Hatsun Agro Shares Hit Over Two-Year High As Q1 Profit Rises 63%
The stock rose as much as 17.91% during the day to Rs 1,400 apiece on the NSE.
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Shares of Hatsun Agro Product Ltd. zoomed nearly 18% on Tuesday to the highest in over two years after its net profit jumped 63% in the first quarter of the current financial year.
The Arun Icecreams manufacturer posted a profit of Rs 131 crore in the April–June quarter in comparison to Rs 80 crore during the same period last year. The Chennai-based dairy company's revenue was up by 10% year-on-year to Rs 2,375 crore.
The company saw earnings before interest, tax, depreciation and amortisation rise 39% on a yearly basis to Rs 330 crore, while the Ebitda margin expanded to 13.9% from 11.1% recorded during the same period last year.
It also announced an interim dividend of Rs 6 per share, according to an exchange filing.
On the NSE, Hatsun's stock rose as much as 17.91% during the day to Rs 1,400 apiece, the highest since Nov. 1, 2021. It was trading 5.95% higher at Rs 1,257.90 per share, compared to a 0.17% advance in the benchmark Nifty at 9:53 a.m.
The share price has risen 29.39% in the last 12 months and 10.05% on a year-to date basis. The relative strength index was at 76.20, indicating that the stock is overbought.
One out of the two analysts tracking the company has a 'buy' rating on the stock and another suggests 'sell,' according to Bloomberg data. The average of 12-month analyst price targets implies a potential downside of 17%.
