Heritage Foods Q3 revenue up 8%; net profit, margins shrink

Heritage Foods reported a 19.8% year-on-year decline in net profit for the third quarter, with profit at ₹34.5 crore compared with ₹43 crore in the same period last year.

Revenue for the quarter increased 8.2% YoY to ₹1,119.1 crore from ₹1,033.9 crore.

Earnings before interest, tax, depreciation and amortisation (EBITDA) declined 15% to ₹63 crore during the quarter, from ₹74 crore in the year-ago period. As a result, operating margin contracted to 5.6%, down from 7.2% last year.

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The company said the notification of the labour codes resulted in a one-time increase of ₹2.78 crore in provisions for employee benefit expense in the current reporting period,

Recently, the company completed the acquisition of a 51% equity stake in Peanutbutter and Jelly Private Limited.

Shares of Heritage Foods Ltd closed at ₹396.85 on the NSE, down ₹2.40 or 0.60% today, January 28.

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