Research Article

An Economic Analysis of Investment P

attern,
Pattern,
Cost of Milk P
roduction and P
rofitability of
Production
Profitability
Commer
cial Dair y FFarms
arms in Maharashtra
Commercial
Avinash K. Ghule*1, N. K. Verma 1, A. K. Cahuhan1 and Pravin Sawale2
National Dairy Research Institute, Karnal-132001 (Haryana)
Dairying in India has traditionally been a small holders' enterprise. As the demand for milk and
milk product is increasing rapidly, milk producers have been adopting dairy farming on
commercial scale to tap the market opportunities. The present study conducted on 40 commercial
dairy farms in Ahmednagar district of Maharashtra (India) in the year 2009-10 analyses their
capital investment, cost and returns and the profitability. The farms were classified into small,
medium and large categories based on herd size. Small, medium and large dairy farms maintained
10.55, 14.11 and 34.66 milch animals respectively. The average investment per farm was
estimated to be Rs. 12.17 lakhs. The share of dairy animals in total investment ranged from
51.28 % (small farms) to 70.12 % (large farms). The average productivity of cross-bred cattle was
9.72, 9.58 and 9.49 litres of milk per day for small, medium and large category of commercial
farms; while per litre cost of milk production thereon were Rs. 12.49, Rs.12.58 and Rs. 11.48
respectively. The net return over cost per litre of cow milk produced was Rs. 2.16. All the farms
were financially viable earning a net profit of Rs. 1,91,458 per farm per year.
Keywords: Commercial farms, Investment, Cost, Profitability

INTRODUCTION

and urban areas respectively (NSS 64th round).

irying in India, over the years, has

D awitnessed
a sea change from a largely

The changing economic scenario throws open the

challenges as well as the underlying opportunities
to increase milk production with the help of
scientific breeding, feeding and management of
huge livestock wealth India possesses so that milk
supply side matches the demand side effectively.
Dairying in India has traditionally been a small
holders' enterprise. As the demand for milk and
milk product is increasing rapidly, a shift in the
production paradigm is quite visible. The milk
producers are scaling up their milk production
capacities and adopting dairy farming on
commercial lines to tap the market opportunities.
As a result many commercial dairy farms have
come up in the country.

unorganized activity into a blooming organized

industry. Dairy Industry is one of the fastest
expanding industries in the world. India ranks
first in world milk production, its production
having increased from 17 million tonnes in 195051 to 121.8 million tonnes by 2010-11 (Economic
Survey 2011-12). The demand for milk is projected
to be 181 million tonnes by 2020 (India Vision
2020) which shall be further propelled due to
increasing middle class population with high
disposable income along with fast changing socioeconomic and cultural values and health
consciousness. Milk and milk products in India
are consumed by 77.5 per cent of rural and 88.7
percent of urban households and these food items
find an important place in their diets. The
average monthly per capita expenditure on milk
and milk products is Rs.60 and Rs.107 in rural

Investment pattern on a dairy farm largely

depends on the returns obtained from them.
Earlier studies on economics of milk production
(Pant and Karanjkar 1965; Chattraji and Singh
1989; Chand et al. 2002; Kumar 2003; Desai

*1
2
3

Author for corrospondance: Email: avinash_ghule@rediffmail.com

Dairy Economics, Statistics and Management Division, National Dairy Research Institute, Karnal (Haryana)
Dairy Technology Division, National Dairy Research Institute, Karnal (Haryana)
The paper is part of first author's M.V.Sc. Thesis (2010) submitted to National Dairy Research Institute (Deemed
University), Karnal (Haryana).
2012-053 Received:February 2012; Accepted:July 2012

329

Indian J. Dairy Sci. 65(4), 2012

Avinash K. Ghule et al.

2005; Singh 2008) indicated that the share of

investment on animal remains the highest
followed by buildings and equipment.

commercial dairy farms were selected on the

basis of probability proportionate to the number
of dairy farms in each category.

Observing the cost of production is one of the

foremost factors that one has to inevitably
consider in accessing any commercial enterprise.
The profit of the firm can be maximized either
through maximization of returns or minimization
of cost. Individual producer have little control
over returns being largely dependent on external
environment of the firm. Hence cost
minimization is an important tool in the hands
of entrepreneur through which profit could be
maximized. The studies on the commercial dairy
farms (Pant and Karanjkar 1965; Chand et al.
2002; Shergill 2006) reported that feed cost was
the major cost component in the total expenses.
There were a large inter farm-group variations
regarding cost of milk production and earnings.
The study on maintenance cost per milk animal
(Autkar et al. 1995) showed that the major items
of maintenance cost were feed, human labour
and interest on working fixed capital.

Primary data on various aspects of milk

production enterprises were collected from each
of the selected dairy units by personal interview
method. The data were scrutinized, tabulated
and subjected to tabular analysis. The following
methodology was adopted to analyse investment
pattern, cost of milk production and profitability
on sample commercial dairy farms.

DATA AND METHODOLOGY

Commercial dairy farming is being done in parts
of western and eastern Maharashtra and has
taken considerable momentum in the other parts
of the state. Some regional trend in the growth
of the dairy sector, in fact, suggests that there
is a sufficient scope for further improvement
in the dairy sector in Maharashtra. Ahmednagar
district was selected purposively as it ranks
first in milk production in the state and has
well
developed
dairy
infrastructure.
Geographically the district is positioned at the
centre of the state having easy access to some
important markets like Mumbai, Thane, Pune,
Nashik and Aurangabad cities. This led to
establishment of a large number of commercial
herds in the area.
Two tehsils, Sangamner and Rahuri from
Ahmednagar district were selected randomly and
from each tehsil, a cluster of six villages having
maximum number of commercial dairy farms
were identified. To select a sample of commercial
farms, complete enumeration of commercial dairy
farms in these villages was done. The
commercial dairy farms based on herd size were
categorized into three classes namely small,
medium and large using cumulative square root
frequency method of stratification. Finally 40

Capital Investment
The fixed investment on a commercial dairy
farms comprised of investment on animals
including milch animals, young stock and heifers,
bulls and draft animals, investment on cattle
shed and stores, machinery and equipments.
Costs and Returns Concepts
Fixed Cost: It includes interest on fixed capital
and depreciation on animals, cattle sheds and
machinery. The interest on fixed capital was
worked out at the then prevailing rate of interest
i.e. at 7.50 per cent per annum. Depreciation
on fixed capital was worked out separately for
milch animals, cattle shed, machinery and
equipments keeping in view the present value
and useful economic life of the capital asset.
Depreciation rate on milch animals was worked
as follows:
Cross- bred cows

- 8 per cent (productive

life 12.5 years),

Local cows and Buffaloes - 10 per cent

(productive life 10 years),
Depreciation rates on cattle shed, stores and
dairy equipments were applied as under
Particulars

Depreciation rate
per annum (%)

Pucca building

Semi-pucca building

Bullock cart

10

Chaff cutter

10

Milk cans and petty items

20

As the commercial dairy farm maintained

animals of different species and age groups, to
determine the relative share of fixed cost
attributable to milch stock, the livestock
maintained at the farm were converted into
330

Commercial Dairy Farms in Maharashtra

Standard Animal Units (SAU's) as per the

methodology suggested by Patel, R. K., et al. 1983.
The fixed cost was apportioned on the basis of
Standard Animal Units the following relative
weights were assigned
Local cow
Crossbred cow
Buffalo
Crossbred heifer (> 1 yr.)
Crossbred heifer (> 2 yr.)
Buffalo/Local calves (> 1 yr.)
Buffalo/Local heifer (> 2 yr.)

=
=
=
=
=
=
=

1.00
1.40
1.30
0.75
1.00
0.50
0.75

Other calves (< 1 yr.)

= 0.33

Net Cost = Gross Cost - Imputed value of dung

iv)

Cost per Litre of Milk Production

In order to estimate the cost per litre of milk,

the average net maintenance cost per animal
per day was divided by average milk production
per animal per day, i.e.
Net maintenance cost per
animal per day
Cost Per Litre (Rs.)

= -----------------------------Total milk produced per

animal per day

i) Variable Costs
These costs include feed cost, labour cost,
veterinary cost and other miscellaneous costs.

v)

Gross Returns:

Gross returns were obtained by multiplying milk

yield of an individual animal with respective
prevailing price of milk in the study area, i.e.

Feed cost: The cost incurred on green fodder,

dry fodder and concentrate to feed the animals
constituted feed cost. It was worked out by
multiplying quantities of feeds and fodder
consumed by animals with their respective
prevailing prices in the study area. All the
commercial farms adopted collective stall-feeding
of their animals. To apportion the joint costs
on feeds and fodder, standard animal units
approach was applied.

Gross Returns = Quantity of milk x

Market price of milk

Labour Cost: It included family as well as paid

hired labour. The hired labour was calculated
considering time utilised in various dairy
activities and wages paid. In case of family
labour, the imputed value was taken as per the
prevailing wage rate of casual labour in the study
area.

Where,

Veterinary Cost: It included the cost incurred

on natural service, artificial insemination (A.I.),
vaccination, medicines and other charges/fees
of veterinary doctors.

Price of Milk: The price of milk differs according

to type of milk and the season. The weighted
average price of milk was calculated for each
commercial farm as under:
Pi . Wi
Weighted average price = -------------- Wi
Pi is the price per litre of ith type of milk, and
Wi is the total quantity in volume of i th type of
milk sold by the farm.
Net Returns:
Net returns were calculated by subtracting net
cost from gross returns, i.e.
Net Returns = Gross Returns - Net Cost

Miscellaneous Costs: The cost on repairs,

electricity, water charges, bucket, rope, etc
formed this group.

Profitability
The profitability of each category of farm was
worked out on the basis of milk supplied to various
agencies, milk retained at home and net returns
over cost per litre of milk produced.

ii)
Gross Cost: It was obtained by adding all
the cost components included in the fixed and
variable costs, i.e.

RESULTS AND DISCUSSION

The number of commercial dairy farms selected
in each category is presented in the Table 1.

Gross Cost = Total Fixed Cost

+ Total Variable Cost

Socio-Economic Profile of the Commercial Farms

iii)
Net Cost: The net cost was reckoned by
deducting the imputed value of dung, from the
gross cost, i.e.

The information relating to family size,

educational status, land holding etc. of the dairy
owners have been analysed and presented below
in Table 2.

331

Indian J. Dairy Sci. 65(4), 2012

Avinash K. Ghule et al.

Table 1: Selection of Sampled Commercial Farms in Ahmednagar District

Category

Total number of
commercial dairy farms

Farms selected

115
46
48
209

22
9
9
40

Small ( 10 to 12 milch animals)

Medium ( 13 to 15 milch animals)
Large ( 16 and above milch animals)
Total

The average size of family on commercial farms

was 12.5 members. The average number of family
members was observed to be maximum on
medium farms (15.10) whereas this figure in
case of small and large farms was 11.10 and
11.34 members respectively. Educational status
was operationalized as the level of formal
education attained by the individual respondent
as followed by Bhuvaneshwari (2005)*. The mean
education score of the head of the commercial
dairy farm is lowest (3.54) in case of small
category and highest (5.0) for large category of
sample dairy farms. The overall mean
educational score was 4.25, which suggests that
most of the heads of the sampled farms had
high level of formal education.
The average operational land holding for small,
medium and large farms was 4.83 hectares,
5.52 hectares and 15.24 hectares per commercial
farm respectively. Majority of commercial farms
on an average own more than 4 hectares of
land. As far as area under fodder crops is
concerned, it was interesting to observe that
area devoted for fodder cultivation increased
with the farm size to meet the higher demand
for fodder. The proportion of operational land
holding used for growing fodder was highest for
medium category (28.63%) followed by small
(24.86%) and large (15.09%) farms. The
commercial farms on an average had about 21%
of their operational land holding reserved for
fodders only.

Herd Type
Type of the herd adopted on the commercial
farms is an important indicator of the preference
of dairy owners of a particular region for a
particular breed/species. Data regarding type
of farm maintained on the sample commercial
farms is presented in Table 3.
These commercial farms have been classified
as pure cattle farm i.e. the farms which
maintained only cattle i.e. both, either crossbreds
and/or local cows. The mixed farms were those
commercial farms which kept a mix of cattle
and buffaloes or only crossbred cattle herds and
buffalo herds. It can be seen that, maximum
farms were found to be pure cattle farms (92.50
%) whereas mixed farms were only 7.50 %. Most
of the small farms were found to be pure cattle
farms and only one farm in this category was
found to be a mixed farm. In medium category
of commercial farms, all farms were found to
be cattle farms maintaining cross-breds only.
In case of large category of farms again seven
out of nine farms were pure cattle farms.
It was particularly interesting to observe here
that, amongst the sampled commercial farms
not a single farm had local cow in its milch
stock. It emerged prominently that the main
reason for not maintaining local cattle in the
milch stock is the low productivity of the local
cow. The exotic breeds of animals which were
observed on the sample farms included Holestien
Fresian (HF) and Jersy crosses. High grade

Table 2: Category-wise Family Size, Education status and Land holdings

of the Sample Commercial Farms
Category

Number of
farms

Average
Family size

Education
status of head
of farm*

Land holding
per farm (ha.)

Percentage of
area devoted
for fodder crops

Small
Medium
Large
Overall

22
9
9
40

11.1
15.1
11.3
12.5

3.54
4.22
5.00
4.25

4.83
5.52
15.24
7.32

24.86
28.63
15.09
20.92

*mean education score worked out as followed by Bhuvaneshwari

332

Commercial Dairy Farms in Maharashtra

Table 3: Type of Dairy Herd Adopted on Commercial Dairy Farms

Description

Small

Medium

Large

Overall

No. of commercial farms

22

40
(100.00)

Farm Type
Pure cattle farms

21

Mixed farms (Buffalo + CB)

10.59

14.11

34.66

37
(92.50)
3
(7.50)
16.80

Average milch animals per farm

Figures in parentheses are the percentages to total farms (i.e.40)

Murrah buffalo was the preferred breed amongst

majority of the commercial farms which had
maintained buffaloes.
Investment Pattern
Level of investment reflects the extent of
business activity and its income generating
capacity in the long term. On the commercial
dairy farms, fixed investment comprised of
investment on animals, cattle shed and stores,
machinery and equipments etc. The total capital
investment on various heads across commercial
dairy farms is reflected in Table 4. The average
capital investment per farm on sample
commercial farms was found to be Rs 12.17
Lakhs indicating that commercial dairy farming
is a highly capital intensive business. The dairy
animals alone constituted nearly 56.40 percent
of total investment followed by cattle sheds and

stores (36.92%) and machinery and equipments

(6.68%).
The breakup of animals according to their kind
revealed that milch animals constituted 44.11
percent, heifers 8.12 percent, young animals
below one year nearly 3 percent and draft animals
1.45 percent of the total investment on livestock.
The investment on milch animals in absolute
terms on an average was Rs. 6.40 lakhs due to
quality breeds of animals reared and high prices
of crossbred cattle and buffalo in the region.
Across different commercial farm size categories,
the pattern of investment was observed to be
almost similar, but its magnitude differed
considerably. As expected, the overall investment
in fixed capital increased with the farm size.
The share of dairy animals in total investment
was found to be 51.28 percent on small farms,

Table 4: Investment Pattern on Sample Commercial Dairy Farms (000' Rs/farm)

Sr.No.
A)

Items
Animals
i) Milch animals
ii) Heifers
iii)Calves
iv)Draft animals
Total ( i to iv)

B)

Buildings

C)

Machinery, equipments and others

Total Investment (A+B+C)

Category of Commercial Farm

Small

Medium

Large

Overall

260.17
(41.20)
41.09
(6.19)
16.27
(2.38)
45.40
(1.51)
3,62.83
(51.28)
294.22
(41.48)
47.14
(7.24)
704.20
(100.00)

367.83
(41.81)
57.50
(6.85)
31.93
(3.88)
48.75
(2.65)
506.02
(55.19)
327.89
(36.79)
69.68
(8.02)
903.58
(100.00)

1,842.58
(53.51)
2,44.06
(14.11)
47.38
(2.40)
80.00
(0.09)
2,214.01
(70.12)
483.33
(25.91)
84.473
(3.98)
2,781.82
(100.00)

640.38
(44.11)
90.45
(8.12)
26.79
(2.72)
53.94
(1.45)
811.56
(56.40)
344.35
(36.92)
606.12
(6.68)
1,216.52
(100.00)

Figures in parentheses are the percentage to total investment

333

Indian J. Dairy Sci. 65(4), 2012

Avinash K. Ghule et al.

Table 5: Cost and Returns on Different Categories of Commercial Dairy Farms

Cross-bred cattle
Farm size
Green fodder
Dry fodder
Concentrate
Total feed cost
Labour
Veterinary
Miscellaneous
Total Variable Cost
Depreciation on fixed assets
Interest on fixed capital
Total Fixed Cost
Gross cost
Value of dung
Net Cost
Sale price of milk (Rs./litre)
Milk production (litres)
Gross return
Net Return
Cost per litre of milk (Rs./litre)
Net Returns per litre (Rs./litre)
(Rs. per animal per day)

Buffalo

Small

Medium

Large

Large

29.47
(23.31)
19.50
(15.42)
38.04
(30.09)
87.01
(68.82)
11.42
(9.03)
3.40
(2.69)
2.72
(2.15)
104.55
(82.69)
11.89
(9.40)
10.00
(7.91)
21.88
(17.31)
126.43
(100.00)
5.04
121.39
14.06
9.72
136.66
15.27
12.49
1.57

29.65
(23.59)
18.57
(14.78)
40.92
(32.56)
89.14
(70.93)
10.03
(7.98)
3.13
(2.49)
2.80
(2.23)
105.10
(83.63)
11.09
(8.82)
9.48
(7.54)
20.57
(16.37)
125.67
(100.00)
5.15
120.52
13.94
9.58
133.55
13.03
12.58
1.36

28.04
(24.58)
19.11
(16.75)
32.68
(28.65)
79.83
(69.97)
8.60
(7.54)
2.37
(2.08)
2.55
(2.24)
93.35
(81.82)
11.59
(10.16)
9.15
(8.02)
20.74
(18.18)
114.08
(100.00)
5.14
108.94
14.79
9.49
140.22
31.28
11.48
3.30

23.87
(22.71)
24.27
(23.09)
23.72
(22.56)
71.86
(68.36)
7.6
(7.23)
2.9
(2.76)
1.82
(1.73)
84.18
(80.08)
12.3
(11.70)
8.64
(8.22)
20.94
(19.92)
105.12
(100)
6.04
99.08
27.5
3.7
101.74
2.66
26.78
0.72

Figures in parentheses are the percentage of gross cost

55.19 percent on medium farms and 70.12

percent in case of large farms.
It can be concluded from the analysis that the
large farms have invested maximum share of
their fixed capital in the dairy animals whereas
on the small farms relatively more investment
was done on the development of infrastructure.
This is due to different pattern of housing used
on different categories of commercial farms.
Cost and Returns from Milk Production
The maintenance cost of a milch animal includes
cost on feeds and fodder, human labour, interest
and depreciation on fixed assets and
miscellaneous recurring expenses less income
from dung. A detailed component wise cost of
milk production is presented in Table 5. The

analysis is done separately for different species

of milch animals to have a better insight of
species wise economics of milk production.
The overall gross cost of maintenance of a crossbred milch cattle on small category of sampled
farm was estimated to be Rs. 126.43 per per
day. The variable cost was about 83 per cent of
the gross cost whereas the fixed cost component
was 17 per cent. Cost on feeds and fodder was
the major cost component, which formed about
69 percent of the total cost of maintenance.
The average milk yield of cross-bred milch animal
on small farms was found to be 9.72 litres per
day. The overall cost per litre of milk was found
to be Rs. 12.49. As far as returns from the dairy
animals are concerned, milch animal gave, an

334

Commercial Dairy Farms in Maharashtra

overall net return of Rs. 15.27 per animal per

day, whereas the net returns per litre of milk
was Rs. 1.57.
The gross cost of maintenance of crossbred milch
cattle on medium category of commercial farms
was estimated to be Rs. 125.67 per animal per
day. The share of total fixed cost and total variable
cost in the total cost on these farms was 16.37
percent and 83.63 percent respectively. The
average milk yield of crossbred milch animals
on medium farms was found to be 9.58 litres
per day resulting into overall cost of milk
production at Rs. 12.58 per litre. The milch
animals could generate a net return of Rs. 13.03
per day generating a surplus of Rs. 1.36 with
each litre of milk produced. The gross cost of
maintenance of a crossbred milch cow on the
large category of sample farms was Rs. 114.08
per day in which fixed and variable costs shared
18.18 per cent and 81.82 per cent of total cost
respectively. The feeds and fodder cost accounted
for around 70 percent of the gross cost. In feeding
cross-bred milch animal the cost incurred per
day on green fodder, dry fodder and concentrates
was Rs.28.04, Rs.19.11 and Rs.32.68 respectively.
The average yield per milch animal on large
farms was found to be 9.49 litres per day and
the net cost milk production was worked out to
be Rs.11.48 per litre against the average sale
price of milk of Rs.14.79 per litre. On this category
of farms each milch animal yielded an average
a net return of Rs. 31.28 per day which turns
out to be Rs. 3.30 per litre of milk produced. It
could be inferred that feeds and fodder being
the major cost items of cattle maintenance they
had profound effect on the economies of
commercial dairy farms.
The study revealed that the net cost of milk
production in case of cross-bred was found highest
on the medium category of commercial farms
and lowest in the large category. This was due
to higher cost incurred on feeds and fodder on
Table 6:

medium farms. The large farms were found to

be more economical in terms of manpower
utilization. The net cost per litre on sampled
commercial farms worked out to be lowest in
the large category and highest in the medium
category.
Maintenance cost of milch buffalo on large
commercial dairy farms was Rs.105.12 per animal
per day in which variable costs accounted for
about 80.08 per cent of the cost of maintenance.
A relative lower cost on concentrates fed resulted
into lower cost of maintenance. However due to
a significant number of animals gone dry at
these farms the average milk productivity per
milch animal turned out to lower causing milk
production cost to escalate to Rs. 26.28 per litre.
Returns from the buffaloes on large commercial
farms showed that each milch buffalo earned
overall a net return of Rs. 2.66 per day. Though
buffalo milk fetches a good price in the region,
i.e. Rs. 27.50 per litre, the overall net returns
were relatively low contributing to the extent of
Rs. 0.72 per litre of milk.
Profitability of Commercial Dairy Farms
To work out category wise profitability of
commercial dairy farms cost and returns were
worked out which are presented in Table 6.
It may be observed from the table 6 that small
category of commercial dairy farms generated a
net surplus of Rs. 1,92,898 per annum whereas
the medium category of farms lagged behind with
a surplus of Rs 67,216, the obvious reason was
found to be that they had stock of more number
of dry animals which eat in to their profits.
The large commercial farms earned net profit
of Rs. 3,12,178 per year. All the farms were found
to be financially viable, earning net profit of
Rs. 1,91,458 per year.
CONCLUSIONS
Commercialisation in dairy farming has
contributed to increase in income levels of

Cost and Returns across Different Categories of Commercial Dairy Farms

Category

No. of farms

Small
Medium
Large

22
9
9

Total cost/day/farm
(Rs)

Revenue
(Rs)

1,631
2,159
1,736
1,920
4,155
5,010
Overall profits per farm per annum

335

Net Income/
day/farm (Rs)

Net income
per farm per year
(Rs)

528
184
855

1,92,898
67,216
3,12,178
1,91,458

Indian J. Dairy Sci. 65(4), 2012

Avinash K. Ghule et al.

farmers through increased production. The

productivity of cattle in terms of milk production
per milch cattle per day as well as wet average
was found higher in small commercial farms
in comparison to medium and large farms in
that order. The average capital investment on
sample commercial farms was worked out to
over Rs. 12.16 Lakhs per farm indicating that
commercial dairy farming is a highly capital
intensive business. It can be concluded from
the analysis that the large farms have invested
maximum share of their fixed capital in the
dairy animals whereas on the small farms
relatively more investment was done on the
development of infrastructure. Commercial dairy
farms had devoted fairly large area of their
operational land holding for growing fodder crops
so that they could meet their fodder requirement
and were little dependent on purchased fodder.
Feed represented one of the largest cost
components within dairy farming and was an
obvious cost to be reduced. The wet to dry animal
ratio was better in case of crossbred cattle farms
as compared to the buffalo farms. Poor wet to
dry ratio led to increased cost and relatively
low returns on the large buffalo farms.
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Towards Livestock Economy in Vidharbha Region of
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