Heritage Foods Q2 profit jumps on strong dairy demand
The company reported a net profit of 224.1 million rupees
19 October 2023
1 minute read
By: India's Heritage Foods posted a more than 17% jump in its second-quarter profit on Wednesday on strong demand for its milk and dairy products, reported Reuters.
The dairy producer reported a consolidated net profit of 224.1 million rupees ($2.69 million) for the quarter ended September 30, compared with 190.5 million rupees a year earlier.
The company's dairy segment, which includes both milk and milk-based products, contributed nearly 96% to the total revenue and rose 19% for the quarter.
Earlier this month, analysts at Elara Capital said that they anticipate sustained sales growth in India's dairy industry as it continues to see an uptick, driven by increasing demand in urban centres.
Heritage Foods reported a nearly 20% rise in revenue from operations to 9.79 billion rupees, which mitigated a 28.57% jump in total expenses to 9.48 billion rupees.
Peer Hatsun Agro Products will report quarterly results on Thursday.
