Heritage Foods Ltd., one of the leading private dairy players in India, announced its financial results for the second quarter and half year ended on September 30, 2021. Revenue from operations was up by 9.9% YoY and stood at Rs 6,703 million during the quarter. The EBIDTA stood at Rs 637 million as compared to Rs 873 million in Q2 FY2021, EBITDA Margin stood at 9.5% in Q2 FY2021. The net profit was at Rs 328 million as compared to Rs 539 million in Q2 FY2021
The Board of Directors has proposed an Interim Dividend of INR 2.50 per equity share (50% of Face Value of INR 5 per equity share) for FY 2022. Revenue from operations were up by 5.6% YoY stood at Rs 13,184 million during H1 FY2022. EBIDTA stood at Rs 1,158 million as compared to Rs 1,432 million in H1 FY2021. EBITDA Margin stood at 8.8% in H1 FY2021. The net profit stood at Rs 631 million as compared to Rs 832 million in H1 FY2021.
Revenue from Value-added products (VAP) grew by 31.6% YoY to Rs 1,696 mn in Q2 FY2022. VAP contributed 25.7% to the overall dairy revenue during Q2 FY2022 as against 21.7% in Q2 FY2021
The board appointed Muthu Raju Paravasa Raju Vijay Kumar as a Non-Executive Independent Director
Commenting on the results, Brahmani Nara, Executive Director, said, “Heritage Foods has recorded strong recovery post Covid wave-2, by continuing to deliver strong top-line growth, expanding its value-added product portfolio and strengthened its Balance Sheet. During the quarter, the Company expanded its portfolio of Value Added Products (VAP) with the launch of Heritage Kesar Shrikhand and Heritage Amrakhand in Mumbai and Hyderabad markets. The Company also expanded its presence in the paneer category with the launch of Heritage Malai Paneer Fresh in Mumbai. During the quarter, the Company’s revenue from VAP surged by 31.6% YoY to INR 1,696 million and its share of total revenue contribution increased by 4% to 25.7%, vis-a-vis Q2 of previous year. Heritage Foods is progressing well towards achieving ‘debt-free’ status by the end of FY 2022.”
“Heritage Foods has appointed Muthu Raju Paravasa Raju Vijay Kumar as a Non-Executive Independent Director and looks forward to gaining from his rich knowledge and experience in accomplishing the Company’s long-term goals and vision.” added Nara.
The brand will launch new products in Q2 FY2022 namely Heritage Kesar Shrikhand, Heritage Amrakhand, and Heritage Malai Paneer Fresh.
