CHENNAI, Sept 26 – India’s Hatsun Agro (HAPL.NS), opens new tab expects to grow its revenues by about 15% in the current fiscal year, its chairman said on Thursday, as the dairy group prepares to launch protein-based products to leverage rising demand and recent tax cuts.
Asia’s third-largest economy reduced consumption taxes on hundreds of household goods earlier this month, including butter and other dairy products, marking the most significant tax overhaul in eight years. The cuts followed U.S. President Donald Trump’s imposition of steep tariffs on Indian shipments.
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India, the world’s largest milk producer, is in the midst of trade negotiations with Washington and the demand for opening up its dairy sector to U.S. corporations has been a sore point.
The tax cuts are “good for the industry” but opening up the sector would be detrimental, particularly to the farming community and rural economy, Hatsun Agro Chairman R.G. Chandramogan said in an interview.
The company plans to introduce protein-based products by March to capitalize on the growing trend toward healthy eating.
Rivals Milky Mist and Amul have already rolled out protein-enriched offerings, catering to a growing market in a country where millions of consumers follow vegetarian diets.
Hatsun Agro, which sells products such as ice cream, milk, and curd, reported a 9% increase in revenue to 87 billion rupees ($980 million) in the fiscal year ended March 31.
It aims to boost its network of HAP Daily-branded stores by 10% annually over the next three years, adding to the current portfolio of more than 4,000 outlets.
The dairy firm also plans to double its exports annually, targeting a 2 billion rupee milestone in four years by expanding its footprint in countries such as Seychelles and Oman, and exploring other markets, Chandramogan said.
($1 = 88.7580 Indian rupees)
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