Heritage Foods’ consolidated Q3 FY2022

Value-added products contribution to the overall dairy revenue rises to 25.1% at Rs 164.7 crore

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Heritage Foods
Value Added Products contribution to the overall dairy revenue rises. photo Heritage foods

Heritage Foods, a leading value-added and branded dairy products player in India, today announced its financial results for the third quarter and nine months ended on 31 December 2021.

Q3 FY2022 Results – Consolidated

•  Revenue from operations was at Rs 667 crore during the quarter, up by 10.3% year-over-year.

•  EBIDTA stood at Rs 39.2 crore in quarter 3 the financial year 2022 as compared to Rs 77.3 crore in quarter 3 financial year 2021, EBITDA margin stood at 5.9% in quarter 3 financial year 2022.

•  Net Profit during the quarter stood at Rs 20.8 crore as compared to Rs 46.4 crore in quarter 3 financial year 2021.

9 months financial year 2022 results – consolidated

•  Revenue from operations was at Rs 1,985.4 crore during 9 months financial year 2022, up by 7.1% year-over-year.

•  EBIDTA stood at Rs 155 crore in 9 months financial year 2022 as compared to Rs 220.4 crore in 9 months financial year 2021, EBITDA Margin stood at 7.8% in 9 months financial year 2021.

•  Net Profit during 9 months financial year 2022 stood at Rs 83.9 crore as compared to Rs 129.6 crore in 9 months financial year 2021.

Operations Highlights

•  Average milk procurement during quarter 3 financial year 2022 was at 1.2 million litre per day (MLPD) compared to 1.1 MLPD in quarter 3 financial year 2021.

•  Average milk sales during quarter 3 financial year2022 was 1.03 MLPD compared to 0.97 MLPD in quarter 3 financial year 2021.

•  Curd sales during quarter 3 financial year 2022 were at 271.0 metric tonnes per day (MTPD) as compared to 231.0 MTPD in quarter 3 financial year 2021, registering a growth 17.3% year-over-year despite extended monsoon season.

•  Revenue from Value-added products (VAP) grew by 21.1% year-over-year to Rs 164.7 crore in quarter 3 financial year 2022. VAP contributed 25.1% to the overall dairy revenue during quarter 3 financial year 2022 as against 23.1% in quarter 3 financial year 2021.

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% year-over-year to Rs 164.7 crore and its share of total revenue contribution increased by 200 bps year-over-year to 25.1%.”

Nara also added, “Heritage Novandie Foods entered into the Bengaluru market during quarter 3 financial year 2022. Additionally, we introduced the Natural French probiotic yoghurts across all the geographies during the quarter.”

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