Hatsun Agro Product Limited witnessed a remarkable growth of 14% in its stock price on April 23, reaching Rs 1,133.30, following the announcement of its Q4 FY24 results in the company’s recent regulatory filing.

The company reported a net profit of Rs 52.15 crore in the quarter, which is significantly higher than the Rs 24.98 crore profit they had in Q4 FY23. 

The revenue from operations also showed a growth of 14.38%, amounting to Rs 2046.87 crore, as compared to Rs 1,789.46 crore in the corresponding quarter last year.

Moreover, the company’s profit before tax in Q4 FY24 was Rs 70.89 crore, which is 115.59% higher than Q4 FY23’s profit of Rs 32.88 crore. 

Additionally, the company’s earnings before interest, tax, depreciation, and amortisation (EBITDA) stood at Rs 231.77 crore in Q4 FY24, reporting a growth of 46.64% as compared with Rs 158.05 crore in Q4 FY23.

On an FY24 basis, the company’s consolidated net profit rose by 61.16%, amounting to Rs 267.28 crore, on a 10.26% increase in revenue from operations, which stood at Rs 7,990.40 crore in FY24 over FY23.

Hatsun Agro Product’s chairman, RG Chandramogan, expressed his delight for the company’s growth, attributing it to the increased procurement of milk and revenues both in Q4 and for the full FY 2023-24. 

He also mentioned that strong sales recovery in the domestic market post-Covid, along with good summer sales, led to good sales volume.

The company’s various business verticals also did well, with the leading brands registering healthy sales growth. 

The retail expansion in the last two years helped the company reach customers in new markets like Maharashtra, Orissa, West Bengal, and Madhya Pradesh, supporting existing strong bases in South India.

In the last financial year, the company invested about Rs 550 crore to expand manufacturing facilities for curd and milk products, as well as in market assets. The new capacities will further support their sales plans for FY 2024-25.

Additionally, substantial investments have been directed toward strengthening the distribution, sales, and marketing of their brands.

The strong bottom line growth was fuelled by healthy sales, retail expansion, increased procurement of milk, and solid margin expansion

Chandramogan added that the company is also exploring opportunities to export ice creams to various countries through Hatsun Agro.

At 2:07 pm, the shares of Hatsun Agro were trading 11.09% higher at Rs 1,137.85 on NSE.