• Margin recovery target: Profitability dropped due to elevated summer procurement prices, packaging costs, and labor codes, but passing price increases to customers is expected to restore margins to the 7–8% range in coming quarters.
• Value-added product performance: Value-added products maintained an approximate 35% share of total revenue, led by a 41% surge in curd sales driven by an elongated, hotter summer.
• OSAM integration timeline: The acquired HR Foods (OSAM) business in Bihar and Jharkhand is integrated into revenue and is expected to achieve comparable operational margins within six months as milk procurement scales up.
• African business expansion: Capacity utilization at the Kenya plant reached 70–75%, while 70 acres of land have been acquired in Uganda to build a new plant and expand into pasteurized fresh milk.
• Capex and investments: The planned ₹580–590 crore capex primarily covers the ₹275 crore OSAM acquisition and a ₹300-odd crore Maharashtra plant, alongside an ₹11–11.5 crore investment for a 2% stake in D2C brand Sid's Farm.