External broker reports(aggregated public sources), ICICI Securities Ltd

ICICI Securities Limited

External broker reports(aggregated public sources)

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<p>Key takeaways from Q2FY22: (1) Hatsun registered strong revenue growth of 23.2% YoY and we believe it is largely volume led, (2) steady launches of new products and geographical expansion of HAP outlets continued during the quarter and (3) EBITDA margin declined 180bps YoY due to higher input prices, increase in freight costs and likely increase in ad-spend. Hatsun is on track to complete its expansion at its three plants, which are likely to be completed during FY22.</p><div class="content-highlight"><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></div>

Key takeaways from Q2FY22: (1) Hatsun registered strong revenue growth of 23.2% YoY and we believe it is largely volume led, (2) steady launches of new products and geographical expansion of HAP outlets continued during the quarter and (3) EBITDA margin declined 180bps YoY due to higher input prices, increase in freight costs and likely increase in ad-spend. Hatsun is on track to complete its expansion at its three plants, which are likely to be completed during FY22.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

India

Hatsun Agro Products Limited manufactures skimmed milk powder, skimmed milk powd er blends, instant skimmed milk powder, whole milk powder, and full cream milk p owder.

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Hatsun Agro Products (HTSMF IN)

Strong results; stretched valuations

Key takeaways from Q2FY22: (1) Hatsun registered strong revenue growth of 23.2% YoY and we believe it is largely volume led, (2) steady launches of...

ICICI Securities Limited

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