Heritage Foods posts net profit after adjustments at Rs 53.94 crore

EBITDA increased by 258% to Rs 88.99 crore

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Heritage Foods
Photo - Heritage Foods

Hyderabad based Heritage Foods, one of the leading private dairy players in India, has declared its financial results for the quarter ended 30 September 2020

The company reports revenue from operations at Rs 610.03 crore; EBIDTA at Rs 88.99 crore compared to Rs 24.18crore in Q2FY20. Heritage Foods registered a growth of 258%. Net Profit after adjustments was reported at Rs 53.94 crore as compared to Rs 10.66 crore in Q2FY20.

Whereas H1FY21 consolidated results reported revenue from operations was at Rs 1248.83 crore. EBIDTA at Rs 146.29 crore compared to Rs 73.55 crore in H1FY20; registered a significant growth of 99%. Net Profit after adjustments reported at Rs 83.17 crore as compared to Rs 29.51 crore in H1FY20.

In a press statement, the company said that the net profit adjustments outlined above are the fluctuations in the fair value of investments in equity shares of Future Retail and the corresponding derivative liabilities.

Commenting on the results, Brahmani Nara, executive director, said, “We are delighted to ensure uninterrupted procurement of all the milk produced by our farmers. Our uninterrupted delivery of health and nutrition during the Covid times to our consumers is very fulfilling.”

She further added, “During the quarter, we have strengthened our value-added products portfolio by launching immunity boosting Ginger, Tulsi and Turmeric milk variants. Besides strengthening our online presence by launching Heritage TUCH App, for online ordering of milk and milk products for the convenience of our consumers.”

Heritage Foods, founded in the year 1992, is one of the fastest-growing Private Sector Enterprises in India, with two business divisions’ including Dairy and Renewable Energy, under its flagship company Heritage Foods and Cattle feed business through its subsidiary, Heritage Nutrivet (HNL).

Presently Heritage’s milk and milk products have a market presence in Andhra Pradesh, Telangana, Karnataka, Kerala, Tamil Nadu, Maharashtra, Odisha, NCR Delhi, Haryana, Uttar Pradesh, and Uttarakhand. It has a total renewable energy generation capacity of 10.39 MW from both Solar and Wind for its dairy factories’ captive consumption.

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