Agri Business

Heritage Foods Q1 net at ₹30 cr

Our Bureau Hyderabad | Updated on July 29, 2021

Srideep Nair Kesavan is new CEO

Heritage Foods Ltd has reported a net profit of ₹30.30 crore in the first quarter ended June 30, 2021, as against ₹ 29.20 crore in the comparable quarter last year.

The total revenue from operations stands at ₹648.10 crore in the quarter₹638.80 crore).

New CEO

The company has appointed Srideep Nair Kesavan as its new Chief Executive Officer. Kesavan, who holds an MBA from XLRI Jamshedpur, worked with Coca-Cola for 14 years.

“Amidst challenging business times, Heritage Foods continued its journey towards enhancing its profitability by reducing its debt,” Brahmani Nara, Executive Director of Heritage Foods, said in a statement on Wednesday.

“Aligning with the strategy of expanding value-added product portfolio, we forayed into the new ready-to-eat and heat-n-eat segment by launching Heritage Tikka Paneer,” she said.

Value added products

The quarter saw the value-added products segment growing by 11.3 per cent to reach ₹174.60 crore in the quarter.

Its contribution to overall revenues increased to 27.4 per cent in the quarter as against 25.3 per cent in the comparable quarter last year.

The average milk procurement during the quarter fell to 1.2 million litre per day (1.4 mlpd).

However, average milk sales went up to 0.95 mlpd (0.92 mlpd).

Published on July 28, 2021

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