Watawala invests Rs. 365 m more to boost dairy business

Watawala Plantations (WPL) is to invest Rs. 365 million into the capital of its subsidiary Watawala Dairy Ltd. (WDL).

WDL will capitalise the investment amount by the issue to the company of 31.96 million fully paid ordinary shares at Rs. 11.42 per share.

At present WPL owns 89% stake amounting to 277 million shares in WDL. 

In FY22. WDL’s dairy production recorded 5.1 million litres with the milk produced being utilised for milk as well as milk-based products such as cheese, butter and ghee. The business line reported a

revenue of Rs. 694 million during the year, and a PAT of Rs. 27.7 million which is 38% growth from PAT of Rs. 20.1 million reported in FY21.

WDL’s dairy farm, which is home to 1,811 Australian and New Zealand cattle breeds, produces fresh cow milk.