Heritage Foods has reported a net profit of ₹27 crore in the third quarter ended December 31, 2023, showing a year-on-year growth of 96.4 per cent. During the quarter, it registered a revenue of ₹941.10 crore, showing a growth of 19.7 per cent.  

“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,” Brahmani Nara, Executive Director of Heritage Foods, said.

“We have been making strong inroads in expanding its distribution network and launching new products which have seen good consumer acceptance,” she said.

During the quarter, the company reported an average milk procurement level of 1.63 million litres per day (MLPD), registering a growth of 14.29 per cent over the same quarter last year.

“The average milk procurement price decreased by ₹0.57 a litre, or 1.31 per cent over the comparable quarter last year, to ₹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 ₹2.71 a litre, showing a growth of 5.18 per cent year-on-year, to ₹55 a litre,” she said.

For the nine-month period, the company registered a net profit of ₹66.1 crore on a revenue of ₹2,843.30 crore

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.