Heritage Foods posted a net profit of INR 27 crore in the third quarter ended December 31, 2023, marking an impressive year-on-year growth of 96.4%. Throughout the quarter, the company recorded a revenue of INR 941.10 crore, demonstrating substantial growth of 19.7%.
Brahmani Nara, Executive Director of Heritage Foods, said, “We continued our strong growth momentum in topline and bottom line in the third quarter of financial year 2023-24, driven by strong volume growth in our valued-added products (VAP) segment. This segment contributed 70 per cent of the incremental volumes.”
“We have been making strong inroads in expanding its distribution network and launching new products which have seen good consumer acceptance,” she added.
During the quarter, there was a 14.29% growth in the company’s average daily milk procurement level, reaching 1.63 million litres per day (MLPD) compared to the same quarter last year.
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“The average milk procurement price decreased by INR 0.57 a litre, or 1.31 per cent over the comparable quarter last year, to INR 43.09/ a litre,” she said in a statement on Monday.
“While sales (milk) volumes went up by 2.32 per cent year-on-year to 0.025 MLPD, the average milk selling prices increased by INR 2.71 a litre, showing a growth of 5.18 per cent year-on-year, to INR 55 a litre,” she said.
Meanwhile, the board of directors of the company re-appointed N. Bhuvaneshwari, wife of former Andhra Pradesh Chief Minister N. Chandrababu Naidu, as a whole-time director designated as Vice-Chairperson and Managing Director of the company for a further term of five years.
N. Brahmani, the daughter-in-law of Naidu, has been appointed as whole-time Director designated as Executive Director for a five-year tenure.
