Heritage Foods Shares Rise As Profit Surges Over 59%
The share price rose as much as 4.49% to Rs 461.70 apiece, the highest level since Jan. 2.
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The shares of Heritage Foods Ltd. rose over 4% on Wednesday after the company reported profit in the third quarter of this financial year.
The dairy enterprise reported a 59.3% rise in profit to Rs 43 crore. The company in the same quarter of the previous fiscal year reported a profit of Rs 27 crore, according to its stock exchange notification.
Revenue increased by 9.9% year-on-year for the three months ended December, reaching Rs 1,034 crore in comparison to Rs 941 crore reported in the same quarter last year.
Operating income, or earnings before interest, taxes, depreciation, and amortisation, rose 42.4% year-on-year to Rs 73.9 crore. In the quarter ended December 2023, the company reported Ebitda of Rs 51.9 crore. The Ebitda margin expanded by 160 basis points to 7.1% from 5.5% in the same period the previous year.
The scrip rose as much as 4.49% to Rs 461.70 apiece, the highest level since Jan. 2. It pared gains to trade 3.19% higher at Rs 455.95 apiece, as of 3:20 p.m. This compares to a 0.57% advance in the NSE Nifty 50 Index.
It has risen 46.04% in the last 12 months. Total traded volume so far in the day stood at 3.2 times its 30-day average. The relative strength index was at 66.
Out of nine analysts tracking the company, seven maintain a 'buy' rating and two recommend a 'hold,' according to Bloomberg data. The average 12-month consensus price target implies a downside of 4%.
