Mumbai: Hatsun Agro Product Ltd reported a 47.97% year-on-year rise in consolidated net profit to ₹60.58 crore for the December quarter of FY26, driven by strong demand across milk, yoghurt and ice cream
segments. Revenue from operations increased 17.6% YoY to ₹2,363.72 crore, even as sequential performance moderated compared to the September quarter amid higher operating costs and seasonal factors.
In Q3 FY26, Hatsun Agro Product posted consolidated revenue of ₹2,363.72 crore, compared with ₹2,009.75 crore in the year-ago quarter. Profit before tax rose to ₹78.92 crore from ₹55.67 crore last year, reflecting improved operating leverage and volume-led growth across core dairy categories. However, total expenses climbed 17% YoY to ₹2,287.76 crore, largely on account of higher raw material consumption and employee costs. Compared sequentially, revenue declined 2.6% from ₹2,427.59 crore in Q2 FY26, while profit after tax fell 44.7% quarter-on-quarter due to cost pressures.
Sequential trends and cost impact
On a quarter-on-quarter basis, PAT declined from ₹109.54 crore in Q2 FY26 to ₹60.58 crore in Q3 FY26. Employee benefit expenses rose following the implementation of new labour codes, resulting in a one-time impact on defined benefit obligations. Finance costs moderated marginally, but depreciation and other operating expenses remained elevated, affecting margins during the quarter.
Management commentary and drivers
Chairman R G Chandramogan said the company’s performance was supported by steady consumer demand and strong distribution reach. Volume growth in milk, yoghurt and ice creams, coupled with continued investments in brand building and supply chain efficiency, helped sustain momentum despite near-term cost headwinds.
Nine-month performance snapshot
For the nine months ended December 31, 2025, Hatsun Agro Product reported consolidated revenue of ₹7,381.59 crore, up 14.3% YoY, while net profit increased 29.5% to ₹305.31 crore. The company continues to benefit from scale expansion and deeper market penetration across southern and western India.
This article is based on publicly available financial disclosures by Hatsun Agro Product Ltd and is for informational purposes only. It does not constitute investment advice or stock recommendation.
