Heritage Foods Ltd reported a net profit of ₹30.30 crore in the first quarter ended June 30, 2021, compared to ₹29.20 crore in the previous year’s comparable quarter.
In the third quarter, total revenue from operations was ₹648.10 crore (₹638.80 crore).
A new CEO has been appointed
Srideep Nair Kesavan has been appointed as the company’s new Chief Executive Officer. Kesavan worked for Coca-Cola for 14 years and has an MBA from XLRI Jamshedpur.
‘Amid challenging business times, Heritage Foods continued its journey towards increasing profitability by reducing debt,’ Heritage Foods Executive Director Brahmani Nara said in a statement on Wednesday.
‘In line with our strategy of expanding our value-added product portfolio, we entered the new ready-to-eat and heat-and-eat segment with the launch of Heritage Tikka Paneer,’ she explained.
Products with added value
The value-added products segment increased by 11.3 percent in the quarter, reaching ₹174.60 crore.
Its contribution to overall revenues increased to 27.4% in the quarter, up from 25.3 percent in the previous year’s comparable quarter.
During the quarter, the average milk procurement fell to 1.2 million litres per day (1.4 mlpd). However, average milk sales increased to 0.95 million litres per day (0.92 mlpd).