Hatsun Agro Product Ltd

Hatsun Agro Product Ltd

₹ 1,082 0.08%
24 Jun - close price
About

Hatsun Agro Product Limited has been in business for over 5 decades and achieved the position of the largest private-sector industry in the Dairy sector manufacturing and marketing Milk and Milk products, Ice-Cream, etc. [1] It was incorporated by Mr. R G Chandramogan, who has been in the dairy business for more than 30 years. [2] Its journey began with Arun Icecreams. [3]

Key Points

Products and Brands
Hatsun Agro manufactures and markets:

  1. Milk and Curd : Under the brand names “Arokya” and “Hatsun”. It has a HAP Daily store distribution network of 2500 outlets.

  2. Ice Creams : Under the brand names “Arun"(dominant position across South India) and new premium segment "IBACO". IBACO has a distribution network of 151 Stores.

  3. Cattle Feed : Under the brand name “Santosa”

  4. Ready To Eat : Under the new brand name “Oyalo” (100% vegetarian pizzas)

It also has a store distribution network of 949 outlets of HAP Daily (Icecream retail and distribution) and Oyalo together. [1] [2]

  • Market Cap 24,107 Cr.
  • Current Price 1,082
  • High / Low 1,233 / 911
  • Stock P/E 90.2
  • Book Value 70.6
  • Dividend Yield 0.55 %
  • ROCE 13.6 %
  • ROE 17.7 %
  • Face Value 1.00

Pros

  • Company has been maintaining a healthy dividend payout of 63.3%

Cons

  • Stock is trading at 15.3 times its book value
  • The company has delivered a poor sales growth of 10.9% over past five years.
  • Company might be capitalizing the interest cost

* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.

Peer comparison

Sector: FMCG Industry: Food - Processing - Indian

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Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

Mar 2021 Jun 2021 Sep 2021 Dec 2021 Mar 2022 Jun 2022 Sep 2022 Dec 2022 Mar 2023 Jun 2023 Sep 2023 Dec 2023 Mar 2024
1,563 1,539 1,628 1,577 1,626 2,015 1,748 1,695 1,789 2,151 1,905 1,887 2,047
1,374 1,363 1,413 1,410 1,467 1,836 1,571 1,505 1,633 1,913 1,687 1,675 1,817
Operating Profit 189 176 215 167 159 178 177 190 156 238 219 213 230
OPM % 12% 11% 13% 11% 10% 9% 10% 11% 9% 11% 11% 11% 11%
2 1 -5 -3 -10 5 3 0 2 2 14 4 2
Interest 26 27 26 26 28 28 32 36 30 34 32 38 50
Depreciation 74 74 77 77 83 85 90 92 96 97 100 102 111
Profit before tax 91 76 107 61 39 71 58 63 33 109 101 77 71
Tax % 37% 24% 24% 22% 23% 26% 27% 26% 24% 27% 23% 25% 26%
57 58 82 48 30 52 42 46 25 80 78 57 52
EPS in Rs 2.57 2.62 3.69 2.15 1.33 2.33 1.91 2.08 1.12 3.60 3.48 2.58 2.34
Raw PDF

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024
2,165 2,494 2,933 3,445 4,198 4,287 4,760 5,308 5,551 6,370 7,247 7,990
2,017 2,316 2,735 3,140 3,820 3,916 4,312 4,758 4,749 5,649 6,546 7,091
Operating Profit 148 178 198 305 378 372 448 550 802 721 701 899
OPM % 7% 7% 7% 9% 9% 9% 9% 10% 14% 11% 10% 11%
4 9 6 5 7 8 -1 9 -22 -21 11 23
Interest 44 41 63 68 70 88 86 106 108 107 126 154
Depreciation 50 65 94 107 143 174 201 296 295 311 362 409
Profit before tax 57 81 47 134 172 119 161 156 377 283 225 358
Tax % 21% -0% 17% 55% 21% 23% 29% 28% 35% 23% 26% 25%
45 82 39 60 135 91 115 112 246 218 166 267
EPS in Rs 2.02 3.70 1.76 2.72 6.08 4.08 5.15 5.04 11.06 9.78 7.45 12.00
Dividend Payout % 41% 33% 50% 72% 45% 67% 56% 58% 70% 59% 81% 50%
Compounded Sales Growth
10 Years: 12%
5 Years: 11%
3 Years: 13%
TTM: 10%
Compounded Profit Growth
10 Years: 13%
5 Years: 17%
3 Years: 3%
TTM: 66%
Stock Price CAGR
10 Years: 23%
5 Years: 16%
3 Years: 7%
1 Year: 13%
Return on Equity
10 Years: 20%
5 Years: 18%
3 Years: 17%
Last Year: 18%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024
Equity Capital 11 11 11 11 15 15 16 16 22 22 22 22
Reserves 119 169 211 220 333 350 789 888 1,000 1,087 1,418 1,550
402 494 614 672 919 1,299 1,028 1,434 1,622 1,939 1,793 2,698
155 171 220 255 320 367 413 376 474 494 517 464
Total Liabilities 687 844 1,056 1,157 1,588 2,032 2,246 2,714 3,117 3,542 3,751 4,735
392 504 632 647 991 1,217 1,408 1,756 1,929 2,410 2,615 2,767
CWIP 45 106 23 33 90 259 233 355 384 237 254 238
Investments 1 1 1 0 0 0 0 0 8 14 21 30
250 233 399 477 506 556 605 604 795 881 861 1,699
Total Assets 687 844 1,056 1,157 1,588 2,032 2,246 2,714 3,117 3,542 3,751 4,735

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024
143 201 62 219 433 277 375 552 518 576 741 -71
-143 -212 -124 -134 -569 -523 -343 -537 -418 -565 -441 -388
1 13 76 -79 162 223 -31 -7 -106 -8 -300 474
Net Cash Flow 0 1 13 6 26 -23 1 8 -7 3 0 14

Ratios

Standalone Figures in Rs. Crores / View Consolidated

Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024
Debtor Days 7 3 2 2 4 1 1 1 1 0 0 0
Inventory Days 25 17 43 51 36 45 44 36 55 50 41 94
Days Payable 19 18 18 20 20 20 19 14 13 12 13 12
Cash Conversion Cycle 13 3 27 32 19 26 25 24 42 39 28 83
Working Capital Days -1 -11 -0 6 -14 -15 -12 10 19 20 14 51
ROCE % 20% 19% 14% 23% 22% 14% 15% 13% 21% 15% 11%

Shareholding Pattern

Numbers in percentages

2 Recently
Jun 2021Sep 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024
74.07% 74.12% 74.12% 74.26% 74.26% 73.00% 73.00% 73.11% 73.11% 73.11% 73.11% 73.15%
3.53% 4.36% 4.33% 4.25% 4.23% 4.17% 4.18% 4.06% 4.07% 3.04% 2.90% 2.86%
6.68% 6.85% 6.80% 6.67% 6.62% 8.15% 8.25% 8.40% 8.54% 9.54% 9.70% 9.81%
15.73% 14.67% 14.76% 14.81% 14.89% 14.68% 14.57% 14.43% 14.28% 14.32% 14.28% 14.18%
No. of Shareholders 24,57225,40729,69430,64932,68031,67430,49029,96529,63026,36526,38225,541

* The classifications might have changed from Sep'2022 onwards. The new XBRL format added more details from Sep'22 onwards.

Classifications such as banks and foreign portfolio investors were not available earlier. The sudden changes in FII or DII can be because of these changes.

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