Indian Dairy Market Overview

Key Highlights Revenue Gross Profit EBITDA Consolidated Revenue from Operations for Q2 FY20 stood at Rs. 6,400 million, a growth of 11.6% YoY from Rs. 5,735 million in Q2 FY19. . Growth was driven by an increase in revenue from Milk Products by 11% YoY to Rs. 4,360 million Gross Profit for Q2 FY20 stood at Rs. 1,643 million as compared to Rs. 1,768 million in Q2 FY19. • Gross margins stood at 25.7% in Q2 FY20 impacted due to disruptions in milk availability caused by prolonged monsoons . Substantial improvement in milk availability has been seen since Dusshera with a slight moderation in milk prices EBITDA for Q2 FY20 stood at Rs. 555 million as compared to Rs. 581 million in Q2 FY19. EBITDA Margin for Q2 FY20 stood at 8.7% which was impacted mainly due to decline in gross margins PAT • PAT for Q2 FY20 stood at Rs. 285 million as compared to Rs. 304 million in Q2 FY19 PARAG Ideas for a new day 6

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