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Heritage Foods Ltd posted a lower net profit of ₹14.69 crore for the fourth quarter ended March 31, 2017 as against a profit of ₹18.04 crore for the corresponding quarter last year, on a consolidated basis.
The Hyderabad-based dairy company registered income of ₹700.28 crore (₹632.79 crore) for the quarter.
For the financial year ended March 31, 2017, the company posted a profit of ₹66.81 crore and income of ₹2,642.88 crore as against a profit of ₹55.42 crore and income of ₹2,380.58 crore for the same period the previous financial year.
The year gone by was eventful with the company divesting retail business to Future Retail Ltd and acquiring dairy business of Reliance Retail Ltd.
The Board of Directors recommended a dividend at ₹4 per share (40 per cent) on equity share of ₹10 each, which includes special dividend of ₹1 per equity share of ₹10 each on the eve of the Silver Jubilee year of the company.
The company has decided to set up a 2.1 MW wind power plant in Anantapur district of Andhra Pradesh for captive consumption.
In an effort to explore strategic business opportunities in the dairy sector, the company has enlisted the services of consultancy and advisory firm Ernst & Young.
The company had entered into a composite scheme of arrangement for its wholly-owned subsidiary Heritage Foods Retail Ltd with Future Retail Ltd to transfer its business by way of slump sale with effect from November 1, 2016. The demerger of the retail business has become effective from April 1, 2017.
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