He expects the change in the Income Tax rules to put more money in the hands of people and a good momentum in spending in the future.
Hatsun Agro Product (HAP), India’s largest private sector dairy company, could become a ₹10,000-crore company at the end of this fiscal. Last year, the Chennai-based company reported revenue of nearly ₹8,700 crore.
“There is a possibility of touching revenue of ₹10,000 crore for the current fiscal,” RG Chandramogan, Chairman, HAP, told businessline. “However, with unpredictable weather, it is very difficult to say,” he said. “When compared to the industry standards, we will be 40-50 per cent better,” he added.
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“We have got three brands – Arun, Arogya and Hatsun – that have a turnover of over ₹1,000 crore each,” he added.
Out of the total revenue, milk has the maximum share with 56 per cent; ice cream – 14-15 per cent; cultured products like paneer will be 18-19 per cent and the rest is from others, including cattle feeds. The company procures about 40 lakh litres of milk every day, he said.
Customer spending
Chandramogan expects consumption to improve with the Centre’s back-to-back reforms — the Income Tax rule changes and the GST 2.0 — will act as a stimulant to increase consumption.
He expects the change in the Income Tax rules to put more money in the hands of people. “Many of our own staff are out of the IT bracket,” he said.
“We expect good momentum in spending in the future. When people have surplus money, they have to spend,” he added.
“There are certain negative factors like unpredictable weather and external issues like the India-Pakistan war and tariff by the US that are beyond our control,” he said.
Last year, the dairy industry had gone through mixed things. The number of rainy days was higher. Even in the summer, there was good rain. In addition, there was not much heat. These two factors led to a lull in consumption of ice creams, he said.
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