations 79.92 16.39 11.55 96.31 47.40 84.06 Other comprehensive income for the period/year, net of tax 77.24 9.94 12.49 87.18 44.41 74.30 9. Total comprehensive income for the period/year (7+8) 733.89 638.65 646.25 1,372.54 1,328.41 2,673.60 Profit attributable to: Shareholders of the Company 656.65 628.71 633.76 1,285.36 1,284.00 2,599.30 Non-controlling interest Profit for the period/year 656.65 628.71 633.76 1,285.36 1,284.00 2,599.30 Other comprehensive income attributable to: Shareholders of the Company 77.24 9.94 12.49 87.18 44.41 74.30 Non-controlling interest Other comprehensive income for the period/year 77.24 9.94 12.49 87.18 44.41 74.30 Total comprehensive income attributable to: Shareholders of the Company 733.89 638.65 646.25 1,372.54 1,328.41 2,673.60 Non-controlling interest Total comprehensive income for the period/year 733.89 638.65 646.25 1,372.54 1,328.41 2,673.60 10. Paid-up equity share capital (Face value off 10 each) 603.28 11. Other equity 13,456.22 12. Earnings per share (Face value off 10 each) (not annualised for the quarters) a) Basic (in ~) 10.89 10.42 10.54 21.31 21.47 43.27 b) Diluted (in~) 10.89 10.42 10.54 21.31 21.47 43.27
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Consolidated Balance sheet (f in millions) Asat Asat Particulars 30-Seo-25 31-Mar-25 Unaudited Audited ASSETS Non-current assets Property, plant and equipment 7,451.46 6,712.83 Capital work-in-progress 291.81 118.72 Goodwill 1,832.02 515.70 Other intangible assets 749.99 30.13 Right-of-use assets 364.46 237.16 Biological assets other than bearer plants (i) Matured biological assets 5.44 6.13 (ii) Immatured biological assets 2.19 2.38 Financial assets (i) Investments 272.67 132.03 (ii) loans (iii) Other financial assets 265.40 150.13 Non-current tax asset (net) 58.48 54.24 Deferred tax assets (net) 114.25 0.29 Other non-current assets 322.58 l02.86 Total non-current assets 11,730.75 8,062.60 Current assets Inventories 1,549.13 1,617.22 Financial assets (i) Investments 3,804.84 6,307.63 (ii) Trade receivables 156.86 123.16 (iii) Cash and cash equivalent 1,309.37 897.45 (iv) Bank balances other than (iii) above 576.13 118.43 (v) Other financial assets 61.74 67.58 Other current assets 150.47 112.55 Total current assets 7,608.54 9,244.02 Total assets 19,339.29 17,306.62 EQUITY AND LIABILITIES Equity Equity share capital 603.28 603.28 Other equity 14.708.10 13.456.22 Equity attributable to shareholders of the Company 15,311.38 14,059.50 Non-controlling interest Total equity 15,311.38 14,059.50 Liabilities Non-current liabilities Financial liabilities (i) Borrowings 212.50 237.50 (ii) Lease liabilities 182.16 101.20 Provisions 175.56 143.62 Government grants 15.22 13.94 Deferred tax liabilities (net) 458.76 260.30 Total non-current liabilities 1,044.20 756.56 Current liabilities Financial liabilities (i) Borrowings 102.16 50.00 (ii) Lease liabilities 56.51 35.64 (iii) Trade payables (a) Total outstanding dues of micro enterprises and small enterprises; and 52.04 51.65 (b) Total outstanding dues of creditors other than micro enterprises and small enterprises 1,634.26 1,503.39 (iv) Other financial liabilities 697.24 490.36 Government grants 3.14 2.95 Other current liabilities 137.90 127.11 Provisions 90.53 70.19 Current tax liabilities (net) 209.93 159.27 Total current liabilities 2,983.71 2,490.56 Total liabilities 4,027.91 3,247.12 Total eQuitv and liabilities 19,339.29 17,306.62
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Consolid·1ted St·1tement of Cnsh Flows Hnlf yenr ended Half yenr ended Pnrticulnrs 30-Seo-25 30-Seo-24 Unaudited Unaudited C:t~h nows from 011erating nctivities 1,637.42 1,790.71 Profit before l:L~ Adjustments to reconcile profit before tax to net cash nows: Depreciation and amortisation expense 383.66 369.03 Changes in fair value of biological assets (0.11) (0.44) (Profit)noss on sale/ retirement of property, plant and equipment, net (2.01) 2.30 Loss on sale/ discard of biological assets, net 0.59 0.98 Interest income (44.75) (35.73) Finance costs 15.12 18.97 Dividend from current/non-current investment (2.10) Profit on sale of investments in mutual funds, net (144.10) (63.36) Fair value gain on financial assets measured at fair valne through profit and loss (48.34) (30.59) Impainnent reversal on doubtful advances, net (0.53) (0.73) lmpainnent (reversal)/allowance on trade receivables, net (1.51) 1.30 Bad debts written off 0.16 Amortisation of government grants (1.45) (1.43) Loss on account of foreign exchange fluctuations, net 0.08 2.19 Operuting 11rofit before working c1111itnl chnngcs 1,792.13 2,053.20 Working capitnl ndjustments Increase in trade receivables (7.70) (89.35) Decrease in inventories 152.61 1,594.33 Decreasc/(incrcase) in other financial assets 39.35 (6.70) (lncrease)/decrease in other current and non-current assets (38.72) 30.10 Increase in trade payables and other financial liabilities 124.05 103.54 Increase in provisions 22.24 26.98 (Decrease)/incrcase in other cnrrent and non-current liabilities (0.35) 116.50 Cnsh generated from operations 2,083.61 3,828.60 Income taxes paid, net (364.87) (407.41) Net cnsh flows from operating nctivities 1,718.7-1 3,-121.19 Cnsh flows from investing nctiYities Acquisition of property, plant and equipment and intangible assets (771.96) (414.76) Proceeds from sale of property, plant and equipment 11.56 8.42 Proceeds from sale of biological assets 0.40 0.75 Purchase of investments (mutual funds and bonds) (9,805.85) (12,453.91) Proceeds from sale of investments (mntual funds and bonds) 12,365.61 9,751.59 Interest received 21.18 38.19 Dividend from current/non-current investment 2.10 Pa)1nent towards acquisition of subsidiary (2,7IO.00) Investment in bank deposits (having original maturity of more than three months) (500.41) (330.26) Redemption of bank deposits Oiaving original maturity of more than three months) 204.58 Net cash flows used in investing activities 11,182.79) (3,399.98) Cnsh flows from finnncing nctivities Repa)1nent of borrowings (25.00) Issue of shares 178.20 Pa)1nent of dividend (120.66) Pa)anent of principal portion of lease liabilities and interest (27.84) (19.35) Finance costs paid I (6.11) (11.46) Net cnsh flows (used in)/from financing nctivities (179.61) 1-17.39 Net incrense in cnsh nnd cnsh equivnlents 356.3-1 168.60 Cash and cash equivalents at tlie beginning of the year 897.45 1,033.83 Cash taken over on acquisition of subsidiary (21.92) Effect of exchange differences on translation of foreign currency cash and cash equivalents 25.34 I0.96 Cush nnd cnsh eauivnlents at end of the wnr (refer note below) 1,257.21 1,213.39 Note: Cnsh and c·tsh euuiv·tlents 11.1 ner ·1bove comnrise of the followin!!' Pnrticulnrs Asat Asnt 30-Sen-25 30-Sen-24 Balances with banks -in current accounts 1,301.47 989.42 -in deposit accounts (with original maturity of less than three montl1s) 211.03 Cash on hand 7.90 12.94 Total cnsh nnd c:ish equivnlcnts 1,309.37 1,213.39 Bank o,·erdrafts account balances (52.16) Net cnsh :md c:ish equi\'lllcnts 1,257.21 1,213.39
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Notes: I .The unaudited consolidated financial results of Dodla Dairy Limited ("the Company"), its subsidiaries (the Company and its subsidiaries together referred to as "the Group") and its associate have been prepared in accordance with Indian Accounting Standards ("Ind AS'~ prescribed under Section 133 of the Companies Act, 2013 ('the Act'), as amended, read with the relevant rules thereunder, other accounting principles generally accepted in India and in tem1s of Regulation 33 of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended. 2.ll1e above results for the quarter and period ended 30 September 2025 of the Group have been reviewed by the Audit Committee and approved by the Board of Directors at their meetings held on 03 November 2025 and have been subject to a limited review by the Statutory Auditors of the Company. ll1e Statutory Auditors have expressed an unmodified review opinion on these results. 3.Pursuant to the approval of the Board of Directors at their meeting held on 11 July 2025, the Company entered into Share Purchase Agreements ("SPA") for the acquisition of I 00% of the issued and paid-up share capital of HR Food Processing Private Limited ("Osam Dairy") for a cash consideration of Rs. 2,710.00 million. The transaction was accounted in accordance with Ind AS l03 -Business Combinations and based on the provisional allocation of purchase price, the Company has recognised net assets (including intangible assets) of Rs. 1.393.68 million and goodwill of Rs. 1,316.32 million. Consequent to this acquisition, Osam Dairy became a subsidiary of the Company with effect from O I August 2025 upon satisfactory completion of the closing conditions under the SPA and has been consolidated with effect from that date. Current quarter/period numbers may not be comparable with comparative numbers due to the acquisition in the current quarter and-period ended 30 September 2025. 4.Consolidated segment wise revenue and results Based on the internal reporting provided to the Chief Operating Decision Maker, the consolidated financial results relate to "Milk and Milk Products" as the only reportable primary segment of the Group under the provisions of Ind AS l08 "Operating Segments". The geographical infom1ation analyses the Group's revenues and non-current assets by the Holding Company's country of domicile (i.e. India) and other countries. In presenting the geographical infom1ation, segment revenue has been based on the geographic location of customers and segment assets which have been based on the geographical location of the assets. (f in millions) Quarter ended Halfvear ended Year ended (i) Revenue from operations 30-Seo-25 30-Jun-25 30-Seo-24 30-Seo-25 30-Seo-24 31-Mar-25 Unaudited Unaudited Unaudited Unaudited Unaudited Audited India 9,037.58 9,004.54 9,032.74 18,042.13 17,304.05 33,406.16 Outside India 1,150.64 1.064.12 943.48 2.214.75 1.788.14 3.794.49 TOTAL 10 188.22 10,068.66 9.976.22 20,256.88 19,092.19 37,200.65 (f in millions) Quarter ended Halfvear ended Year ended (ii) Non-current assets 30-Sep-25 30-Jun-25 30-Sep-24 30-Sep-25 30-Sep-24 31-Mar-25 Unaudited Unaudited Unaudited Unaudited Unaudited Audited India 10,645.16 7,568.53 6,808.64 10,645.16 6,808.64 7,132.43 Outside India 1,085.59 1,031.55 901.63 1,085.59 901.63 930.17 TOTAL ll 730.75 8 600.08 7 710.27 11 730.75 7,710.27 8,062.60 5.Certain Standalone Information of the Company in tem1s of Regulation 47( I )(b) of the Securities and Exchange Board of India (Listing Obligation and Disclosure Requirements) Regulations, 2015 is as under: (fin millions) Quarter ended Halfvear ended Year ended Particulars 30-Seo-25 30-Jun-25 30-Seo-24 30-Seo-25 30-Seo-24 31-Mar-25 Unaudited Unaudited Unaudited Unaudited Unaudited Audited Revenue from operations for the period/year 8,545.83 9,006.74 9,031.94 17,552.57 17,311.08 33,415.28 Profit before tax for the period/year 722.28 754.82 797.93 1,477.10 1,529.90 3,242.71 Net profit for the period/year after tax 537.66 623.64 594.47 1,161.30 1,136.68 2,469.82 Other comprehensive income for the period/year (2.56) (6.41) 0.94 (8.97) (3.01) (9.80) Total comorehensive income for the oeriod/vear 535.10 617.23 595.41 1,152.33 1.133.67 2,460.02 6. ll1e above Unaudited Consolidated Financial Results of the Group are available on the Company's website (www.dodladairy.com) and on the website ofBSE (m,w.bseindia.com) and NSE (www.nscindia.com), where the shares of the Company are listed. Place : Hyderabad Date: 03 November 2025 For and on behalf of the Board of Directors of Dodla Dairy Limited Dodla Sunil Reddy Managing Director DIN: 00794889