Dairy company Heritage Foods Ltd has posted a profit of ₹53.94 crores for the second quarter ended September 30, 2020, as against ₹10.66 crores for the corresponding quarter last fiscal on a consolidated basis.
The company made adjustments to its net profit due to the fluctuations in the fair value of an investment in the equity shares of Future Retail Limited and the corresponding derivative liabilities, the company said in its financial statement.
Without adjustments, the net profit for Q2 was down at ₹2.46 crore during the second quarter.
The dairy company’s revenue from operations for the second quarter was lower at ₹610.03 crores as against ₹679.58 crores for the corresponding quarter last year.
The EBIDTA for Q2 was at ₹88.99 crores as compared to ₹24.18 crores in Q2 FY20, registered a growth of 258 percent.
The revenue from operations during the first half was at ₹1,248.83 crores as against ₹1,400 crores for the same period last year. Net profit after adjustments was at ₹83.17 crores as against ₹29.51 crores in H1 FY20.
Brahmani Nara, Executive Director, in a statement, said: “We are delighted to ensure uninterrupted procurement of all the milk produced by our farmers. Our uninterrupted delivery of health and nutrition during the Covid times to our consumers is very fulfilling.”
She further said, “During the quarter, we have strengthened our value-added products portfolio by launching immunity-boosting Ginger, Tulsi, and Turmeric milk variants. Besides strengthening our online presence by launching Heritage TUCH App, for online ordering of milk and milk products for the convenience of our consumers.”
