Heritage Foods' Profit Drops Despite Revenue Growth
Heritage Foods reported a 30.60% drop in Q1 net profit due to higher expenses, despite a 10% increase in net income. The company is focusing on growth with a new ice cream project and strategic acquisition to boost control of the yogurt supply chain.
- Country:
- India
Dairy company Heritage Foods experienced a 30.60% decline in its consolidated net profit, amounting to Rs 40.54 crore, during the first quarter of this fiscal year due to increased expenses.
In contrast, net income saw a 10% surge to Rs 1,136.8 crore compared to the previous year's Rs 1,032.67 crore.
Executive Director Brahmani Nara highlighted that despite challenges from unseasonal rains affecting demand, the company achieved its highest-ever quarterly revenue. Additionally, Heritage Foods is moving forward with its greenfield ice cream project and acquiring an increased stake in Heritage Novandie Foods Private Ltd.
(With inputs from agencies.)
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