Heritage Foods nets ₹54 cr in Q2 ‘after adjustments’ related to Future Retail

Our Bureau Hyderabad | Updated on October 28, 2020

Dairy company Heritage Foods Ltd has posted a profit of ₹53.94 crore for the second quarter ended September 30, 2020 as against ₹10.66 crore for the corresponding quarter last fiscal on a consolidated basis.

The company made adjustments to its net profit due to the fluctuations in the fair value of an investment in the equity shares of Future Retail Limited and the corresponding derivative liabilities, the company said in its financial statement.

Without adjustments, the net profit for Q2 was down at ₹2.46 crore during the second quarter.

The dairy company’s revenue from operations for second quarter was lower at ₹610.03 crore as against ₹679.58 crore for the corresponding quarter last year.

The EBIDTA for Q2 was at ₹88.99 crore as compared to ₹24.18 crore in Q2 FY20, registered a growth of 258 per cent.

The revenue from operations during the first half was at ₹1,248.83 crore as against ₹1,400 crore for the same period last year. Net profit after adjustments was at ₹83.17 crore as against ₹29.51 crore in H1 FY20.

Brahmani Nara, Executive Director, in a statement 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 said, “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.”

Published on October 28, 2020

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