Appoints Srideep Nair Kesavan as Chief Executive Officer
Heritage Foods, a leading private dairy player in India, announced its financial results for the first quarter ended on June 30, 2021. The revenue from operations was at Rs 6,481 million during the quarter. EBIDTA was at Rs 520 million as compared to Rs 558 million in Q1 FY2021. EBITDA margin stood at 8 per cent as against 8.7 per cent in Q1 FY2021. Net Profit was at Rs 303 million as compared to Rs 292 million in Q1 FY2021.
The average milk procurement during Q1 FY2022 was at 1.2 million litre per day (MLPD) compared to 1.4 MLPD in Q1 FY2021. The average milk sales during Q1 FY2022 was 0.95 MLPD compared to 0.92 MLPD in Q1 FY2021. Curd sales during Q1 FY2022 was at 291.7 metric tonnes per day (MTPD) compared to 253.4 MTPD in Q1 FY2021; registering a growth 15.1 per cent YoY. The revenue from value added products (VAP) grew by 11.3 per cent YoY to INR 1,746 mn in Q1 FY22. VAP contributed 27.4 per cent to the overall dairy revenue during Q1 FY22 as against 25.3 per cent in Q1 FY21.
Heritage Foods has appointed Srideep Nair Kesavan as the company’s CEO. Kesavan holds a B Tech (Electronics & Instruments) degree and is an XLRI Jamshedpur MBA – PGDBA (Marketing) Alumni. He has 20+ years of leadership experience as an innovative marketer and enterprising business leader with deep-domain expertise across sales and distribution, marketing and category management and P&L/General Management. Before joining Heritage Foods, Kesavan held leadership positions at Coca-Cola (14 years) and Olam International (six years).
