India’s Heritage Foods reported a more than two-fold jump in fourth-quarter profit on Wednesday, helped by strong demand for its dairy products amid higher milk prices.
The dairy producer’s consolidated net profit from continuing operations rose to ₹405 million ($4.9 million) for the quarter ended March 31, from ₹179.3 million a year earlier.
Revenue from operations rose 16.3% to ₹9.51 billion. Total expenses increased by a comparatively moderate 13.4%.
Reported Standalone quarterly numbers for Heritage Foods are:
Net Sales at Rs 935.75 crore in March 2024 up 15.79% from Rs. 808.15 crore in March 2023.
Quarterly Net Profit at Rs. 23.34 crore in March 2024 up 20.29% from Rs. 19.40 crore in March 2023.
EBITDA stands at Rs. 71.34 crore in March 2024 up 65.22% from Rs. 43.18 crore in March 2023.
Heritage Foods EPS has increased to Rs. 2.51 in March 2024 from Rs. 2.08 in March 2023.
Heritage Foods shares closed at 371.55 on May 29, 2024 (NSE) and has given 52.18% returns over the last 6 months and 82.04% over the last 12 months.
Rising incomes mainly in urban India and preference for healthier options are driving demand for branded dairy products.
Meanwhile, milk prices have remained elevated on higher fodder costs and a shortage of dairy cows.
