India's Heritage foods slips on higher milk procurement costs
Mon 08:11
BUZZ-India's Heritage foods slips on higher milk procurement costs ** Shares of India's Heritage Foods HEFI.NS falls 3.4% to 391.25 rupees
** Food processing co's consolidated net profit declines about 39%
** ICICI Securities says milk procurement costs, which increased 11% Y/Y to 47.7 rupees/litre due to supply constraints and higher feed and fodder costs, continued to weigh on profitability
** Adds, recent price hikes should support earnings in Q3FY27 but sustained procurement costs due to El Niño-related weather disruptions and higher feed costs remain key risks
** Stock down 14.40% YTD
($1 = 94.7600 Indian rupees)
(Reporting by Anushka Rajvedi in Bengaluru)
((mailto: anushka.rajvedi@thomsonreuters.com))
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