Q1FY25 Concall notes
procurement prices have trended down. Standalone Procurement price is 35.45/litre in Q1 compared to 36.91 in Q4, 38.71 in Q3, 39.07 in Q2. Expected to remain stable this year
Realizations are Rs 59.56/litre in Q1, 57.82 in Q4. Mentioned price realization as something different for Q1 in some other part of the call. (Need to understand)
Orgafeed to increase from 84 to 160 crs. Capacity is 14000 tonnes (12k tonnes new plant and 2k tonnes for old plant. Current utilization is 4k tonnes). Peak revenue possible from orgafeed plant is 500 crs. (my inference)
Africa consol (Singapore subsidiary) to increase from 218 to 360 crs. Africa margins are double of India (around 20%)
VAP mix will be around one third of overall sales this year. Normally liquid milk gives 8% EBITDA margin while value added products give 12-13% margin. In value added products, ghee and butter have less margin (around 5-6%) while butter milk, curd, lassi have 15% margins
Revenue growth for full year will be on same lines as first quarter.
Another 10 cr of MTM loss booked on inventory in Q1 on top of 23 cr booked in Q4. Based on NRV
Flush season starts with monsoon and lasts for Q2 and Q3. Normally Q2 and Q3 gross margins are best
Disc: Invested at lower levels and not SEBI registered
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