Heritage Foods hit a record high of Rs 538, as they rallied 18 per cent on the BSE in Wednesday’s intra-day trade amid heavy volumes.
Shares of Heritage Foods hit a record high of Rs 538, as they rallied 18 per cent on the BSE in Wednesday’s intra-day trade on the back of heavy volumes. In the past three trading sessions, the stock of dairy products company has surged 34 per cent following the news that Chandrababu Naidu was set to become Andhra Pradesh Chief Minister for fourth term after Telugu Desam Party’s (TDP’s) landslide victory. In the past one month, the stock has zoomed 63 per cent.
At 10:01 am; Heritage Foods was trading 15 per cent higher at Rs 522.05, as compared to 0.11 per cent rise in the S&P BSE Sensex. The average trading volumes at the counter jumped over three-fold, with a combined 7.3 million equity shares changing hands on the NSE and BSE.
Heritage Foods Ltd
Last Updated: Jun 05 2024 | 07:29 AM IST
For the financial year 2023-24 (FY24), Heritage Foods had reported a robust 83.6 per cent year-on-year (YoY) growth in its consolidated profit after tax at Rs 106.50 crore. Revenue grew by 17.1 per cent YoY at Rs 3,793.9 crore. Earnings before interest, tax, depreciation, and amortization (ebitda) jumped 51.5 per cent at Rs 209.50 crore; margin expanded 125bps at 5.52 per cent in FY24.
The spending on dairy products continues to increase due to growing awareness about their health benefits and the introduction of innovative products to the market. It has allowed small-scale dairy producers to increase their income by selling milk to larger farms that have greater access to customers in regional as well as urban markets.
The management said the strategies the company laid out few years ago of becoming more consumer centric, strengthening its portfolio with the launching of a dozen innovative products, expanding availability with an omni-channel route to market approach, intense marketing programs step changing brand preference, have all started bearing fruit. After a few years of headwinds, the dairy sector is finally seeing green shoots and the management is confident that Heritage Foods will outperform in the coming financial year.
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