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Business News/ Markets / Stock Markets/  Heritage Foods rally 9% to hit fresh 52-week-high as Q4 net profit zooms 41% YoY
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Heritage Foods rally 9% to hit fresh 52-week-high as Q4 net profit zooms 41% YoY

Following the company's stellar Q4 and FY23 earnings, Heritage Foods surged 9% on Dalal Street today to reach a new 52-week high.

The shares of Heritage Foods opened today at ₹189.20 apiece and went on to hit a fresh 52-week-high of ₹206 during the closing session registering an upside of 8.48% from the previous close of ₹189.90. (MINT_PRINT)Premium
The shares of Heritage Foods opened today at 189.20 apiece and went on to hit a fresh 52-week-high of 206 during the closing session registering an upside of 8.48% from the previous close of 189.90. (MINT_PRINT)

Following the company's stellar Q4 and FY23 earnings, Heritage Foods surged 9% on Dalal Street today to reach a new 52-week high. The Board of Directors announced its results and a 50% dividend for the eligible shareholders. 

“We wish to inform that the Board of Directors of the Company at their meeting held on May 25, 2023 recommended a dividend for the year ended March 31, 2023 @ Rs.2.50/- (50%) per equity shares of face value of Rs.5/- each for the Financial Year ended on March 31, 2023 subject to approval of the Shareholders in the ensuing 31st Annual General Meeting for the Financial Year 2022-23. Dividend if declared shall be paid/dispatched on Tuesday, 29th August, 2023," said Heritage Foods in a stock exchange filing today.

During Q4FY23, the net income of the company reached 820.96 Cr up by 17.56% YoY from 698.35 Cr in Q4FY22. The company has posted a net profit of 17.93 Cr during the quarter ended March 2023 up by 41.36% YoY from 12.68 Cr during the quarter ended March 2022. The EPS of Heritage Foods climbed to 1.93 during the quarter under review up by 38.85% YoY from 1.39 during the year-ago quarter. The company said its average milk procurement during Q4-FY23 was at 14.30 lakh litres per day (LLPD), compared to 12.16 LLPD in Q4-FY22; registering a growth of 18% YoY.

Commenting on the performance of the Company, Mrs. Brahmani Nara – Executive Director, said – “Despite the challenges in our operating environment, we have maintained our growth momentum, registering a revenue growth of 18% YOY in Q4. More importantly, we were able to bounce back on our profitability after several testing quarters. Though the raw material prices continued to rise, through smart pricing and the launch of several value-creation initiatives, we were able to improve our profitability for the quarter by 44% on a y-o-y basis. Our commitment to grow the contribution from Value-Added products also helped in this regard, with VAP growing by 24% in this quarter, reaching 29.1% of overall sales for the financial year." 

The shares of Heritage Foods opened today at 189.20 apiece and went on to hit a fresh 52-week-high of 206 during the closing session registering an upside of 8.48% from the previous close of 189.90. 

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ABOUT THE AUTHOR
Vipul Das
Vipul Das is a Digital Business Content Producer at Livemint. He previously worked for Goodreturns.in (OneIndia News) and has over 5 years of expertise in the finance and business sector. Stocks, mutual funds, personal finance, tax, and banking are among his specialties, and he is a professional in industry research and business reporting. He received his bachelor's degree from Dr. CV Raman University and also have completed Diploma in Journalism and Mass Communication (DJMC).
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Published: 25 May 2023, 07:44 PM IST
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