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Garvit Bhandari

Founder, CEO

Equity Bottom-Up

<ul>
<li>Hatsun crossed INR3,000 cr in quarterly revenue for the first time, up 19.3% YOY, but PAT slipped 1.1% as milk cost inflation compressed every margin line.</li>
<li>We view the topline strength as structurally sound. The profit stall is a cyclical input cost problem, not a demand problem.</li>
<li>At 60x TTM earnings, Hatsun already prices in a recovery it has yet to deliver.</li>
</ul>


Hatsun crossed INR3,000 cr in quarterly revenue for the first time, up 19.3% YOY, but PAT slipped 1.1% as milk cost inflation compressed every margin line.
We view the topline strength as structurally sound. The profit stall is a cyclical input cost problem, not a demand problem.
At 60x TTM earnings, Hatsun already prices in a recovery it has yet to deliver.


Hatsun Agro (HATSUN IN): Record Quarter Masks a Margin Squeeze

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Hatsun Agro (HATSUN IN): Record Quarter Masks a Margin Squeeze