Heritage Foods surged 9.71% to Rs 407.50 after the company's 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.
Profit before tax was at RS 54.83 crore in the March quarter, up 112.27% from Rs 25.83 crore recorded in Q4 FY23.
EBITDA climbed 67.5% year on year to Rs 70.2 crore during the quarter. EBITDA margin improved to 7.39% in Q4 FY24, recording a growth of 226 bps.
On segmental front, revenue from dairy was at Rs 935.61 crore (up 15.79% YoY), revenue from renewable energy stood at Rs 1.96 crore (up 24.84% YoY), feed revenue was at Rs 43.06 crore (up 41.23% YoY) during the period under review.
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During the quarter, average milk procurement was at 1.59 million litres per day (MLPD), up 11.32% YoY. Milk sales volumes continued its steady growth in Q4, registering a growth by 3.74% YoY to 1.11 MLPD
The company said that continuing the trend of the last many quarters, value added products registered a robust growth of 21.82% YoY in revenues during Q4 FY24. The firm expanded its distribution network in Q4 FY24, with the addition of 432 milk distributors, 33 value added product distributors and 11 fresh value added product distributors, it added.
On full year basis, the companys consolidated net profit jumped 83.8% to Rs 106.55 crore on 17.07% increase in revenue to Rs 3,793.90 crore in FY24 over FY23.
Brahmani Nara, executive director, said, Q4-FY24 and FY24 have been extremely strong on both financial performance and operational excellence. The strategies we laid out few years ago of becoming more consumer centric, strengthening our portfolio with the launching of a dozen innovative products, expanding our availability with an omni-channel route to market approach, intense marketing programs step changing our brand preference, have all started bearing fruit. After a few years of headwinds, the dairy sector is finally seeing green shoots and we are confident that Heritage Foods will outperform in the coming financial year.
Meanwhile, the board has recommended a final dividend of Rs 2.50 per equity share for financial year 2023-24, subject to approval of shareholders.
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 scrip hit a 52-week high at Rs 416.20 in todays intraday session.
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