Heritage Foods net profit declines 68.39% yoy in Q1; The company appoints Srideep Nair Kesavan as CEO

"Heritage Foods looks forward to leverage his rich experience in converting strategies to outcomes, orchestrating synergies across functions with result orientation approach.” added Mrs. Nara.

Jul 29, 2021 12:07 IST India Infoline News Service

Heritage Foods
The net profit of Heritage Foods declined 68.39% to Rs30.27cr in the quarter ended June 2021 as against Rs95.75cr during the previous quarter ended June 2020.

However, the sales of the company rose marginally by 1.43% to Rs648.05cr in the quarter ended June 2021 as against Rs638.91cr during the previous quarter ended June 2020.

Further, the company has appointed Mr. Srideep Nair Kesavan as the Company’s CEO. He holds a B. Tech (Electronics & Instruments) degree and is an XLRI Jamshedpur MBA – PGDBA (Marketing) Alumni. Mr. Kesavan has 20+ years of leadership experience as an innovative marketer and enterprising business leader with deep-domain expertise across Sales & Distribution, Marketing & Category management and P&L/General Management.

The stock is currently trading at Rs496 down by Rs14.05 or 2.75% from its previous closing of Rs510.05 on the BSE.

Commenting on the results, Mrs. Brahmani Nara, Executive Director, said, “Amidst challenging business times, Heritage Foods continued its journey towards enhancing its profitability by reducing its debt. Aligning with the strategy of expanding value-added product portfolio, Heritage Foods forayed into the new Ready to Eat, Heat n Eat segment with Heritage Tikka Paneer. Additionally, the Company launched Spiced Butter and Cup Curd in Mumbai market during Q1 FY2022.”

“Moving on the direction to be a formidable player in dairy & dairy value-added products, Heritage Foods has appointed Mr. Srideep Nair Kesavan as the Company’s CEO. Heritage Foods looks forward to leverage his rich experience in converting strategies to outcomes, orchestrating synergies across functions with result orientation approach.” added Mrs. Nara

Prior to joining Heritage Foods, Mr. Kesavan held leadership positions at Coca-Cola (14 years) and Olam International (6 years)

New products launch in Q1 FY2022:
• Heritage Tikka Paneer
• Spiced Butter
• Cup Curd in Mumbai Market

Operations Highlights
• Average milk procurement during Q1 FY2022 was at 1.2 million litre per day (MLPD) compared to 1.4 MLPD in Q1 FY2021
• Average milk sales during Q1 FY2022 was 0.95 MLPD compared to 0.92 MLPD in Q1 FY2021
• Curd sales during Q1 FY2022 was at 291.7 metric tonnes per day (MTPD) compared to 253.4 MTPD in Q1 FY2021; registering a growth 15.1% YoY
• Revenue from Value added products (VAP) grew by 11.3% YoY to INR 1,746 mn in Q1 FY22. VAP contributed 27.4% to the overall dairy revenue during Q1 FY22 as against 25.3% in Q1 FY21

Related Story

Open Free Demat Account (Rs699)