Heritage Foods was locked in 20% upper circuit at Rs 546.95 on the BSE after the company's founder Chandrababu Naidu, who is also Telugu Desam Party chief, managed to win Andhra Pradesh's assembly elections by a significant margin.
The stock of Heritage Foods has added 35.79% in three sessions, from its recent closing low of Rs 402.80 recorded on 31 May 2024.
The scrip has managed to log in strong gains after it became clear that Telugu Desam Party (TDP) leader Chandrababu Naidu will become Chief Minister of Andhra Pradesh after the recently concluded assembly elections.
According to BSE data, Bhuvaneswari Nara, wife of Chandrababu Naidu, held 24.37% stake in the company as of March 2024. His son Nara Lokesh held 10.82% stake in the company. Promoters cumulatively held a 41.3% stake in Heritage Foods.
Heritage Foods is one of the largest private sector dairy enterprises in Southern India. Its milk and milk products have a market presence in Andhra Pradesh, Telangana, Karnataka, Kerala, Tamil Nadu, Maharashtra, Odisha, NCR Delhi, Haryana, Rajasthan, Uttarakhand and Uttar Pradesh.
The companys consolidated net profit zoomed 125.88% to Rs 40.5 crore in Q4 FY24 as against Rs 17.93 crore recorded in Q4 FY23. However, revenue from operations jumped 16.26% year on year to Rs 950.57 crore in the fourth quarter of FY24 as compared with Rs 817.6 crore posted in the corresponding quarter last year.
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