Heritage Foods posts 20% growth in net profit

Heritage Foods Ltd (HFL) on Wednesday reported a growth of 20 per cent in net profit during the third quarter which ended in December 2018. Heritage, one of the leading private dairy players which is owned by the family of Andhra Pradesh Chief Minister N. Chandrababu Naidu, said the profit during Q3 stood at Rs 20.10 crore against Rs 16.76 crore in the same quarter of 2017-18.

Revenues were at Rs 618.76 crore, a growth of 6.9 per cent over the corresponding period of last fiscal year. According to a company statement, during the nine month period of the current financial year, the net profit was Rs 62.43 crore, a growth of 45.6 per cent over the corresponding period 2017-18.

The revenues during the same period grew by 3.7 per cent at Rs 1,879.73 crore. HFL Executive Director Brahmani Nara said there was a significant improvement in 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," said Brahmani, daughter-in-law of Chandrababu Naidu.