Dairy products-maker Hatsun Agro Product Ltd has clocked a net profit of Rs 57.13 crore for the quarter ending March 31, 2021, the company said on Wednesday.
The city-based company registered a net profit of Rs 7.95 crore during corresponding quarter last year. For the year ending March 31, 2021 profits grew to Rs 246.35 crore from Rs 112.27 crore registered a year ago.
The total income for the quarter under review surged to Rs 1,570.37 crore from Rs 1,262.55 crore registered last fiscal.
The total income for the year ending March 31, 2021 stood at Rs 5,575.50 crore against Rs 5,316.98 crore registered last fiscal. Commenting on this, the company chairman RG Chandramogan said, "We are very happy to share that we have closed FY '21 on a strong footing, recording our highest-ever revenue and profit."
"Our branded liquid milk (Arokya) sale has maintained its growth trajectory and other brands contributed to the overall sales growth. We do expect this growth rate to continue and improve in the coming quarters," he said. The company, during FY 2021, expanded its presence with the setting up of a dairy plant in Solapur, Maharashtra, he said.
The plant in Solapur commenced commercial production in January 2021 with an installed capacity of six lakh litres per day. The company is currently taking steps to increase the capacityby 50,000 litres per day to produce lassi and butter milk and it was expected to be completed by September.
On the facility set up in Dharapuram, Tamil Nadu, to produce milk products, the company said it commenced commercial production in January by producing paneer and has a capacity of 5 million tonnes per day. Hatsun Agro is setting up a milk processing unit with a capacity of three lakh litres per day and it was expected to commence commercial production by June, the company said.
On the proposed ice-cream plant in Telangana, Hatsun Agro said the construction activities were on for the plant with a capacity of one lakh kilograms per day (of ice-cream) and the facility was expected to be commissioned by September 2021.
The capital expenditure for the ice-cream plant was estimated to be Rs 311 crore, the company said. Hatsun Agro is in the process of acquiring the necessary land to set up its dairy plant in northern part of Andhra Pradesh, the company said.