$HATSUN

India Dairy Sector – NDDB Outlook Monsoon Impact - Weak Monsoon Not Expected To Significantly Impact Milk Production - Fodder Availability Comfortable In Most Regions - NDDB Has Backup Feed & Dry Fodder Arrangements Milk Prices - No Milk Price Hike Planned Currently - Higher Input Costs Already Absorbed - Producer Payouts To Farmers Increased Production Trends - FY25 Milk Production: 247.9 Mn Tonnes - Growth: 3.6% YoY - Long-Term CAGR: 5–6% Demand-Supply Outlook - Production & Consumption Growing Together - No Major Supply Shortage Expected - Comfortable Outlook For Next 10–15 Years Key Challenge - Animal Productivity Remains Low - India: ~2,200 Kg Milk/Animal/Lactation - Global Average: 10,000+ Kg Potential Beneficiaries - GCMMF (Amul) - Mother Dairy - Hatsun Agro - Heritage Foods - Parag Milk Foods Key Takeaway - Milk Supply Outlook Remains Stable - Near-Term Price Hike Risk Low - Productivity Improvement Remains The Biggest Long-Term Growth Opportunity