Private sector dairy company Hatsun Agro Product registered a decent Q2 growth
MUMBAI, Oct 18 (The CONNECT) - Private sector dairy company Hatsun Agro Product Ltd will invest about Rs.450 crores before the end of FY 2022 across new manufacturing facilities to expand capacities in ice cream, milk, curd, milk products and cattle feed.
RG Chandramogan, Chairman, Hatsun Agro Product Ltd said the company would also focus on distribution, sales and marketing.
HAP has entered in to a fresh agreement with Swelect Renewable Energy Private Limited for purchase of solar power under captive user model. This Solar project which is expected to be commissioned by February 2022 is estimated to provide HAP around 1.45 crore units of electricity, annually, resulting in cost savings of Rs. 3 crores.
Hatsun Agro Product Limited has already started consuming solar power from October 1 from the recently commissioned solar power plant by Swelect Sun Energy Pvt. Ltd.
The total consumption of Solar power by Hatsun Agro Product Limited from the above two projects alone will be around 3.70 crore units per annum and the total cost saving will be around Rs.8.50 crores per annum.
The company also opened HAP Daily outlets in Indore and Kharagpur, West Bengal. In addition to the entire range of Arun Ice creams, these outlets will also retail other products from Hatsun such as Ghee, Skimmed Milk Powder and Dairy Whitener.
The company reported that its Q2 FY 22 Revenues were up by 23.24% and H1 FY 22 Revenues by 22.02%. The PAT was up by 24.79% and H1 FY 22PAT rose by 15.20%.
Chandramogan said the company registered a decent growth “albeit little shorter to our expectations” due to unprecedented monsoon exceeding, more than 10% from the normal, in the last few months, in the entire South India and Maharashtra. These Markets account for 95% of Hatsun’s business.
Hatsun scrip closed at Rs 1,482.10 today.