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The retail and agri businesses of Heritage Foods (India) Ltd continue to post losses, despite increase in net sales. The two businesses posted a profit of (before finance costs and tax) Rs 5.60 crore and Rs 55 lakh respectively in the September quarter against losses of Rs 7.45 crore and Rs 32 lakh in the same quarter last year.
The dairy business, however, saved the day for the company with a profit of Rs 29 crore (Rs 17 crore).
The net sales for the quarter went up to Rs 402 crore from Rs 350 crore. This increase is attributed to growth in the sales of dairy products. This segment contributed Rs 320 crore against Rs 275 crore. The net profit went up to Rs 4.50 crore (Rs 2.55 crore).
The company is promoted by the kin of Telugu Desam Party President Nara Chandrababu Naidu. It has informed the Bombay Stock Exchange that the board of directors has proposed re-appointment of Chandrababu’s son Lokesh as Executive Director of the company for a period of three years. It also decided to revise his remuneration. It, however, has not given details of the revision.
The board also decided to issue 70,000 equity shares to M. Sambasiva Rao, President of the company.
kurmanath.kanchi@thehindu.co.in
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