Dodla Dairy Q2 profit falls 44 pc to Rs 37 cr

New Delhi, Oct 29 (PTI) Dodla Dairy Ltd's consolidated net profit has declined 44 per cent to Rs 36.59 crore in the second quarter of this fiscal despite revenue growth.

     The company had posted a net profit of Rs 65.67 crore in the year-ago period.

     Total income rose to Rs 1,206.96 crore during the quarter ended September from Rs 1,030.20 crore in the corresponding period of the preceding year, according to a regulatory filing on Wednesday.

     The net profit fell due to higher expenses, driven by increased cost of milk procurement.

     During the first six months of this fiscal, the company's net profit fell to Rs 77.23 crore from Rs 128.53 crore in the year-ago period.

     Total income increased to Rs 2,418.48 crore in the April-September period of this fiscal from Rs 2,053.98 crore in the corresponding period of the preceding year.

     The company's board approved a proposal to establish a Joint Venture company in India in collaboration with Meadow India Holdings Ltd (MIHL).

     Dodla Dairy will hold 40 per cent stake in the JV while Meadow India Holdings Ltd (MIHL) will have 60 per cent stake.

     The proposed joint venture will focus on marketing and selling high-quality dairy ingredients to the business-to-business (B2B) market in India.

     Hyderabad-based Dodla Dairy Ltd is one of India’s leading integrated dairy companies. The company procures, processes, and sells milk and milk products. The company has international operations in Uganda and Kenya. Through its subsidiary OSAM, it operates in Bihar and Jharkhand.

(This story has not been edited by THE WEEK and is auto-generated from PTI)