KR Choksey's research report on Heritage Foods
Hatsun Agro Ltd reported Q3FY17 revenue at INR 6670.6 Mn with growth of 14.5% yoy and 4.0% qoq, while EBIDTA & PAT remained above our estimates at INR 387.6 Mn and 199.48 Mn respectively. EBIDTA margins stood at 5.8% which was an improvement of 67 bps yoy and qoq. PAT margins stood at 3.0% with increase of 104bps yoy and 55bps qoq.
OutlookTheir focus remained strong on growing the core business and invests behind dairy and retail. We expect growth to be around 17%-18% and EBIDTA margin to be in range of 5.6%-5.7% and PAT margins to be 2.8% to 2.9%. At CMP of INR 984, we have a “BUY” rating on the stock with target price of INR 1205 and upside of 22.4%.
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