Hatsun Agro Product's standalone net profit rose 3.96% to Rs 58.33 crore on 20.75% increase in net sales to Rs 1,544.71 crore in Q1 June 2021 over Q1 June 2020.
Profit before tax skid 9.93% to Rs 74.61 crore in Q1 FY21 as against Rs 82.84 crore in Q1 FY20. The Q1 earnings was declared after trading hours yesterday, 14 July 2021.Meanwhile, the board has declared an interim dividend of Rs 6 per equity share (i.e. 600%) on the fully paid up equity shares of the face value of Re 1 per share. The company has fixed 23 July 2021 as record date towards payment of interim dividend.
The company's board has approved the proposal for raising of funds, through private placement of equity shares by way of Qualified Institutional Placement (QIP), not exceeding Rs 700 crore. It also approved increasing the borrowing limit to Rs 1,800 crore from the existing Rs 1,500 crore, subject to the approval of the members at their ensuing Annual General Meeting (AGM).
The company said its milk and milk products plant in Solapur, Maharashtra has been installed with a capacity of 6 lakh litres per day (LLPD) and already started commercial production from the last week of January 2021. Further, the firm is in the process of increasing the capacity by 50,000 liters per day (LPD) to produce expansion is likely to be completed by end of September 2021.
The milk products plant in Tamil Nadu has installed manufacturing facilities for paneer with a capacity of 5 million tonnes (MT) per day and commenced commercial production from end of January 2021. In the newly commissioned Milk manufacturing plant with a milk handling capacity of 3.5 LLPD, the commercial production of milk has commenced from 12 July 2021. Further, Hatsun Agro Product is now in the process of setting up a curd processing unit with a capacity of 1 LLPD which is likely to commence the commercial production by the end of March 2022.
The ice cream plant in Telangana is engaged in the ongoing construction activities and the plant with a capacity of about 1 kg per day is expected to be commissioned by the end of November 2021. The estimated capex is about Rs 311 crore.
The company is in the process of identifying required land to set up a dairy plant in the Northern part of Andhra Pradesh.
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The solar power generation through Swelect Sun Energy, Tamil Nadu is under progress and the company is expected to start consuming solar power through this project to the extent of about 2.25 crore units annually and this is expected to be completed by end of August 2021.
Hatsun Agro Product is a leading private sector dairy player in India. Its products are exported to 38 countries around the world.
Shares of Hatsun Agro Product declined 2.32% to Rs 973.20 on BSE. It traded in the range of 965.20 and 999 during the day.
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