
The board of the company has “approved the acquisition of 100 per cent of the issued and paid-up share capital of the Milk Mantra Dairy Private Limited,” according to a BSE filing from HAP. HAP intends to bolster its operations in Odisha and the eastern dairy business with this arrangement
According to the filing, Milk Mantra, situated in Bhubaneswar, will become a fully-owned subsidiary of HAP upon the acquisition.
HAP hopes to increase its presence in Odisha and the eastern dairy sector with this agreement. According to the document, it also wants to investigate its current market in north Andhra Pradesh as well as possible markets in West Bengal and nearby states.
Following the acquisition, Milky Moo will be a new brand in addition to HAP’s current ones, Arun, IBACO, Hatsun, and Arokya.
Milk Mantra was established in 2009 by Srikumar and Rashima Misra, and it started operations in 2012. Moo Shake and Milky Moo are the two brands that the firm offers its goods under. It offers flavored milkshakes, lassi, paneer, curd, bottled milk, and mishti dahi.
The firm lost money in FY23 on operational revenue of Rs 272.9 Cr, a 2 per cent year-over-year (YoY) increase, after eight years of profitability.
With a net profit of Rs 9.8 Cr in FY24 compared to a net loss of Rs 12.3 Cr in the previous fiscal year, the company was able to limit its expenses and generate a profit once more.
Only the pasteurized milk and curd categories saw an increase in sales, and Milk Mantra’s operational revenue increased by just 1.3 per cent year over year to Rs 276.4 Cr in FY24.
With more than 20 processing facilities and more than 3700 retail locations, Hatsun Agro has been in business for 50 years.