Dairy product maker Hatsun Agro Product Ltd. (HAP) has reported a 11% drop in its standalone net profit (continuing and discontinued operations) for the first quarter ended June 22 to ₹52 crore on account of rising input, packaging material and logistics costs.
Revenue from operations rose 31% to ₹2,015 crore. Strong sales recovery in the domestic market post COVID-19 pandemic with good summer sales led to the highest-ever quarterly sales volume, said RG Chandramogan, chairman.
HAP crossed the ₹2,000-crore mark in a quarter for the first time in Q1 of FY23 thus becoming the first private sector dairy company to do so in a quarter, the company said in a statement.
Last fiscal, HAP invested about ₹450 crore across new manufacturing facilities for capacity expansion in ice cream, milk, curd, milk products and cattle feed. Last quarter, it started exporting Arun ice creams to Singapore and Maldives and plans are on to enter newer markets.
The company declared an interim dividend of ₹6 per share.
