Hatsun Agro Q4 results: Arun Icecreams maker’s net profit doubles to ₹52 crore, revenue rises 14.3% YoY

Hatsun Agro Product (HAP), which operates well-known brands such as Arun Icecreams and Arokya Milk, on Tuesday announced its financial results for the fourth quarter of financial year 2023-24 (Q4 FY24). According to a regulatory filing, the company's revenue from operations increased by 14.38% to ₹2046.87 crore in the January-March quarter as against ₹1789.46 crore in the year-ago period.

The profit after tax (PAT) in this quarter grew 108.76% to ₹52.2 crore as against ₹25 crore in the same period last year.

The dairy company's EBITDA (earnings before interest, taxes, depreciation, and amortisation) in Q4 FY24 was ₹231.77 crore, as against ₹158.05 crore in Q4 FY23, reflecting a growth of 46.64%.

The milk procurement registered a growth of 39.04% in FY24 compared to FY23.

Hatsun Agro FY24 vs FY23 highlights

• Revenue from operations in FY24 was ₹7,990.4 crore, as against ₹7,246.9 crore in FY23 registered a growth of 10.26%
• EBITDA in FY24 was ₹921.6 crore as against ₹712 crore in FY23 registered a growth of 29.43%
• Profit before tax (PBT) in FY24 was ₹357.9 crore as against ₹224.6 crore in FY23 registered a growth of 59.4%
• PAT in FY24 was ₹267.3 crore as against ₹165.9 crore in FY23 registered a growth of 61.2%
• Procurement of milk in FY24 registered a growth of 20.3%

HAP said that the COVID-19 pandemic disturbed operations for 24 months, which impacted milk procurement in the second half of FY 2022-23 and the first half of FY 2023-24. "Normalcy has been restored in the second half of 2023-24 for both procurement of milk and sales," the exchange filing said.

Commenting on the results, RG Chandramogan, Chairman of Hatsun Agro Product, said, "We are happy to report good growth in procurement of milk and revenues both in Q4 and for the full FY 2023-24. Strong sales recovery in the domestic market post-Covid with good summer sales led to good sales volume. All our business verticals did well, with our leading brands registering healthy sales growth".

He said the retail expansion helped the company reach customers in new markets such as Maharashtra, West Bengal, Orissa, and Madhya Pradesh.

Meanwhile, shares of Hatsun Agro Product were trading at ₹1,133, up 10.6%, on the NSE at 11:00 am.