Project Report

for a
Dairy Farm Starting
with
200 Desi Cattle

By
Dr. Vishnu Vardhan Reddy Pulimi
M.V.Sc (Animal Nutrition)
Veterinary Assistant Surgeon,
Animal Husbandry Department
Andhra Pradesh
Contact No: +91 9177568030
Email: dr.vickylolo17@gmail.com
 ACKNOWLEDGEMENT

I have immense pleasure in presenting this Project on Dairy Farming starting

with 200 desi cattle. The Subject is an interesting one. It gave me an opportunity to

have a detailed study on the subject and showed how things work in the practical

world. I came to understand and analyze the importance and the role of Indian Cattle

breeds and establishing a commercial dairy duly improving the Indian cattle breeds.

I had a great time working on the project and I have provided information to

the fullest of our knowledge and findings.

I wish all the best to Entrepreneurs who want to explore and do the dairy

business.

Regards,

Dr. Vishnu Vardhan Reddy Pulimi

M.V.Sc (Animal Nutrition)
 PURPOSE OF THE DOCUMENT

The objective of this pre-feasibility study is primarily to facilitate information

regarding the Indian cattle breeds and also to provide a brief idea to the potential

entrepreneurs who wants to establish a dairy with Indian cattle breeds. The document

may form the basis of an important investment decision and in order to serve this

objective, the document covers various aspects of dairy startup, production, finance

and business management.

The purpose and scope of this information memorandum is to introduce the

subject matter and provide a general idea and information on the said area. All the

material included in this document is based on data/information collected from

various sources and is based on certain assumptions.

Although, due care and diligence has been taken to compile this document,

the contained information may vary due to any change in any of the Concerned

factors, and the actual results may differ substantially from the presented

information. The prospective user of this memorandum is encouraged to carry out

additional diligence and gather any information he/she feels necessary for making

an informed decision.
 DISCLAIMER
This project report has been prepared by “Dr. Vishnu Vardhan Reddy Pulimi” is for

information purposes only. This report does not constitute an offer, invitation or inducement to

invest in any sector or industry. Neither the information contained in this project report nor any

further information made available with the subject matter contained herein will form the basis of

any contract. Any recommendations contained in this document must not be relied upon as

investment advice based on the recipient's personal circumstances. In the event that further

clarification is required on the words or phrases used in this material, the recipient is strongly

recommended to seek independent legal or financial advice.

The material in this project report is general information intended for recipients who

understand the risks and opportunities associated with making investment in India specifically in

Dairy sector.

It does not take account of whether an investment, course of action, or associated risks are

suitable for the recipient. This report does not purport to be comprehensive or to contain all the

information on which a prospective investor can make an investment decision. The information

contained herein is based on publicly available information and sources, which i believe to be

reliable, but i do not represent it as accurate or complete. The recipient of this report must make

his own investigation and assessment of the information presented herein.

No representation, warranty or undertaking, express or implied, is or will be made or given

and no responsibility or liability is or will be accepted by us, in relation to the accuracy or

completeness of this project report or any other written or oral information made available in

connection with the information presented herein. Any responsibility or liability for any such

information is expressly disclaimed.

 Profile of the Entrepreneur

Name :

Date of Birth :

Father’s Name :

Age :

Sex :

Nationality :

PAN :

Adhar Card No :

Languages Known :

Permanent Address :

Address for Communication :

Academic Qualifications :

Technical Qualifications :
 Dairy Farming
1. Introduction:
India’s dairy market presents lucrative and impactful opportunities. A growing market that
is poised for success, this report details the underlying factors that are fueling such growth.
Moreover, this report is meant to give the reader a deeper understanding of the Indian dairy
market by providing a holistic overview of market drivers, challenges, opportunities,
investment metrics, and insights from leading companies and investors in the space.
2. Scope for Dairy Farming and its National Importance:
India is endowed with the largest livestock population in the world. It accounts for about
57 per cent of the world’s buffalo population and 15 per cent of the cattle population. The value
of output of milk is Rs. 6,14,387 crore in 2016-17. India’s milk production increased from
165.40 MMT in 2016-17 to 176.35 MMT in 2017-18 and planning to produce 240 MMT by
2023-24 with growth rate of around 6% per annum. The per capita availability of milk in India
during 2017-18 was 375 gm/day and by 2023-24, it is estimated to increase to 592 gm/day with
around 10% increase per annum. To achieve this demand annual growth rate in milk production
has to be increased around 4% additionally per annum. Thus, there is a tremendous
scope/potential for increasing the milk production through profitable dairy farming.
Central and State Governments are giving considerable financial assistance for creating
infrastructure facilities for milk production.
3. Beliefs in Dairy Business:
Dairy Farming (as a business); keeping large number of animals & following Scientific
methods has just started a few years ago but is picking up very fast due to Its several advantages
viz.
a) Steady business with steady income unaffected by Recession.
b) Milk can be sold directly from the farm (No Marketing setup needed)
c) No brokers; price is already declared by the Government.
d) Selling rate of milk has been consistently increasing over a period of time.
e) Consumption accepted by all religions, caste & creed.
 Further to my interactions with scores of people thinking of entering Dairy business all
across (especially India) the country it was quite evident that the general beliefs are:-
1. Dairy Farming is an easy business.
2. Animal gives milk throughout the year.
3. Dairy Business breaks even in the first year.
4. Compare to all other business, dairy business break even in the first year itself.
4. The Main Costs in Dairy Farming are:
Capital cost: For purchase of animals, construction of Shed & purchase of machinery, cans
etc. This cost occurs only once & is depreciable over a Period of time totally.
Administrative Costs: includes appointment of a Farm manager, Supervisor, Skilled &
unskilled labours depending upon the requirements as well as the size of the farm. This is a
fixed cost for a certain period.
Recurring Cost: includes the Feeding & Management along with Vaccination, Insurance,
treatment & other miscellaneous costs. This is required daily & is liable to fluctuate at all times.
It will be essential to control these costs which will have a direct bearing on the production of
milk as well as Reproduction (birth of next calf). At the same time balancing of feed will also
determine the reduction of the Inter calving period which has a bearing on total profitability.
Dairy business can be done by being dependent on labors.
Dairy Business can be learned from the Net & by getting hold of Project report.
5. Importance of Indigenous Cattle Breeds
There are so far 43 registered native cattle breeds in India broadly classified into dairy,
draft and dual purpose breed depending upon their utility either in dairying or in agriculture
work. The different indigenous breeds of farm animals have adapted to the harsh climatic
conditions with low management inputs in terms of feeds, fodder and health care, capable to
convert low quality feeds and fodder more efficiently into animal products and better adapted
to withstand tropical diseases. These breeds are now subject to fast genetic degradation and
dilution because of unplanned breeding and introduction of exotic germplasm through cross
breeding. As a consequence some indigenous breeds are becoming endangered and there is
depletion of good native germplasm which was having unique quality of disease resistance
and heat tolerance. The dilution of a breed is in terms of purity of breed. It is a decline in the
availability of pure bred animals conforming to the model attributes of the breed and is very
common in developing nations. Conservation of genetic diversity is essential to the long term
survival of any species, particularly in the light of changing environmental conditions.

The indiscriminate crossbreeding between exotic breeds and indigenous animals has been
adjudged as major cause for the losses, as well as the risk to existing breeds. It is believed
that continuous import of highly productive animals from developed countries is the most
significant threat to domestic animal diversity in the developing world. Therefore,
conservation of indigenous animal resources has been projected as a suitable method for
slowing down the loss in livestock breed diversity through extinction. Animals which belong
to descript (identified)/ non-descript (non-identified) breeds of indigenous origin are
considered as indigenous animals. The breeds which were found in maximum number of
states included Ongole, Punganur, Sahiwal, Gir , Hariana , Red Sindhi and Tharparkar. The
presence of large population of milch and dual purpose breeds like Ongole, Gir, Sahiwal,
Hariana and Kankrej in many of the states revealed their importance for milk production.
5.1 Unique Characteristics of Indian Cattle Breeds
The indigenous breeds of cattle possess various unique characteristics, which
makes them well adapted to the tropical climate. The negative impact of environmental
heat stress on milk production, fertility, feed intake and growth rate of dairy animals is
well known.
The efforts have been made to improve the productivity of the indigenous cattle
breeds to meet the country’s milk demand by introducing exotic germplasm of superior
genetic merit through cross breeding that has resulted in serious erosion for indigenous
breeds. Indiscriminate use of this technology has given some negative impacts over the
time.
6. SWOT Analysis:
A SWOT analysis can help in analyzing these factors, which can play important role in
making the decision. This particular pre-feasibility is regarding to “Dairy Farm Management”
which comes under “Livestock and Agriculture” sector. Before making the decision, one
should carefully analyze the associated risk factors & must consider following critical aspects,
which form the basis of any investment decision.
7.1 Strengths:
• Relatively cheap farmland.
• High domestic consumption
• Good milk quality.
• Ample human resource employment sector.
• Low cost living standard.
• Full family involvement, Devoted & Hardworking Sector.
7.2 Weaknesses:
• High production costs.
• Low levels of bulk feed production.
• Poor management level in quite a few cases.
• Lack of education and initiative in farmer.
• Unorganized sector, unaware of basic farm management practices.
• No or low application of research work and pedigree record keeping.
7.3 Opportunities:
• Dairy products needs are much higher than supply.
• Commercially viable sector with great credit potential and absorption capacity.
• Vast range of area of operation, more needs and scope of development.
• Value added dairy products are in demand.
• Cooperatives can play a big role for development in dairy sector.
7.4 Threats:
• High risks of diseases in livestock.
• Imbalance between prices of inputs & outputs.
• Rising trend of cost of production with higher rate of interest as compared to profit ratio.
• Increasing level of poverty.
7. Risk Analysis
Some of the important challenges faced by Indian dairy industry may be identified as follows:
• Highly competitive market
• Competition between public and private sector
• Quality consciousness and standardization of product
• Security/ guarantee
• Fast changing Technology
• Technological collaboration
• Liberalization in policy and action
• Health/ Hygiene
• Emphasis on self- sustenance of supporting/ promotional organization leading to better
services from them.
Some important issues of the dairy industry are as under:
Breeding of animals and getting expected milk yield is a biological phenomenon, which
depends upon various factors. Dairy farming besides good planning requires hardworking,
reliable and alert manager. In India, usually persons from the family take the responsibility.
Inadequate management of feeding heard health and lack of quality control in various stage of
production can cause major loss affecting the profitability of the entire venture.
Issues and challenges at the small holder level:
The entire dairy Industry in India has its base in the small holders and marginal farmers.
These prime stakeholders of the entire value chain of milk are deprived of minimum resources
of land, labour, capital etc. The other constraints at the grass root levels are:
Key Challenges:
1. There is an increasing pressure on the land resources for cultivation of food crops and
fodder crops are not preferred.
2. Lack of good quality animal feed
3. Lack of animal health care facilities.
4. Lack of breeding and good quality artificial insemination facilities.
5. Low genetic potential of the animals
6. Lack of chilling capacities
7. High production costs
8. Lack of financial support.
 Solutions & Guideline:
1.Every year there should be a progressive aim for breeding (including number of animals
to be maintained) and production.
2.Visiting dairy farms that run on commercial basis and have a discussion with experienced
farm owners. We need not have to rely much on others experience, analyze every event
logically and if needed consult with local Veterinarians for more information.
3. Plant to manage the farm on our own, look for opportunities to work for an existing farm
for a minimum period of six months.
4. Develop interest and study feed and fodder's market in your region, its difficulties in
relation to seasons.
5. Manage a good team of laborers. You need to choose hardworking reliable persons
preferably with some experience. You can also train them for specific jobs.
6. Visit the cattle market occasionally. Observe animals on sale and talk with persons
engaged with purchasing of animals.
7. Read magazines on Dairy Industry and keep yourself informed.
9. Project Profile
The proposed pre-feasibility is for establishment of buffalo farm with increase per buffalo
milk production through state of the art farm management facilities, efficient and effective
utilization of dairy production and deployment of technologically advance infrastructure. The
project requires a unique mix of technology and herd composition that will make it possible for
investor to achieve economies of scales and attain high rate of return on investment.
10. Economic Viability
Overview of the Economics

S.No Parameter value

Details regarding the Animals
1 No of Animals 200
2 Cost of each animal 70000
3 Rate of insurance/animal/annum in % 5%
4 Animals in Batch 1 100
5 Animals in Batch 2 100
Production and Technical Assumptions
1 Average body weight of milch animal in kg 400
2 Average body weight of Heifer in kg 300
3 Average body weight of Calf in kg 100
4 Lactation days/Animal 300
5 Dry days/Animals 65
6 Average Milk Yield/Animal/Day 6
7 Average inter calving period in months 12
8 Milk:Dry animal ratio 4:1
9 Milk price/liter 65
10 Manure production in kg/day/animal 10
11 Price of Manure per kg 4
12 Sale price of male calf 20000
13 Sale price of female calf 15000
14 Sale price of culled large milch animal 30000
15 Mortality rate of calves % 5
16 Sale price of Heifers 25000
17 Mortality of Heifers % 5
18 Mortality rate of large animals % 5
19 Culling rate of large animals % 10
20 Conception rate over total animals/annum (%) 70
 Feeding Details of the animals
1 Concentrate feed for maintenance during lactation 1.0
2 Concentrate feed/lit milk (in addition to maintenance) 0.3
3 Concentrate feed during dry period 1
4 Green grass for maintenance during lactation 26.4
5 Green grass during dry period 24.0
6 Dry grass for maintenance 3.0
7 Dry grass in dry period 2.7
8 Mineral Mixture during milk production in gm 30
9 Average Concentrate feed required by heifer/day in kg 2.3
10 Average Green fodder required by heifer/day in kg 10.6
11 Average dry fodder required by heifer/day in kg 1.5
12 Average Concentrate feed required by calf/day in kg 0.8
13 Average Green fodder required by calf/day in kg 3.5
14 Average dry fodder required by calf/day in kg 0.5
15 Cost of Concentrate feed/kg 25
16 Cost of green grass/kg 1.5
17 Cost of Dry grass/kg 5
18 Cost of min mix/kg 150
Details regarding the land development and shed construction
1 Bore well and Submergible pump set with pipe line (Lump sum) 200000
2 Overhead tank with motor and pipe line 200000
3 Land required in acers 10
4 Land development/acre 10000
5 Link mesh to entire farm with bio-security and gate (Lump sum) 600000
6 Trevis with flooring and roofing 50000
7 Fencing to animal sheds on both sides/shed 300000
8 Milch animal Shed area required/animal in sq. ft. 30
9 Cost of large animal shed construction/sq. ft. 300
10 Electrification cost in large animal shed (% over civil construction) 5
11 Heifer Shed area required/animal in sq. ft. 25
12 Cost of heifer shed construction/sq. ft. 300
13 Electrification cost in heifer shed (% over civil construction) 5
14 Calf shed area required/calf in sq. ft. 15
15 Cost of calf shed construction/sq. ft. 300
16 Electrification cost in calf shed (% over civil construction) 5
17 Area of Isolation shed required in sq.ft. 750
18 Cost of construction of isolation shed/sq.ft. 300
19 Electrification cost in isolation shed (% over civil construction) 5
20 Area of office room required/Milch Animal in sq.ft. 5
21 Cost of construction of office room/sq.ft. 400
22 Area of Medicine and Vaccine room required in sq.ft. 150
23 Cost of construction of Medicine and Vaccine room/sq.ft. 400
24 Area of Milk collection and packing room in sq.ft. 1000
25 Cost of construction of milk collection and packing room/sq.ft. 350
26 Area required for construction of labor rooms in sq.ft. 3000
27 Cost of construction of labor rooms/sq.ft. 350
28 Area required for feed godown in sq.ft 1200
29 Cost of construction of feed godown/sq,ft. 350
30 Area required for fodder storage shed in sq.ft 1800
31 Cost of construction of fodder storage shed/sq,ft. 250
32 Area required for garage to vehicles and other implements in sq.ft. 4000
33 Cost of construction of garage/sq.ft. 250
34 Area for Bulk Milk Chilling Room 500
35 Cost of construction of Bulk Milk Chilling Room/sq.ft 400
36 Cost of construction of generator room (Lump sum) 200000
37 Depreciation of civil structures % 5
Details regarding the labor
1 No of large animals can be maintained by each labor 10
2 Wage paid per each labor 12000
 Details regarding the equipment and veterinary aid
1 Cost of chaff cutter 50000
2 Cost of Milking Machine 500000
3 Cost of Tractor with Trolley 800000
4 Cost of 4 wheeler van 700000
5 Cultivator and other agriculture implements 200000
6 Minor equipment cost/animal 1000
7 Depreciation on equipment % 10
8 Cost for veterinary aid/animal 1500
9 Water and electricity charges/animal 1000
10 Miscellaneous expenditure/animal 500
11 Discount factor (for financial indicators) 5%
12 Cost of the Project (Non-Recurring + Recurring for 1st year) 40089747
Estimation of Non-recurring cost

Estimation of Non-Recurring Cost

Unit No of Total
S.No Parameter
cost units cost
1 Cost of Animals 70000 200 14000000
2 Cost of Insurance for animals 5% 200 700000
3 Land development 10000 10 100000
Lump
4 Link mesh to entire farm with bio-security and gate 600000
sum
5 Cost of construction of shed for large animals 300 6000 1800000
6 Cost of construction of shed for calves 300 3000 900000
7 Cost of construction of shed for heifers 300 2500 750000
8 Cost of construction of Isolation shed 300 750 225000
9 Electrification of sheds (%% over the civil cost) 5 Lump sum 183750
10 Fencing to animal sheds on both sides/shed 300000 4 1200000
11 Cost of construction of Office room 400 1000 400000
12 Cost of construction of Medicine and Vaccine room 400 150 60000
Cost of construction of Milk collection and Packing
13 350 1000 350000
room
14 Cost of construction of Labor rooms 350 3000 1050000
15 Cost of construction of Feed godown 350 1200 420000
16 Cost of construction of Fodder storage shed 250 1800 450000
17 Cost of construction of Garage 250 4000 1000000
18 Cost of construction of Bulk Milk Chilling Room 400 500 200000
Lump
19 Cost of construction of Generator Room 200000 200000
sum
Cost of establishment of Trevis with flooring and
20 50000 2 100000
roofing
21 Bore well and water supply system 200000 Lump sum 200000
22 Overhead tank with motor and pipe line 200000 Lump sum 200000
23 Cost of chaff cutter 50000 1 50000
24 Cost of milking machine 500000 1 500000
25 Cost of Tractor with Trolley 800000 1 800000
26 Cost of 4 wheeler Van 700000 1 700000
27 Cost of Cultivator and other agriculture implements 200000 1 200000
28 Cost of Refrigerator and chilling unit for medicine 50000 1 50000
29 Cost of Minor equipment 1000 200 200000
Total Non-Recurring cost 27588750
Lactation chart

Lactation Chart
Year 1 Year 2 Year 3 Year 4 Year 5 Year 6
Batch Milk Dry Milk Dry Milk Dry Milk Dry Milk Dry Milk Dry
Days Days Days Days Days Days Days Days Days Days Days Days
1 29250 6338 26363 5712 22408 4855 22609 4899 27280 5911 29938 6487
2 17550 0 15818 5712 13445 4855 13566 4899 16368 5911 17963 6487
Second batch animals will be purchased after 6 months of purchasing of 1st batch animals
Total 46800 6338 42180 11424 35853 9710 36175 9797 43649 11822 47901 12973

Feeding Schedule

Feeding Schedule/Day/Animal
Milk Day Feed Dry Day Feed Heifer Feed Calf Feed
Type of Feed
Quantity Cost Quantity Cost Quantity Cost Quantity Cost
Concentrate Feed 2.80 70.00 1.00 25.00 2.3 56.67 0.8 18.89
Green Fodder 26.40 39.60 24.00 36.00 10.6 15.84 3.5 5.28
Dry Fodder 3.02 15.11 2.67 13.33 1.5 7.33 0.5 2.44
Mineral Mixture
0.03 4.50 0.00 0.00 0.00 0.00 0.00 0.00
(gm)
Total 32.22 129.21 27.67 74.33 14.29 79.84 4.76 26.61

Feeding Economics

Feeding Economics
Type of Feed Year 1 Year 2 Year 3 Year 4 Year 5 Year 6
Cost of concentrate feed 4778854 4557963 4427884 4663836 4993690 5228321
Cost of green fodder 2457234 2450497 2237674 2312612 2613261 2797456
Cost of dry fodder 965683 960497 888067 921432 1029792 1097525
Cost of mineral mixture 210600 189810 161339 162788 196420 215557
Total 8412372 8158767 7714963 8060668 8833162 9338858
Herd Projection

Flock Projection
Category Year 1 Year 2 Year 3 Year 4 Year 5 Year 6
Opening Stock of Large Animals 200 190 162 137 164 200

Opening Stock of Female calves 100 95 134 107 27 13

Opening Stock of Male calves 100 95 58 51 43 52

Opening stock of Heifers 0 0 0 45 61 52

Culled Large Animals 0 19 16 14 16 20

Mortality of large animals 10 10 8 7 8 10

New Born Female calves 0 67 57 48 57 70

New Born Male calves 0 67 57 48 57 70

Mortality of Female Calves 5 8 10 8 4 4
Mortality of Male calves 5 8 6 5 5 6

Live Female calves 95 153 181 147 80 79

Live Male calves 95 153 109 94 96 116

Sale of Female calves 0 19 27 54 13 7

Sale of Male calves 0 95 58 51 43 52

Calves turned into Heifers 0 0 48 67 54 13

Mortality of Heifers 0 0 2 3 3 1
Sale of heifers 0 0 0 0 7 24

Heifers replaced culled large animals 0 0 0 48 60 30

Closing stock of Large animals 190 162 137 164 200 200

Closing stock of Heifers 0 0 45 61 52 35

Closing stock of Female calves 95 134 107 27 13 59

Closing stock of Male calves 95 58 51 43 52 64

Average farm holding of Milch animals 195 176 149 151 182 200
Average farm holding of Heifers 0 0 23 53 57 44
Average farm holding of Female claves 98 115 121 67 20 36
Average farm holding of Male calves 98 77 55 47 48 58
Estimation of recurring costs

Estimation of Recurring Cost

S.No Parameter Year 1 Year 2 Year 3 Year 4 Year 5 Year 6
Cost of
1 4778854 4557963 4427884 4663836 4993690 5228321
concentrate feed
Cost of green
2 2457234 2450497 2237674 2312612 2613261 2797456
fodder
Cost of dry
3 965683 960497 888067 921432 1029792 1097525
fodder
Cost of mineral
4 210600 189810 161339 162788 196420 215557
mixture
Cost of
5 292500 263625 224081 226094 272805 299384
veterinary aid
Water and
6 electricity 195000 175750 149388 150729 181870 199589
charges
Miscellaneous
7 97500 87875 74694 75365 90935 99795
expenditure
8 Labor charges 2880000 2880000 2880000 2880000 2880000 2880000
Total
11877372 11566017 11043126 11392856 12258772 12817626
Recurring cost

Total Expenditure

Total Expenditure
S.No Parameter Year 1 Year 2 Year 3 Year 4 Year 5 Year 6
1 Cost of feeding 8412372 8158767 7714963 8060668 8833162 9338858
2 Cost of labor 2880000 2880000 2880000 2880000 2880000 2880000
Cost of
3 292500 263625 224081 226094 272805 299384
veterinary aid
Water and
4 electricity 195000 175750 149388 150729 181870 199589
charges
Miscellaneous
5 97500 87875 74694 75365 90935 99795
expenditure
Depreciation on
6 485250 485250 485250 485250 485250 485250
civil structures
Depreciation on
7 138375 138375 138375 138375 138375 138375
equipment
Total
12500997 12189642 11666751 12016481 12882397 13441251
Expenditure
Income Calculation

Income
S.No Parameter Year 1 Year 2 Year 3 Year 4 Year 5 Year 6
1 Sale of Milk 18252000 16450200 13982670 14108270 17023029 18681575
Sale of Female
2 0 285000 403275 802631 199420 97857
calves
Sale of Male
3 0 1900000 1168500 1015550 862101 1048717
calves
4 Sale of Heifers 0 0 0 0 175000 600000
Sale of Culled
4 0 570000 484500 411825 492551 598669
large Animals
4 Sale of Manure 2847000 2565950 2181058 2200649 2655302 2914006
Total Income 21099000 21771150 18220003 18538925 21407403 23940823

Profit Loss Statement

Profit loss statement

S.No Parameter Year 1 Year 2 Year 3 Year 4 Year 5 Year 6
1 Gross profit 8598004 9581508 6553252 6522444 8525006 10499572
2 Gross profit/month 716500 798459 546104 543537 710417 874964
3 Gross profit/month/animal 1837 2175 1573 1710 2319 2594

Estimation of Financial Parameters

Financial Parameters
Year Cash flow Present value
0 -27588750 -27588750
1 8598004 8188575
2 9581508 8690710
3 6553252 5660945
4 6522444 5366031
5 8525006 6679565
6 10499572 7834942
NPV 14832018
IRR 14%
BCR 1.22