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Friday, Jan 31, 2003

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Heritage Foods Q3 net up 32 pc

Our Bureau

HYDERABAD: Heritage Foods (India) Ltd (HFIL), the Rs 165-crore milk and milk products company has registered a significant growth of 16.56 per cent in turnover and 32.05 per cent in net profit for the third quarter of current fiscal year ended December 31, 2002.

According to the unaudited financial results approved by the board here, HFIL has achieved a turnover of Rs 49.63 crore as against Rs 42.57 crore in the corresponding quarter of previous fiscal and a net profit of Rs 4.45 crore (Rs 3.37 crore), yielding an EPS of Rs 4.46 (Rs 3.12) on an equity base of Rs 9.99 crore (Rs 10.8 crore).

For the nine-month period ended December 31, 2002, the company posted a turnover of Rs 142.05 crore (Rs 121.96 crore) and a net profit of Rs 11.74 crore (Rs 7.97 crore).

According to the HFIL Whole-Time Director, Mr V. Nagaraja Naidu, the company has bought back 8.1 lakh equity shares of Rs 10 each at an average price of Rs 27.62 per share during the offer period from January 24 last year to April 5.

The nominal value of the shares bought back was reduced from the paid-up equity share capital and the corresponding amount has been transferred to the capital redemption reserve account.

The consideration for the equity shares bought back and extinguished was appropriated from the general reserve.

Meanwhile, the company has commissioned a procurement, processing and packing plant at Vadamadhurai in Dindugal district of Tamil Nadu and another procurement and processing plant at Battiprolu in Guntur district of Andhra Pradesh during last month, Mr Naidu said.

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