Here is the local trend of milk prices in Odisha over last 3 years. Dont’ expect the cost trend for Virat to be very different than this.
Sep 2012 – Up from 24 to 26 for a litre of toned milk
http://archive.indianexpress.com/news/milk-prices-in-odisha-up-by-rs-2/1005969/
Feb 2013 – Up from 26 to 28 for a litre of toned milk
http://www.orissadiary.com/CurrentNews.asp?id=39185
Feb 2014 Up from 28 to 30 for a litre of toned milk
http://www.orissadiary.com/ShowBussinessNews.asp?id=47976
Aug 2014 Up from 30 to 32 for a litre of toned milk
Not finding a link for this, but refer the below link on business standard it confirms the hike news.
December 2014 Up from 32 to 34 for a litre of toned milk
http://www.business-standard.com/article/pti-stories/omfed-raises-milk-prices-by-rs-2-in-odisha-114121600715_1.html
So roughly 40% increase (24-34) in raw material cost in last 3 years between Sep 2012 to Oct 2015. With this being 80% of expenses am assuming it’s a pass through for Virat and hence 40% of the revenue increase we have seen in past 3 years is attributable to the increase in raw material price ? Will that be a correct way to interpret this data ? Because, Ghee after all is a commodity with price linked to milk price?
And without an increase in Milk prices, revenue growth might struggle to that extent ?
and like you mentioned, you are not expecting any more milk price hike soon 
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