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ICICI Securities Report
Heritage Foods Ltd. has reported revenue, Ebitda and profit after tax growth of 11.8%, 132.8% and 248.2%, YoY, respectively. Milk procurement remained strong at 1.62 mnpd (+6.6% YoY). Value added product reported strong revenue growth of 19.9% YoY. Gross and Ebitda margins expanded 634 bps and 472 bps, YoY, respectively, led by lower average milk procurement prices.
Dairy and cattle feed segments reported 450 bps and 407 bps Ebit margin expansion, YoY, respectively. Ebit margin contracted 599 bps YoY for renewable energy segment. Average milk procurement price was down Rs 3.47/litre YoY, whereas selling price was up Rs 0.22/ltr YoY.
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