Add Hatsun Agro Products, target price Rs 1060: ICICI Securities

ICICI Securities has add call on Hatsun Agro Products with a target price of Rs 1060. The current market price of Hatsun Agro Products Ltd. is Rs 969.

Time period given by analyst is one year when Hatsun Agro Products Ltd. price can reach defined target.
Hatsun Agro Products Ltd., incorporated in the year 1986, is a Mid Cap company (having a market cap of Rs 20959.22 Crore) operating in FMCG sector.


Financials
For the quarter ended 31-03-2021, the company reported a Standalone Total Income of Rs 1570.38 Crore, up 12.51 % from last quarter Total Income of Rs 1395.77 Crore and up 24.38 % from last year same quarter Total Income of Rs 1262.55 Crore. Company reported net profit after tax of Rs 57.14 Crore in latest quarter.

Investment Rationale
The brokerage models Hatsun to report PAT CAGR of 19.2% over FY21-23E with RoE higher than the cost of capital. It remains positive on the company’s business model due to the established moats and growth opportunities.

Promoter/FII Holdings
Promoters held 74.1 per cent stake in the company as of March 31, 2021, while FIIs held 4.1 per cent, DIIs 5.1 per cent and public and others 15.9 per cent.