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ICICI Securities Report
Hatsun Agro Products Ltd. reported highest ever quarterly sales volumes and crossed sales mark of Rs 20 billion for the first time in Q1 FY23. Key takeaways from Q1 FY23:
Hatsun clocked strong revenue growth of 30.4% YoY. We believe favorable base of Q1 FY22 and higher revenues of ice cream led to strong revenue growth,
Ebitda margin declined 268 basis points YoY led by higher procurement prices and increase other expenditure (likely ad-spend and freight cost),
the company has started exporting Arun ice creams to Singapore and Maldives; it plans to further increase its international presence for ice cream category.
We believe the company will likely report higher profitability in the coming quarters, due to moderation in input prices and price hikes.
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