Dairy product maker Hatsun Agro Products climbed nearly 4% on the exchanges on Tuesday after two major mutual fund houses bought some shares of the company through the open market. At the same time, promoter Raja Ganesan Chandramogan sold a part of his equity shares in the company for an almost total of Rs. 269 crores.
According to block deal data on BSE, Sundaram mutual fund bought 12 lakh equity shares on 987.8 per share overall approx. 118.54 crores. During this, State Bank Of India Mutual fund bought 15.20 lakh equity shares Amount of 987.8 each 150.15 crores.
These mutual fund houses together have bought shares of 268.68 crore in the company.
On the other hand, Promoter Chandramogan sold 12 lakh shares and 15.20 lakh shares 987.8 each.
As on June 30, 2022, as per the shareholding pattern, Chandramogan held 12,07,19,651 equity shares or 56% in Hatsan.
Hutson Agro shares closed on BSE up by 1012.60 26.55 or 2.69%. The stock had touched the day’s high 1024.70 each – resulting in a 3.9% jump on the day.
The company’s market valuation is close to 21,827.94 crore.
Hatsun Agro registers highest ever quarterly sales and crosses sales figure 2,000 crore for the first time in Q1FY23.
In the June 2022 quarter, Hatsun Agro reports a net profit of 51.95 crore against 58.33 crore in the same quarter last year. stood on revenue from operations 2,014.60 crore in Q1FY23 as against 1,538.78 crore in Q1 a year ago.
For the first quarter of FY23, the company paid dividend 6 per equity share (600%) on fully paid-up equity shares having a face value of Rs.1.
Post Q1FY23, analysts at ICICI Securities said in their research note, “We believe that the company will report higher profitability in the coming quarters due to reduction in input prices and increase in prices. We expect Hatsun to have a PAT of 27.4%.” Let’s model to report CAGR. FY22-24E with: (1) high single digit growth in purchase of milk, (2) commissioning of three new plants, and (3) higher share of value-added products. Hatsun remains structurally positive due to competitive advantages and strong growth opportunities in South India.”
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