Hatsun Agro Product Ltd

Hatsun Agro Product Ltd

₹ 1,085 0.24%
23 Feb - 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 24,163 Cr.
  • Current Price 1,085
  • High / Low 1,233 / 785
  • Stock P/E 101
  • Book Value 65.8
  • Dividend Yield 0.55 %
  • ROCE 11.0 %
  • ROE 12.6 %
  • Face Value 1.00

Pros

  • Company has been maintaining a healthy dividend payout of 70.0%
  • Company's working capital requirements have reduced from 17.4 days to 13.9 days

Cons

  • Stock is trading at 16.5 times its book value
  • The company has delivered a poor sales growth of 11.1% 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

Dec 2020 Mar 2021 Jun 2021 Sep 2021 Dec 2021 Mar 2022 Jun 2022 Sep 2022 Dec 2022 Mar 2023 Jun 2023 Sep 2023 Dec 2023
1,395 1,563 1,539 1,628 1,577 1,626 2,015 1,748 1,695 1,789 2,151 1,905 1,887
1,188 1,374 1,363 1,413 1,410 1,467 1,836 1,571 1,505 1,633 1,913 1,687 1,675
Operating Profit 207 189 176 215 167 159 178 177 190 156 238 219 213
OPM % 15% 12% 11% 13% 11% 10% 9% 10% 11% 9% 11% 11% 11%
1 2 1 -5 -3 -10 5 3 0 2 2 14 4
Interest 29 26 27 26 26 28 28 32 36 30 34 32 38
Depreciation 78 74 74 77 77 83 85 90 92 96 97 100 102
Profit before tax 101 91 76 107 61 39 71 58 63 33 109 101 77
Tax % 33% 37% 24% 24% 22% 23% 26% 27% 26% 24% 27% 23% 25%
67 57 58 82 48 30 52 42 46 25 80 78 57
EPS in Rs 3.02 2.57 2.62 3.69 2.15 1.33 2.33 1.91 2.08 1.12 3.60 3.48 2.58
Raw PDF

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 TTM
1,604 2,165 2,494 2,933 3,445 4,198 4,287 4,760 5,308 5,551 6,370 7,247 7,733
1,494 2,017 2,316 2,735 3,140 3,820 3,916 4,312 4,758 4,749 5,649 6,546 6,907
Operating Profit 109 148 178 198 305 378 372 448 550 802 721 701 826
OPM % 7% 7% 7% 7% 9% 9% 9% 9% 10% 14% 11% 10% 11%
3 4 9 6 5 7 8 -1 9 -22 -21 11 22
Interest 38 44 41 63 68 70 88 86 106 108 107 126 134
Depreciation 42 50 65 94 107 143 174 201 296 295 311 362 394
Profit before tax 32 57 81 47 134 172 119 161 156 377 283 225 320
Tax % 17% 21% -0% 17% 55% 21% 23% 29% 28% 35% 23% 26%
27 45 82 39 60 135 91 115 112 246 218 166 240
EPS in Rs 1.20 2.02 3.70 1.76 2.72 6.08 4.08 5.15 5.04 11.06 9.78 7.45 10.78
Dividend Payout % 53% 41% 33% 50% 72% 45% 67% 56% 58% 70% 59% 81%
Compounded Sales Growth
10 Years: 13%
5 Years: 11%
3 Years: 11%
TTM: 9%
Compounded Profit Growth
10 Years: 14%
5 Years: 12%
3 Years: 13%
TTM: 32%
Stock Price CAGR
10 Years: 21%
5 Years: 17%
3 Years: 15%
1 Year: 19%
Return on Equity
10 Years: 21%
5 Years: 18%
3 Years: 19%
Last Year: 13%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Sep 2023
Equity Capital 11 11 11 11 11 15 15 16 16 22 22 22 22
Reserves 97 119 169 211 220 333 350 789 888 1,000 1,087 1,418 1,443
341 402 494 614 672 919 1,299 1,028 1,434 1,622 1,939 1,793 1,973
120 155 171 220 255 320 367 413 376 474 494 517 472
Total Liabilities 568 687 844 1,056 1,157 1,588 2,032 2,246 2,714 3,117 3,542 3,751 3,911
361 392 504 632 647 991 1,217 1,408 1,756 1,929 2,410 2,615 2,609
CWIP 8 45 106 23 33 90 259 233 355 384 237 254 196
Investments 0 1 1 1 0 0 0 0 0 8 14 21 23
199 250 233 399 477 506 556 605 604 795 881 861 1,083
Total Assets 568 687 844 1,056 1,157 1,588 2,032 2,246 2,714 3,117 3,542 3,751 3,911

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023
52 143 201 62 219 433 277 375 552 518 576 741
-47 -143 -212 -124 -134 -569 -523 -343 -537 -418 -565 -441
-4 1 13 76 -79 162 223 -31 -7 -106 -8 -300
Net Cash Flow 0 0 1 13 6 26 -23 1 8 -7 3 0

Ratios

Standalone Figures in Rs. Crores / View Consolidated

Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023
Debtor Days 2 7 3 2 2 4 1 1 1 1 0 0
Inventory Days 43 25 17 43 51 36 45 44 36 55 50 41
Days Payable 18 19 18 18 20 20 20 19 14 13 12 13
Cash Conversion Cycle 26 13 3 27 32 19 26 25 24 42 39 28
Working Capital Days 4 -1 -11 -0 6 -14 -15 -12 10 19 20 14
ROCE % 17% 20% 19% 14% 23% 22% 14% 15% 13% 21% 15% 11%

Shareholding Pattern

Numbers in percentages

Mar 2021Jun 2021Sep 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023
74.07% 74.07% 74.12% 74.12% 74.26% 74.26% 73.00% 73.00% 73.11% 73.11% 73.11% 73.11%
3.50% 3.53% 4.36% 4.33% 4.25% 4.23% 4.17% 4.18% 4.06% 4.07% 3.04% 2.90%
6.55% 6.68% 6.85% 6.80% 6.67% 6.62% 8.15% 8.25% 8.40% 8.54% 9.54% 9.70%
15.88% 15.73% 14.67% 14.76% 14.81% 14.89% 14.68% 14.57% 14.43% 14.28% 14.32% 14.28%
No. of Shareholders 24,81124,57225,40729,69430,64932,68031,67430,49029,96529,63026,36526,382

* 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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