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Three pointers from Hatsun Agro Products Ltd.’s Q4 FY21-
1. the company reported revenue growth of 23.9% YoY, highest in past 16 quarters,
2. higher revenues of ice-cream along with favorable base of Q4 FY20 resulted in higher revenue growth and
3. the company has accumulated large skim milk powder inventory which will arrest decline in Ebitda margin in case of steep inflation in milk procurement prices.
We model the company to report an earnings compound annual growth rate of 20.7% over FY21-FY23E with –
- high single-digit growth in milk procurement,
- commencement of three plants and
- lower effective tax rate in FY22E.
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