Hatsun Agro Product Ltd

Hatsun Agro Product is engaged in Business of Milk and Milk Products.(Source : 201903 Annual Report Page No: 56)

Pros:
Company has reduced debt.
Company has a good return on equity (ROE) track record: 3 Years ROE 27.93%
Company has been maintaining a healthy dividend payout of 60.52%
Cons:
Stock is trading at 12.05 times its book value
Company might be capitalizing the interest cost

Peer Comparison Sector: FMCG // Industry: Food - Processing - Indian

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Quarterly Results Standalone Figures in Rs. Crores / View Consolidated

Sep 2016 Dec 2016 Mar 2017 Jun 2017 Sep 2017 Dec 2017 Mar 2018 Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019
1,000 946 1,217 1,169 1,067 1,013 1,052 1,236 1,187 1,154 1,183 1,423
910 853 1,119 1,065 962 926 976 1,113 1,064 1,060 1,082 1,261
Operating Profit 90 94 98 103 105 87 76 123 124 95 101 163
OPM % 9% 10% 8% 9% 10% 9% 7% 10% 10% 8% 8% 11%
Other Income 1 1 4 2 3 1 2 1 1 2 3 9
Interest 16 17 22 20 19 22 26 26 19 19 22 25
Depreciation 30 34 42 40 41 47 45 48 49 50 53 69
Profit before tax 46 43 38 45 48 19 7 49 56 28 28 78
Tax % 30% 26% -4% 22% 21% 21% 66% 23% 32% 33% 29% 34%
Net Profit 33 32 40 35 38 15 2 38 38 19 20 51
EPS in Rs 2.11 2.05 2.57 2.28 2.48 0.97 0.16 2.49 2.38 1.12 1.25 3.17
Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes

Profit & Loss Standalone Figures in Rs. Crores / View Consolidated

Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 TTM
863 1,013 1,141 1,356 1,604 2,165 2,494 2,933 3,445 4,198 4,287 4,760 4,948
807 952 1,077 1,261 1,494 2,017 2,316 2,735 3,140 3,820 3,916 4,312 4,467
Operating Profit 56 61 63 95 109 148 178 198 305 378 372 448 481
OPM % 6% 6% 6% 7% 7% 7% 7% 7% 9% 9% 9% 9% 10%
Other Income 6 2 3 2 3 4 9 6 5 7 8 -1 14
Interest 15 21 28 36 38 44 41 63 68 70 88 86 85
Depreciation 18 22 27 37 42 50 65 94 107 143 174 201 221
Profit before tax 28 20 12 23 32 57 81 47 134 172 119 161 190
Tax % 38% 40% 77% 19% 17% 21% -0% 17% 55% 21% 23% 29%
Net Profit 17 12 3 19 27 45 82 39 60 135 91 115 128
EPS in Rs 1.12 0.77 0.16 1.18 1.63 2.73 5.04 2.28 3.35 8.78 5.89 7.19 7.92
Dividend Payout % 24% 17% 38% 21% 53% 41% 33% 50% 72% 45% 67% 70%
* Sales is net of excise duty and discounts
Compounded Sales Growth
10 Years:16.73%
5 Years:13.81%
3 Years:11.39%
TTM:13.30%
Compounded Profit Growth
10 Years:26.30%
5 Years:9.07%
3 Years:26.52%
TTM:37.04%
Return on Equity
10 Years:28.13%
5 Years:26.54%
3 Years:27.93%
Last Year:20.46%

Balance Sheet Standalone Figures in Rs. Crores / View Consolidated

Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019
12 12 7 7 11 11 11 11 11 15 15 16
Reserves 36 45 47 86 97 119 169 211 220 333 350 789
Borrowings 129 230 314 297 341 402 494 614 672 919 1,299 1,028
93 78 99 97 121 155 171 222 258 359 423 458
Total Liabilities 265 360 467 486 569 687 844 1,057 1,161 1,627 2,088 2,291
153 166 322 349 361 392 504 632 647 991 1,217 1,408
CWIP 22 128 33 10 8 45 106 23 33 90 259 233
Investments 0 0 0 0 0 1 1 1 0 0 0 0
90 65 111 127 199 250 233 401 481 545 612 650
Total Assets 265 360 467 486 569 687 844 1,057 1,161 1,627 2,088 2,291

Cash Flows Standalone Figures in Rs. Crores / View Consolidated

Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019
36 56 43 74 52 143 201 62 219 433 277 375
-50 -140 -85 -45 -47 -143 -212 -124 -134 -569 -523 -343
23 79 50 -34 -4 1 13 76 -79 162 223 -31
Net Cash Flow 8 -6 8 -4 0 0 1 13 6 26 -23 1

Ratios Standalone Figures in Rs. Crores / View Consolidated

Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019
ROCE % 29% 18% 12% 16% 17% 20% 19% 14% 23% 22% 14% 15%
Debtor Days 6 3 4 3 2 7 3 2 2 4 1 1
Inventory Turnover 29.21 28.93 26.85 22.34 15.60 17.19 25.03 16.90 11.38 13.05 12.61 12.10