On Thursday, Hatsun Agro Product Limited’s shares plunged 10% at Rs 1,069 per share at 9:16 am, with 3 lakh shares changing hands on NSE. The company stated a 54% jump in net profit to Rs 80 crore in the June quarter.

The company said high milk prices offset the input costs rise amid strong demand. During the June quarter, Indian milk prices reached their highest point due to a drop in manufacture, and robust demand accorded with the summer season also augmented demand for ice creams and curds.

The company’s revenue improved 7% to Rs 2,150.6 crore from Rs 2,014 crore.
The dairy company’s earnings before interest, tax, depreciation, and amortization (EBITDA) rose 34% to Rs 237 crore. The margins also improved by 11% during the quarter ended June 2023.

Apart from Maharashtra, the company acquires milk from most southern states, including Tamil Nadu, Andhra Pradesh, Telangana, and Karnataka.

The company has also acknowledged an interim dividend of Rs 6 per equity share on the fully paid-up equity shares of Rs 1 per share. The record date is July 27, the company said on July 19.

In early July, the Chennai-based company permitted the sale of the windmill division to V.K.A. Polymers at a deliberation of Rs 135 crore by transferring all the assets and liabilities.