India's Heritage Foods Q2 profit jumps on strong dairy demand

Heritage Foods

18/10/2023 09:50

BENGALURU, Oct 18 (Reuters) - India's Heritage Foods
 HEFI.NS  posted a more than 17% jump in its second-quarter
profit on Wednesday on strong demand for its milk and dairy
products.
    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  HAPL.NS  will report quarterly
results on Thursday.
    Shares of Heritage Foods were down 1.8%, as of 2:18 p.m.
IST.

($1 = 83.2220 Indian rupees)

 (Reporting by Yagnoseni Das in Bengaluru; Editing by Sonia
Cheema)
 ((Yagnoseni.Das@thomsonreuters.com))