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Hatsun Agro Product Ltd. financial results for the quarter ended September 30, 2021

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Chennai (Tamil Nadu) [India], October 19 (ANI/NewsVoir): Hatsun Agro Product Ltd., India’s leading private sector dairy company announces its financial results for the quarter and six months ended September 30, 2021.

Highlights

Q2 FY22 Revenues up by 23.24% and H1 FY22 Revenues up by 22.02%

Q2 FY22 PAT up by 24.79% and H1 FY22 PAT up by 15.20%

FY22 vs FY21 comparison: Hatsun Agro Product Ltd. reported:

Sales registered in Q2 FY22 was Rs.1635.41 crores as against Rs.1326.99 crores in Q2 FY 21 registered a growth of 23.24%

Sales registered in H1 FY22 was Rs. 3180.12 crores as against Rs. 2606.27 crores in H1 FY21 registered a growth of 22.02%

PAT in Q2 FY22 was Rs. 82.09 crores as against Rs. 65.79 crores in Q2 FY 21 registered a growth of 24.79%

PAT in H1 FY22 was Rs. 140.42 crores as against Rs. 121.89 crores in H1 FY 21 registered a growth of 15.20%

Performance for the quarter and outlook

Commenting on the results, RG Chandramogan, Chairman, Hatsun Agro Product Ltd. said, “We are happy to report a decent growth in revenues albeit little shorter to our expectations, due to unprecedented Monsoon exceeding more than 10% from the normal, in the last few months, in the entire South India and Maharashtra.

These Markets account for 95% of our business. We are investing about Rs.450 Crores in our business across new manufacturing facilities to expand capacities in Ice Cream, Milk, Curd, Milk Products and Cattle Feed and also in distribution, Sales and Marketing before the end of FY 2022. We will have enough capacities in all our Divisions for FY 2022-23.”

Other Updates

Hatsun Agro Product signs power purchase agreement with Swelect Renewable Energy Private Limited

HAP has entered into a fresh agreement with Swelect Renewable Energy Private Limited for purchase of solar power under captive user model. This Solar project which is expected to be commissioned by February 2022 is estimated to provide HAP around 1.45 crore units of electricity, annually, resulting in cost savings of Rs. 3 crores.

Hatsun Agro Product Limited has already started consuming solar power from 01.10.2021 from the recently commissioned solar power plant by Swelect Sun Energy Pvt. Ltd.

The total consumption of Solar power by Hatsun Agro Product Limited from the above two projects alone will be around 3.70 crore units per annum and the total cost saving will be around Rs. 8.50 crores per annum.

Hatsun Agro Product Forays into Madhya Pradesh and West Bengal

Hatsun Agro Product Ltd. (HAP), a leading private sector dairy company in India, inaugurated “HAP Daily” outlets in Indore, Madhya Pradesh and Kharagpur, West Bengal. Known for their range of high quality milk products, HAP Daily, a neighbourhood retail outlet from Hatsun Agro Product Ltd., offers dairy products & icecreams at the convenience of the customers. With the launch of these stores HAP officially marks its presence in these states. In addition to the entire range of Arun Icecreams, these outlets will also retail other products from Hatsun such as Ghee, Skimmed Milk Powder and Dairy Whitener.

Arun Icecreams launches “Neapolitan Bar”

Arun Icecreams, widely popular for its delectable variety of ice creams that are made with real milk and cream, has launched an all new ice cream bar variant – “Neapolitan Bar”. Made of three distinct flavours Vanilla, Strawberry and Chocolate all layered together in one bar, the ice cream bar is a blend of three flavours for a perfect fun treat. The 60 ml bar is priced at Rs. 20/- and is available across retail outlets, supermarkets and HAP Daily outlets.

Hatsun Agro Product Ltd. (HAP) Is a leading private sector dairy player in India. HAP procures milk from select fine quality cattle collected directly from around 4,00,000 farmers, chosen with care. HAP follows quality standards certified by the prestigious ISO 22000. HAP’s portfolio includes: Arun Icecreams – South India’s leading ice cream brand, Arokya Milk – the country’s largest private sector milk brand, Hatsun Dairy Products – a rapidly growing, wide portfolio brand of dairy products, Ibaco – Premium chain of ice cream outlets enabling consumers create their own ice cream sundaes, Oyalo – New brand offering from Hatsun that dishes out delicious pizzas & Santosa – a fast growing cattle feed brand. HAP’s products are exported to 38 countries around the world.

This story is provided by NewsVoir. ANI will not be responsible in any way for the content of this article. (ANI/NewsVoir)

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(This story has not been edited by PRESS24 NEWS staff and is auto-generated from a syndicated feed.)

 

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Oriental Hotels Q2 net loss narrows to Rs 4.83 crore

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Oriental Hotels Ltd, an associate company of The Indian Hotels Company Ltd, on Tuesday reported a consolidated net loss of Rs 4.83 crore for the second quarter ended September 30, 2021.


The company had reported a net loss of Rs 17.88 crore in the July-September period of the previous financial year.





Its revenue from operations stood at Rs 52.34 crore for the period under review as compared to Rs 15.8 crore in the year-ago period, Oriental Hotels said in a regulatory filing.


The company’s board at its meeting on Tuesday re-appointed Pramod Ranjan as managing director and CEO for a further term of three years with effect from November 11, 2021, based on the recommendation of the nomination and remuneration committee.


Oriental Hotels has seven hotels, including Taj Coromandel, Chennai; Taj Fisherman’s Cove Resort and Spa, Chennai; and Taj Malabar Resort and Spa, Kochi.

(Only the headline and picture of this report may have been reworked by the PRESS24 NEWS staff; the rest of the content is auto-generated from a syndicated feed.)

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PRESS24 NEWS has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.

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As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

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ICICI Pru Life posts 47% jump in net profit to Rs 445 cr for Sept quarter

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ICICI Prudential Life Insurance Co Ltd on Tuesday reported nearly 47 per cent jump in its net profit to Rs 445 crore for the second quarter ended September 30.


The company had posted a net profit of Rs 303 crore in the corresponding quarter of the previous financial year 2020-21.





The total income during July-September 2021 also rose to Rs 23,188 crore, compared with Rs 16,715 crore in the year-ago period, ICICI Pru Life said in a regulatory filing.


As against this, a massive Rs 500-crore net COVID-19 claims left the second-largest private-sector life insurer in the red with a Rs 186-crore net loss in the June 2021 quarter, despite it reporting good all-round numbers, including a 71 per cent growth.


At Rs 445 crore, net income for the reporting quarter grew 47 per cent from the year-ago period, its Managing Director and Chief Executive N S Kannan told PTI.


He also said this September was the best-ever month in terms of topline (revenue) growth since the inception.


He said the net income growth was driven by the growth in the value of the new business and a massive jump in investment income which jumped to Rs 13,817 crore in the quarter, from Rs 8,000 crore a year ago.


Guiding towards much better days ahead, Kannan said that from the claim side, “I can very well say that we are at the end of the tunnel as claims have been steadily declining month-on-month and it hit a low of Rs 75 crore in the final month of the quarter”.


Premium earned during the September 2021 quarter rose to Rs 9,533 crore, from Rs 8,733 crore a year ago. The net premium earned stood at Rs 9,286 crore, up from Rs 8,572 crore in the year-ago quarter.


Claims/ benefits paid in the second quarter of this fiscal stood at Rs 8,022 crore, compared with Rs 4,909 crore in the year-ago period.


Profit after tax has decreased to Rs 259 crore in the first half of 2021-22, from Rs 591 crore a year ago, it said.


“Claims and benefits payouts increased by 82.4 per cent from Rs 7,504 crore in H1 FY2021 to Rs 13,690 crore in H1 FY2022, primarily on account of increase in surrender/withdrawals and death claims.


“The company had COVID-19 claims (net of reinsurance) of Rs 862 crore,” it said.


The company has arguably the average shortest settlement time of just one day and a settlement ratio of 97.5 per cent.


ICICI Pru said the total claims on account of COVID-19 for April-September 2021 stood at Rs 1,879 crore. The full-year COVID-19 claims for the same in FY2021 were Rs 354 crore.


Claims net of reinsurance during the first half of the current fiscal were Rs 862 crore. It was Rs 198 crore in FY2021.


The life insurer said it has a provision of Rs 412 crore (Rs 332 crore in March 2021) held for future COVID-19 claims, including IBNR (incurred but not reported).


Kannan said the increased consumer awareness of the need for life insurance and the company’s customer-centric products enabled it to grow new business by 62 per cent sequentially in the September 2021 quarter.


“Significantly, we posted our best-ever September on monthly sales for any year since inception… Our new business sum assured grew by 35 per cent year-on-year to Rs 3.37 trillion in H1 FY2022, and we continued to be the private sector leader with an overall market share of 13.2 per cent,” Kannan said.


As a result, the company’s absolute VNB (value of new business) grew 45 per cent year-on-year to Rs 873 crore for the first half of FY2022, he said adding that this will help in achieving the stated objective of doubling FY2019 NVB by FY2023.


“We settled all genuine claims quickly to ensure customers and their families had the required financial support in their hour of need,” Kannan said.


He further said that the improvement in the pandemic situation with each passing month, increased consumer awareness on the need for life insurance and the suite of customer-centric products have enabled the company to grow new business by 62 per cent sequentially this quarter.


“Significantly, we posted our best-ever September on monthly sales for any year since inception, aided by our well-diversified product and distribution channel mix,” Kannan added.


ICICI Prudential Life’s stock on Tuesday closed at Rs 660.15 apiece on the BSE, down 1.95 per cent from the previous close.

(Only the headline and picture of this report may have been reworked by the PRESS24 NEWS staff; the rest of the content is auto-generated from a syndicated feed.)


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