Heritage Foods Ltd, a value-added and branded dairy products player in India, announced its financial results for the third quarter and nine months ended on December 31, 2021.
The revenue from operations was up by 10.3% YoY stood at Rs 6,670 million during the quarter.
The EBIDTA stood at Rs392 million in Q3 FY2022 as compared to Rs773 million in Q3 FY2021. In Q3 FY2022, EBITDA Margin stood at 5.9%. The net profit during the quarter stood at Rs208 million as compared to Rs 464 million in Q3 FY2021.
9M FY2022 Results – Consolidated
The revenue from operations was up by 7.1% YoY and stood at Rs 19,854 million during 9M FY2022. EBIDTA stood at Rs1,550 million in 9M FY2022 as compared to Rs2,204 million in 9M FY2021. EBITDA Margin stood at 7.8% in 9M FY2021. Net Profit during 9M FY2022 stood at Rs 839 million as compared to *Rs 1,296 million in 9M FY2021
(#EBITDA before Exceptional Items; *Net Profit excludes exceptional items gain due to changes in fair value of derivative liabilities and fair value loss on FVTPL securities and includes profit and loss from continued operations)
The average milk procurement during Q3 FY2022 was at 1.2 million liters per day (MLPD) compared to 1.1 MLPD in Q3 FY2021. The average milk sales during Q3 FY2022 was 1.03 MLPD compared to 0.97 MLPD in Q3 FY2021. The curd sales during Q3 FY2022 were at 271.0metric tonnes per day (MTPD) as compared to 231.0 MTPD in Q3 FY2021; registering a growth of 17.3% YoY despite extended monsoon season. Revenue from Value-added products (VAP) grew by 21.1% YoY to Rs 1,647 mn in Q3 FY2022. VAP contributed 25.1% to the overall dairy revenue during Q3 FY2022 as against 23.1% in Q3 FY2021.
Commenting on the results, Brahmani Nara, Executive Director, said, “Heritage Foods has continued to deliver strong top-line growth riding on its Value-Added Product (VAP) portfolio expansion, widening its distribution network coupled with ‘Debt Free’ status and healthy cash balance. During the quarter, the Company launched several products across categories such as new pack formats of Frozen Desert in Vanilla, Butterscotch and Chocolate flavors, and all-new ‘easy-to-digest’ A2 Fresh milk in selected markets. As a result, Heritage Foods Value-Added Products continued its momentum with strong double-digit growth at 21.1% YoY to INR 1,647 million, and its share of total revenue contribution increased by 200bps YoY to 25.1%.”
She further added, “Heritage Novandie Foods entered into the Bengaluru market during Q3 FY2022. Additionally, we introduced the Natural French probiotic yogurts across all the geographies during the quarter.”
