Hatsun Agro Product Ltd, a leading private sector dairy company, reported a 48 per cent decline in net profit to ₹43 crore for the second quarter that ended September 30, 2022 as against ₹82 crore in the same period last year. Revenue was up 7 per cent to ₹1,745 crore (₹1,629 crores).
The company declined to comment on the fall in net profit as it is going through a rights issue.
In a release, RG Chandramogan, Chairman, Hatsun Agro Product said that the milk price was increased from August 12 and partially realised the benefits in the second quarter. The benefit of cost increase will be realised in full in the coming quarters. The procurement and sales in the second quarter got affected due to unprecedented rains, he said.
The company’s stock price on the Bombay Stock Exchange closed at ₹1,007.45, up by ₹7.70 (0.77 per cent).