Hatsun Agro jumps ~8% on superhit Q1 show

20 Jul 2023 , 01:28 PM

Hatsun Agro Product Limited shares were up 8% at Rs 1,051.80 apiece at around 1.14 PM on July 20 after the company reported a 54% increase in net profit to Rs 80 crore in the June quarter.

According to the company, a spike in input costs was offset by high milk prices due to robust demand. Milk prices in India hit their highest point during the June quarter due to a decline in output and strong demand, which corresponded with the summer season and increased demand for ice cream and curds.

Revenue climbed by 7% y-o-y to Rs 2,150.6 crore in Q1FY24, up from Rs 2,014 crore in the previous corresponding quarter.

EBITDA of the dairy company increased by 34% y-o-y to Rs 237 crore. During the quarter ended June 2023, margins increased by 11%.

The company also announced an interim dividend of Rs 6 per equity share on fully paid-up equity shares of Rs 1 per share, the first dividend declared by the company this fiscal year. The record date has been set for July 27.

In early July, the company also approved the sale of its windmill unit to V.K.A. Polymers for Rs 135 crore in exchange for the transfer of all assets and liabilities.

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