Heritage Foods' reports consolidated FY2021 PAT at INR 1,483 million

Heritage Foods Ltd., one of the leading private dairy players in India, today announced its financial results for the fourth quarter and the year ended on March 31, 2021.

Q4FY2021 Results - Consolidated

- Revenue from operations was at INR 6,194 million as compared to INR 6,526 million in Q4FY2020

- EBIDTA was at INR 470 million as compared to INR 277 million in Q4FY2020; registering a growth of 70%

- EBITDA Margin improved by 334 bps to 7.6% as against 4.3% in Q4FY2020

- Net Profit was at INR 244 million as compared to INR (2,099) million in Q4FY2020

FY2021 Results - Consolidated

- Revenue from operations was at INR 24,731 million as compared to INR 27,259 million in FY2020.

- EBIDTA was at INR 2,712 million as compared to INR 1,354 million in FY2020, registering a significant growth of 100.3%.

- EBITDA Margin improved by 600 bps to 11% as against 5% in FY2020.

- Net Profit was at INR 1,483 million as compared to INR (1,694) million in FY2020

Operations Highlights

- Average milk procurement during Q4FY2021 was at 1.2 million litre per day (MLPD) compared to 1.3 MLPD in Q4FY2020.

- Average milk sales during Q4FY2021 was 1.0 MLPD compared to 1.1 MLPD in Q4FY2020

- Curd sales during Q4FY2021 was at 278.6 metric tonnes per day (MTPD) compared to 294.6 MTPD in Q4FY2020

- Revenue from Value added products (VAP) at INR 1,608 million contributed 26.6% to the overall dairy revenue during Q4FY2021. Their contribution for FY2021 at INR 5,825 million stood at 24.2% total annual dairy revenue as against 27.0% in FY2020.

Commenting on the results, Mrs. Brahmani Nara, Executive Director, said, "As a result of improved profitability for FY2021, Heritage Foods has managed to reduce its debt significantly, and the Board has recommended a final dividend of 100%. The company continues with its efforts of enhancing value-added product portfolio and launched Mozzarella and processed cheese, fresh cream, cool café drink, and further expanded its ice cream portfolio.

She further added, "The Company has taken utmost care of its staff and work force during the current period and has ensured uninterrupted supply of products across the markets through the efficient supply chain."

Shares of Heritage Foods Limited was last trading in BSE at Rs.344.95 as compared to the previous close of Rs. 358.25. The total number of shares traded during the day was 74372 in over 3735 trades.

The stock hit an intraday high of Rs. 375 and intraday low of 338. The net turnover during the day was Rs. 26768276.

Source : Equity Bulls

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