Heritage Foods, the Indian food manufacturer and retailer, has booked higher annual sales and profits.
The company reported revenue of INR23.29bn (US$344.1m) for the year to the end of March, compared to INR20.33bn a year ago.
The group’s net profit stood at INR554.3m, against INR283.6m the year earlier.
Revenue from Heritage Foods’ dairy arm, its largest business by sales, was INR17.68bn, up from INR15.56bn 12 months earlier.
Segment profit from Heritage Foods’ dairy division was INR1.15bn, almost double the INR671.7m in the company’s 2014/15 financial year.
Revenues from Heritage Foods’ four other businesses – retail, agri, bakery and renewable energy – rose.
However, the profitability of the divisions was mixed. Losses from Heritage Foods’ bakery business narrowed from INR8.4m to INR6.2m, although losses from its retail business grew year-on-year.
Heritage Foods said yesterday it had decided to buy Karnataka-based Teja Dairy.
In a stock exchange filing yesterday (23 May), Heritage Foods said its board had agreed to pay INR6m for Teja Dairy, which is based in the town of Sindhanur in the south-western state of Karnataka.
The company said Teja Dairy has a processing capacity of 20,000 litres.