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COMPANY REPORT

Heritage Foods unveils financial results for Q2 FY2022; revenue up by 9.9%
Monday, 25 October, 2021, 08 : 00 AM [IST]
Our Bureau, Mumbai
Heritage Foods Ltd., one of the leading private dairy players in India, unveiled its financial results for the second quarter and half year ended on September 30, 2021.

Q2 FY2022 Results - Consolidated
  • Revenue from operations was at Rs 6,703 million during the quarter; up by 9.9% YoY
  • EBIDTA stood at  Rs 637 million as compared to Rs 873 million in Q2 FY2021; EBITDA Margin stood at 9.5% in Q2 FY2021
  • 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 Rs 2.50 per equity share (50% of Face Value of Rs 5 per equity share) for FY 2022
 H1 FY2022 Results - Consolidated
  • Revenue from operations was at Rs 13,184 million during H1 FY2022; up by 5.6% YoY
  • 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
  • Net Profit was at Rs 631 million as compared to Rs 832 million in H1 FY2021
Operations Highlights
  • Average milk procurement during Q2 FY2022 was at 1.3 million litre per day (MLPD) compared to 1.2 MLPD in Q2 FY2021
  • Average milk sales during Q2 FY2022 was 1.04 MLPD compared to 0.96 MLPD in Q2 FY2021
  • Curd sales during Q2 FY2022 was at 279.7 metric tonnes per day (MTPD) compared to 215.0 MTPD in Q2 FY2021; registering a growth 30.1% YoY
  • 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
 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 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 Rs 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,” added Nara.
 
“Heritage Foods has appointed Sri. Muthu Raju Paravasa Raju Vijay Kumar as a Non-Executive Independent Director and looks forward to gain from his rich knowledge and experience in accomplishing the Company’s long-term goals and vision,” concluded Nara.
 
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