Shares of Hatun Agro Products Limited increased by 10% at Rs 1,069 per share as of 09:16 am on 20th July, with 300,000 shares transferred to NSE. The company reported a 54% increase in net profit to Rs80 billion in the June quarter.
The company said rising input costs would be offset by higher milk prices due to strong demand. Milk prices in India peaked in the June quarter due to strong demand for ice cream and cottage cheese, which coincided with lower production and the summer season.
The company’s revenue rose 7% to Rs 2,150.6 million from Rs 2,014 million
Dairy company’s profit before interest, tax, depreciation and amortization (EBITDA) increased by 34% to Rs 237 billion. Margins also improved 11% in the quarter ending June 2023. Besides Maharashtra, the company sources its milk from most southern states such as Tamil Nadu, Andhra Pradesh, Telangana and Karnataka.
The company also announced an interim dividend of Rs.6 per share on its fully paid shares worth Rs.1 per share, which is the first dividend announced by the company for the financial year. The company said July 19th, July 27th is the deadline.
In early July, the Chennai-based company approved the sale of its wind turbine division to V.K.A. By transferring all assets and liabilities, Polymer’s cost reaches his Rs 135 million.
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