Hyderabad: Heritage Foods Ltd., one of the leading private dairy players in India, today announced its financial results for the first quarter ended on June 30, 2021.
Revenue from operations was at INR 6,481 million during the quarter. EBIDTA was at INR 520 million as compared to INR 558 million in Q1 FY2021. EBITDA Margin stood at 8.0% as against 8.7% in Q1 FY2021. Net Profit was at INR 303 million as compared to INR 292 million in Q1 FY2021.
Average milk procurement during Q1 FY2022 was at 1.2million litre per day (MLPD) compared to 1.4MLPD in Q1 FY2021. Average milk sales during Q1 FY2022 was 0.95MLPD compared to 0.92MLPD in Q1 FY2021. Curd sales during Q1 FY2022 was at 291.7metric tonnes per day (MTPD) compared to 253.4MTPD in Q1 FY2021; registering a growth 15.1% YoY . Revenue from Value added products (VAP) grew by 11.3% YoY to INR 1,746 mn in Q1 FY22. VAP contributed 27.4% to the overall dairy revenue during Q1 FY22 as against 25.3% in Q1 FY21
Commenting on the results, Brahmani Nara, Executive Director, said, “Amidst challenging business times, Heritage Foods continued its journey towards enhancing its profitability by reducing its debt. Aligning with the strategy of expanding value-added product portfolio, Heritage Foods forayed into the new Ready to Eat, Heat n Eat segment with Heritage Tikka Paneer. Additionally, the Company launched Spiced Butter and Cup Curd in Mumbai market during Q1 FY2022. Heritage Novadie is delighted to bring Mamie Yova branded Deliciously French Yogurt along with our unique offering, the ‘Yo Pop’, a drinkable yogurt in Hyderabad through Heritage Foods distribution network. During the quarter, VAP revenue surged by 11.3% YoY to INR 1,746 mn. During Q1 FY2022, VAP contribution of the overall revenue increased to 27.4% vis-à-vis 25.3% in Q1 FY2021.”
“Moving on the direction to be a formidable player in dairy & dairy value-added products, Heritage Foods has appointed Mr. Srideep Nair Kesavan as the Company’s CEO. Heritage Foods looks forward to leverage his rich experience in converting strategies to outcomes, orchestrating synergies across functions withresult orientation approach.” added Mrs. Nara.
Heritage Foods appoints Srideep Nair Kesavan as the Company’s CEO. He holds a B. Tech (Electronics & Instruments) degree and is an XLRI Jamshedpur MBA – PGDBA (Marketing) Alumni. Mr. Kesavan has 20+ years of leadership experience as an innovative marketer and enterprising business leader with deep-domain expertise across Sales & Distribution, Marketing & Category management and P&L/General Management. Prior to joining Heritage Foods, Mr. Kesavan held leadership positions at Coca-Cola (14 years) and Olam International (6 years)