Heritage Foods' Q2FY23 revenue grows 22% y-o-y at Rs816 crore; stock slips ~1%

19 Oct 2022 , 11:08 AM

Heritage Foods Limited, a leading pure-play dairy company offering milk and milk-based products, announces its results for the quarter ending September 30, 2022.

The company has reported a revenue of Rs816.20 crore in Q2FY23, up by 21.76% yoy against the previous corresponding quarter. The company logged revenue of Rs1,637.10 crore in H1FY23, registering a growth of 24.17% yoy.

Further, the company’s EBITDA for the quarter stood at Rs39.80 crore, registering a decline of 38.80% yoy. While EBITDA for H1FY23 dipped by 46.19% yoy at Rs63.80 crore.

Company reported a PAT of Rs19 crore in the quarter under review, down by 41.88% yoy. While PAT for H1FY23 was reported at Rs26.30 crore, declining by 58.21% on a yoy basis.

The average milk procurement for Q2-FY23 was 14.62 lakh litres per day (LLPD), up from 12.67 LLPD in Q2-FY22, representing a 15.39% yoy increase.

Despite the fact that the company implemented various price hikes throughout the quarter, the 19% rise in raw material costs on a year-over-year basis had an impact on the margins and bottom line, said the company in its media release.

At around 11.07 AM, Heritage Foods was trading at Rs324.35 down by 0.75% from its previous closing of Rs326.80 on the BSE. The scrip opened at Rs325.05 and touched intraday high and low of Rs326.70 and Rs320.05 respectively.

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