Cochin Shipyard Share Price Cl...
by
Tanushree Jaiswal
14/05/2024
Indian Market
Hatsun Agro Share Price Soars 11% as Q4 Net Profit Doubles to Rs.52 Crore
Tanushree Jaiswal
23rd April 2024 - 02:04 pm
Hatsun Agro Products share price soared 11% in early trade on April 23 after the Chennai-based company's net profit doubled on year to ₹52 crore in the January-March quarter. Its shares witnessed strong buying interest after the company reported a strong jump in Q4 profit and EBITDA.
At 9.19 am, Hatsun Agro was trading at ₹1,112.50 on the NSE. The strong Q4 show also triggered a spike in volumes in the counter, as 93,000 shares changed hands within minutes, significantly higher than the one-month daily traded average of 31,000.
In the financials, Hatsun Agro Product Ltd has doubled its Profit after Tax (PAT) at ₹52.2 crore in the quarter ended March 31, 2024 against nearly ₹25 crore in the corresponding quarter last year. Its revenue from operations grew by 14.4% in Q4 FY24 at ₹2,046.8 crore over ₹1,789.5 crore in the previous year. On an annualized basis, the revenue from operations in FY24 stood at ₹7,990.4 crore, an increase by 10.3% over ₹7,246.9 crore compared to FY23.
The strong bottom-line growth was fueled by healthy sales, retail expansion, increased procurement of milk and a solid margin expansion. The increase in revenue was accompanied by a 39% spike in milk procurement. Operating margins of the dairy products maker also expanded to 11.2%, up from 8.7% in the previous fiscal year.
"COVID had disturbed the operations for two years, which led to an impact on milk procurement in the second half of FY23 and the first half of FY24. Normalcy was restored in the second half of FY24 for both procurement of milk and sales,” Hatsun Agro Chairman RG Chandramogan said in an exchange filing.
"Strong sales recovery in the domestic market post COVID with good summer sales led to good sales volume. Our retail expansion in the last two years helped us reach customers in new markets such as Maharashtra, Odisha, West Bengal and Madhya Pradesh and also supported existing strong bases in south India," Chandramogan added.
"Hatsun Agro Product in the last financial year, had invested about ₹550 crore across new manufacturing facilities for capacity expansion in curd and milk products and in market assets. The new capacities will further support our sales plans for FY25. Additionally, substantial investments have been directed towards strengthening distribution, sales, and marketing of their brands. The company is also exploring opportunities to export ice creams to various countries through Hatsun Agro," said Chandramogan. The capacity expansion would support its sales plans for FY25.
Characters remaining
(1500)
View All
Disclaimer: Investment/Trading in securities Market is subject to market risk, past performance is not a guarantee of future performance. The risk of loss in trading and investment in Securities markets including Equites and Derivatives can be substantial.
Get 100 trades FREE* with the code "FREEPACK"
Trending on 5paisa
Discover more of what matters to you.
Indian Market Related Articles
Shriram Finance Share Price Up...
by
Tanushree Jaiswal
14/05/2024
Zomato Shares Drop by 6% After...
by
Tanushree Jaiswal
14/05/2024
Varun Beverages Share Price Su...
by
Tanushree Jaiswal
14/05/2024
Air India CEO Anticipates Comp...
by
Tanushree Jaiswal
14/05/2024