Heritage Foods posts 54 cr net in Q2

Hyderabad: Heritage Foods Ltd, one of the leading private dairy players in India, has announced its financial results for the second quarter ended September 30, 2020. The consolidated revenue from operations was at Rs 610.03 crore. EBIDTA rose 258 per cent to Rs 88.99 crore in the second quarter as compared to Rs 24.18 crore in Q2FY20.

The dairy major's net profit after adjustments significantly increased to Rs 53.94 cr in Q2 from Rs 10.66 cr in the previous corresponding quarter.

Brahmani Nara, Executive Director, Heritage Foods, said: "We're delighted to ensure uninterrupted procurement of all the milk produced by our farmers. Our uninterrupted delivery of health and nutrition during the Covid-19 times to our consumers is very fulfilling." The consolidated results for the first half of 2020-21 financial year, Heritage Foods recorded Rs 1,248.83-cr revenue from operations, while EBIDTA moved up by 99 per cent to Rs 146.29 cr as compared to Rs 73.55 cr in H1FY20. For the first half, the net profit after adjustments was at Rs 83.17 crore as compared to Rs 29.51 crore in H1FY20.

Brahmani further added: "During the quarter, we have strengthened our value added products portfolio by launching immunity boosting Ginger, Tulsi and Turmeric milk variants. We strengthened our online presence by launching Heritage TUCH App, for online ordering of milk and milk products for the convenience of our consumers."

The adjustments to net profit outlined above are the fluctuations in the fair value of an investment in equity shares of Future Retail Limited and the corresponding derivative liabilities.