Hatsun Agro Product Ltd. (HAPL) has reported a 49% dip in standalone net profit for the second quarter ended September to ₹42 crore on an increase in raw material costs and unprecedented rainfall.
During the quarter under review, the revenue from operations grew by 7% by ₹1,748 crore, while raw material costs rose from ₹1,148 crore to ₹1,278 crore, an increase of 11%, the dairy-product maker said in a regulatory filing.
“The price increase of milk has been effected only from August 12 and hence, the benefit has been realised partially in this quarter. The benefit of cost increase will be realised in full in the quarters to come,” said R.G. Chandramogan, chairman.
He also said procurement and sales in Q2 got affected due to unprecedented rainfall.