Heritage Foods posts Q4 profit surges on strong demand for dairy products
The Hindu
India's Heritage Foods sees profit surge due to high demand for dairy products amid rising milk prices.
India's Heritage Foods reported a more than two-fold jump in fourth-quarter profit on Wednesday, helped by strong demand for its dairy products amid higher milk prices.
The dairy producer's consolidated net profit from continuing operations rose to ₹405 million ($4.9 million) for the quarter ended March 31, from ₹179.3 million a year earlier.
Revenue from operations rose 16.3% to ₹9.51 billion. Total expenses increased by a comparatively moderate 13.4%.
Rising incomes mainly in urban India and preference for healthier options are driving demand for branded dairy products.
Meanwhile, milk prices have remained elevated on higher fodder costs and a shortage of dairy cows.
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