Heritage Foods' Q1 net profit drops 31 per cent to Rs 40.5 crore
The fall in profit came despite a 10.1 per cent year-on-year (YoY) growth in revenue, which rose to Rs 1,136.7 crore from Rs 1,032.6 crore in a year-ago period, according to its stock exchange filing.
The company's margins were hit due to higher input and operational costs. EBITDA for the quarter dropped 21.2 per cent to Rs 73.8 crore from Rs 93.7 crore in the year-ago period.
The EBITDA margin also declined to 6.5 per cent from 9 per cent, reflecting pressure on profitability.
Following the earnings announcement, shares of Heritage Foods fell 3.17 per cent on the National Stock Exchange (NSE), settling at Rs 463.65 after touching an intra-day low of Rs 455.85.
In the last five days, the shares declined by Rs 22.9 or 4.7 per cent. Over the past one month, the share price increased by Rs 20.7 or 4.67 per cent.
In the last six months, the shares rose by Rs 30.9 or 7.13 per cent. On a year-to-date (YTD) basis, the shares fell by Rs 19.75 or 4.08 per cent.
Meanwhile, the board of Heritage Foods approved the acquisition of an additional 44.4 per cent stake in Heritage Nutrivet (HNFPL).
With this move, the company's total stake in HNFPL will rise to 94.4 per cent, giving it strategic control over the yogurt supply chain.
Executive Director Brahmani Nara said that unseasonal rains in April and May had temporarily affected demand for value-added products (VAP), which in turn impacted profitability.
However, she noted that the month of June showed a healthy recovery, and the company remains confident about its long-term growth.
She also shared that the company's greenfield ice cream project is moving ahead as planned, underlining the firm's continued focus on expanding its product offerings.
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