Heritage Foods Q1 profit down by 39.35%

Dairy firm Heritage Foods today posted a 39.35 per cent fall in its consolidated net profit at Rs 10.37 crore in the first quarter of 2017-18 fiscal due to higher expenses.
Net profit stood at Rs 17.10 crore in the year-ago period, the Hyderabad-based company said in a BSE filing.
Total income increased to Rs 618.27 crore in the April- June period of the current fiscal from Rs 468.39 crore in the same quarter of last year.
But expenses rose to Rs 602.55 crore from Rs 435.06 crore in the said period.
The company said it has integrated the operation of the recently acquired Reliance Dairy, part of Reliance Retail.

Heritage Foods procures 12.60 lakh liters per day from nine states including Andhra Pradesh, Telangana, Karnataka. It has 15 processing units with a capacity of 18.90 lakh liters per day.
Shares of the company fell by 1.06 per cent to settle at Rs 1,217.50 apiece on the BSE today.