The Hindu Business Line : Heritage plans retail foray

HERITAGE Foods (India) Ltd, the Hyderabad-based Rs 267-crore milk and milk products company, plans a foray into processed food products retail business as well as infrastructure and construction.

The company board at its meeting on Tuesday approved a resolution to this effect. It decided to appoint KSA Technopak (India) Pvt Ltd, a Curt Salmon Associates joint venture, as consultants for the proposed processed food products retail business.

The board also approved a resolution to float a new company with the object of carrying the business of infrastructure and construction with 51 per cent investment by the company.

For the third quarter of the current fiscal ended December 2005, the company reported a marginal growth both in turnover and net profit. The turnover has improved to Rs 73.27 crore from Rs 69.25 crore in the corresponding quarter of the previous fiscal, while the net profit was up at Rs 3.82 crore (Rs 3.66 crore), yielding an EPS of Rs 3.83 (Rs 3.67) on an equity of Rs 9.99 crore.

For the nine months period, the company's turnover stood at Rs 220.71 crore (Rs 203.22 crore) and net profit at Rs 10.18 crore (Rs 6.9 crore) with an EPS of Rs 10.19 (Rs 6.91).

More Stories on : Retailing | Diversification | Dairy & Dairy Products

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