Hatsun stellar performance in Qtr-I: To raise ₹700 cr for expansion

Dairy product maker Hatsun Agro Product Ltd; plans to raise ₹700 crore through private placement of equity-shares by way of qualified-institutional-placement for its expansion-plans.

Also read : Hatsun starts a 101 Crores automated dairy plant at Tripur

On Wednesday, the board also approved a proposal for increasing the company’s borrowing limit from ₹1,500 crore to ₹1,800 crore; it said in a regulatory filing.

Hatsun is in the process of increasing the capacity of its milk and milk-products-plant in Solapur by 50,000 lpd. It will be done to produce lassi and butter milk and is likely to be completed by end of September.

Also read: Hatsun dairy begins commercial production at Solapur Maharashtra

Further, it plans to set up a curd processing plant with a capacity of 1 lakh litre a day in Dharapuram, Tamil Nadu which would be ready by March 2022.

Similarly, the ice-cream plant in Telangana with a capacity of one lakh kg per day will be ready by November at an investment of ₹311 crore. HAPL is also scouting for land in northern part of Andhra Pradesh to set up a dairy.

Also read : Hatsun to set up an Ice cream Plant in Telangana

HAPL, meanwhile, reported an almost 4% growth in its net profit to ₹58.32 crore for the first quarter ended June. Revenue from operations rose 21% to ₹1,545 crore. The board declared an interim dividend of ₹6 per share for FY22.