HAP’s existing product portfolio is marketed under brands such as Arun, IBACO, Hatsun, and Arokya. Credit: Abinesh_Muthaiyan / Shutterstock.

Indian dairy company Hatsun Agro Product has struck a deal to buy smaller peer Milk Mantra Dairy for Rs 2.33bn ($26.9m).

In a stock-exchange filing, Hatsun Agro Product said the acquisition aligns with its “strategic intent of entering into new geographical markets”. 

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Headquartered in Bhubaneswar in the state of Odisha, Milk Mantra’s business is “similar and complementary to the business carried on by HAP”, it added. 

Furthermore, the deal “strengthens HAP’s presence in Odisha and the eastern India dairy market”, according to the filing.  

Milk Mantra, which owns the Milky Moo brand, was established in 2009 and operates exclusively in India.  

Over the past three financial years, the company has recorded an increase in turnover.  

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In the financial year 2021-22, the company’s turnover stood at Rs2.67bn, which rose to Rs2.72bn in 2022-23.  

The upward trend continued in 2023-24, with the turnover reaching Rs2.76bn.  

Hatsun Agro Product believes the acquisition also provides an opportunity to “tap” its existing northern Andhra Pradesh market and potential markets such as West Bengal and neighbouring states. 

“The Milky Moo brand will be added with existing stable brands,” the Chennai, Tamil Nadu-based company said.  

Hatsun Agro Product’s existing product portfolio includes milk, curd, ice creams and dairy whitener, marketed under brands such as Arun, IBACO, Hatsun, and Arokya. 

Last week, Hatsun Agro Product released its financial results for the third quarter, which concluded on 31 December. 

During the quarter, Hatsun Agro Product reported a 28.6% decline in profit after tax, dropping from Rs574m to Rs409.4m. 

In contrast, the company’s revenue from operations increased by 6.5% to Rs20.09bn for the quarter. 

The earnings per share for the reported period were Rs1.84, reflecting a 28.68% decline compared to the same period last year.