Heritage Foods revenue up 10% in Q3; net dips
Heritage Foods Ltd., a leading value-added and branded dairy products player in India, the consolidated revenue of the company from operations grew by 10.3 per cent to Rs 6,670 million year on year (YoY) for the quarter ended December 2021 (Q3FY2022).
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Hyderabad Heritage Foods Ltd., a leading value-added and branded dairy products player in India, the consolidated revenue of the company from operations grew by 10.3 per cent to Rs 6,670 million year on year (YoY) for the quarter ended December 2021 (Q3FY2022). However, the net profit during the quarter was recorded at Rs 208 million against the Rs 46 4million for the same period in the previous fiscal year.
The EBIDTA of the company stood at Rs 392million in Q3FY2022 as compared to Rs 773 million in Q3FY2021; the EBITDA margin stood at 5.9 per cent in Q3FY2022.
Average milk procurement during Q3FY2022 was at 1.2million litre per day (MLPD) compared to 1.1MLPD in Q3FY2021
Average milk sales during Q3FY2022 was 1.03MLPD compared to 0.97MLPD in Q3FY2021
Curd sales during Q3FY2022 were at 271.0 metric tonne per day (MTPD) as compared to 231.0MTPD in Q3FY2021; registering a growth 17.3 per cent YoY despite extended monsoon season.
Revenue from value added products grew by 21.1 per cent YoY to INR 1,647 mn in Q3 FY2022. VAP contributed 25.1 per cent to the overall dairy revenue during Q3 FY2022 as against 23.1 per cent in Q3 FY2021
Brahmani Nara, Executive Director, said, "Heritage Foods has continued to deliver strong topline growth riding on its value-added product 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 flavours, and all new 'easy-to-digest' A2 Fresh milk in select markets. As a result, the value-added products continued their momentum with strong double-digit growth at 21.1 per cent YoY to Rs1,647 million and its share of total revenue contribution increased by 200bps YoY to 25.1 per cent."
"Heritage Novandie Foods entered into the Bengaluru market during the Q3. Additionally, we introduced the Natural French probiotic yogurts across all the geographies during the quarter," Brahmani added.
