Highlights from Dodla’s Q1FY24: (1) Milk procurement prices have corrected and it has led to gross and EBITDA margin expansion YoY. We model margin expansion to continue even in rest of FY24 led by correction in input prices, (2) volume growth was healthy at ~6.7% YoY; we model it to be in mid-high single digits in rest of FY24, and (3) the company has potential to gain market share considering additional profitability.