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FOOD PROCESSING

Heritage Foods consolidated Q3 FY2022 revenue grows by 10.3% YoY at Rs 6,670mn
Tuesday, 25 January, 2022, 08 : 00 AM [IST]
Our Bureau, Mumbai
Heritage Foods Ltd., a leading value-added and branded dairy products player in India, unveiled its financial results for the third quarter and nine months ended on December 31, 2021.

Q3 FY2022 Results - Consolidated
  • Revenue from operations was at Rs 6,670 million during the quarter; up by 10.3% YoY
  • EBIDTA stood at Rs 392 million in Q3 FY2022 as compared to Rs 773 million in Q3 FY2021; EBIDTA Margin stood at 5.9% in Q3 FY2022
  • Net Profit during the quarter stood at INR 208 million as compared to Rs 464 million in Q3 FY2021
  • 9M FY2022 Results - Consolidated
  • Revenue from operations was at Rs 19,854 million during 9M FY2022; up by 7.1% YoY
  • EBIDTA stood at Rs 1,550 million in 9M FY2022 as compared to Rs 2,204 million in 9M FY2021; EBIDTA Margin stood at 7.8% in 9M FY2021
  • Net Profit during 9M FY2022 stood at INR 839 million as compared to Rs 1,296 million in 9M FY2021
Operations Highlights
  • Average milk procurement during Q3 FY2022 was at 1.2 million litre per day (MLPD) compared to 1.1 MLPD in Q3 FY2021
  • Average milk sales during Q3 FY2022 was 1.03 MLPD compared to 0.97 MLPD in Q3 FY2021
  • Curd sales during Q3 FY2022 were at 271.0 metric tonnes per day (MTPD) as compared to 231.0 MTPD in Q3 FY2021; registering a growth 17.3% YoY despite extended monsoon season  
  • Revenue from Value added products (VAP) grew by 21.1% YoY to INR 1,647 mn in Q3 FY2022. VAP contributed 25.1% to the overall dairy revenue during Q3 FY2022 as against 23.1% in Q3 FY2021.
Commenting on the results, Brahmani Nara, executive director, said, “Heritage Foods has continued to deliver strong top-line growth riding on its Value-Added Product (VAP), portfolio expansion, widening its distribution network coupled with ‘Debt Free’ status and healthy cash balance. During the quarter, the Company launched several products across categories such as new pack formats of Frozen Desert in Vanilla, Butterscotch and Chocolate flavours, and all new ‘easy-to-digest’ A2 Fresh milk in selected markets. As a result, Heritage Foods Value-Added Products continued its momentum with strong double-digit growth at 21.1% YoY to Rs 1,647 million and its share of total revenue contribution increased by 200 bps YoY to 25.1%.”         

“Heritage Novandie Foods entered into the Bengaluru market during Q3 FY2022. Additionally, we introduced the Natural French probiotic yogurts across all the geographies during the quarter,” Nara added.

New products launch in Q3 FY2022:  
  • Buy One Get One (BOGO) packs of Frozen Desert 1400 ML (700 ML + 700 ML) Vanilla, Butterscotch and Chocolate Flavour
  • Chocolate Frozen Desert - 2 Litre pack
  • A2 Fresh Milk
 
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