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Heritage Foods Q3 net at Rs 20 cr

Heritage Foods Q3 net at Rs 20 cr
Highlights

Heritage Foods Ltd on Wednesday said its profit after tax for the quarter ended December 31 grew by 20 per cent to Rs 2010 crore against Rs 1676 crore...

Hyderabad: Heritage Foods Ltd on Wednesday said its profit after tax for the quarter ended December 31 grew by 20 per cent to Rs 20.10 crore against Rs 16.76 crore during the same quarter last fiscal. Revenues from operations was at Rs 618.76 crore in Q3FY19 as compared to Rs 578.93 crore in Q3FY18, registering 6.9 per cent growth. PAT registered 45.6 per cent growth at Rs 62.43 crore for the first nine months in the current fiscal against Rs 42.88 crore during 2017-18.

Revenue of the dairy segment was up 6.3 per cent YoY and EBIT of the segment was up 20.3 per cent YoY. Feed segment reported 5.9 per cent YoY revenue growth with an EBIT loss of Rs 1.5 crore. Depreciation for the quarter increased 19.5 per cent YoY and interest cost was up 4.7 per cent YoY. Other income stood at Rs 2.1 crore against Rs 1.1 crore in Q3FY18. Tax rate for the quarter stood at 33.7 per cent against 31.4 per cent in Q3FY18.

Commenting on the results, Brahmani Nara, Executive Director, said, “We are happy to announce a significant improvement in our operating margins for the nine months of FY19. We are now experiencing better demand for our products across all our selling regions and markets. We are very optimistic about the demand and pricing for our dairy products in the coming period. Moreover, we are continuously striving for increasing our market shares in our key product segments to achieve good growth in our revenues”

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