Heritage Foods Ltd

Heritage Foods Ltd

₹ 337 2.93%
24 Apr 11:24 a.m.
About

Heritage Foods is engaged in the business of procurement and processing of Milk & Milk products and also generation of power through solar & wind for the captive consumption of its dairy plants.[1] The company has a reach to over 15 lakh households in India.[2]

Key Points

Product Portfolio
The company's products include milk and value-added products such as curd, ice cream/frozen dessert, paneer, buttermilk, flavored milk, lassi, milk powders, and sweets, etc. [1]

  • Market Cap 3,125 Cr.
  • Current Price 337
  • High / Low 355 / 165
  • Stock P/E 35.9
  • Book Value 81.2
  • Dividend Yield 0.75 %
  • ROCE 11.4 %
  • ROE 8.95 %
  • Face Value 5.00

Pros

  • Company is almost debt free.
  • Company has been maintaining a healthy dividend payout of 24.7%

Cons

  • The company has delivered a poor sales growth of 6.48% over past five years.

* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.

Peer comparison

Sector: FMCG Industry: Food - Processing - Indian

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Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

Dec 2020 Mar 2021 Jun 2021 Sep 2021 Dec 2021 Mar 2022 Jun 2022 Sep 2022 Dec 2022 Mar 2023 Jun 2023 Sep 2023 Dec 2023
588 606 638 660 657 688 815 809 777 808 913 963 923
534 562 587 596 617 657 791 770 745 768 875 919 873
Operating Profit 55 44 51 65 40 31 24 39 32 40 39 44 49
OPM % 9% 7% 8% 10% 6% 5% 3% 5% 4% 5% 4% 5% 5%
1 3 3 -6 3 2 3 3 3 3 3 2 3
Interest 5 3 1 1 0 1 1 0 0 2 3 1 2
Depreciation 11 11 12 12 12 13 13 13 14 14 14 14 15
Profit before tax 41 33 40 45 30 20 13 28 21 27 25 30 36
Tax % 37% 25% 25% 24% 26% 26% 26% 25% 25% 28% 27% 25% 24%
26 25 30 34 22 14 10 21 16 19 18 23 27
EPS in Rs 2.76 2.65 3.29 3.69 2.41 1.56 1.06 2.27 1.67 2.09 1.95 2.43 2.92
Raw PDF

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 TTM
1,393 1,602 1,722 2,073 2,381 1,871 2,344 2,482 2,681 2,407 2,643 3,209 3,607
1,339 1,497 1,625 1,989 2,248 1,741 2,601 2,428 3,058 2,156 2,454 3,072 3,435
Operating Profit 55 105 97 84 132 130 -258 54 -376 251 189 137 172
OPM % 4% 7% 6% 4% 6% 7% -11% 2% -14% 10% 7% 4% 5%
2 0 4 7 5 250 402 140 302 8 1 11 11
Interest 22 19 15 18 17 49 19 22 22 19 5 5 8
Depreciation 21 22 25 34 35 25 37 44 48 44 50 54 57
Profit before tax 14 64 61 39 86 306 88 129 -145 196 135 89 117
Tax % 31% 22% 26% 28% 36% 10% 31% 35% -11% 26% 25% 26%
9 50 45 28 55 275 60 83 -160 145 102 66 87
EPS in Rs 1.01 5.38 4.88 3.04 5.97 29.64 6.51 8.99 -17.24 15.64 10.94 7.10 9.39
Dividend Payout % 25% 7% 15% 25% 13% 3% 15% 11% -7% 16% 23% 35%
Compounded Sales Growth
10 Years: 7%
5 Years: 6%
3 Years: 6%
TTM: 17%
Compounded Profit Growth
10 Years: 2%
5 Years: 0%
3 Years: 34%
TTM: 43%
Stock Price CAGR
10 Years: 16%
5 Years: 5%
3 Years: 25%
1 Year: 95%
Return on Equity
10 Years: 14%
5 Years: 7%
3 Years: 17%
Last Year: 9%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Sep 2023
Equity Capital 12 12 23 23 23 23 23 23 23 23 23 46 46
Reserves 82 130 156 170 217 567 752 779 436 567 634 687 708
174 126 142 157 126 152 273 283 286 57 12 159 51
142 143 172 175 209 224 637 510 217 210 222 229 258
Total Liabilities 409 411 492 526 575 966 1,685 1,595 962 858 891 1,121 1,063
230 237 271 281 312 280 416 453 438 538 539 581 596
CWIP 9 8 11 9 10 8 9 22 77 18 7 20 15
Investments 1 1 1 1 1 478 1,018 860 186 49 60 65 146
169 165 208 235 252 200 243 260 260 253 285 455 306
Total Assets 409 411 492 526 575 966 1,685 1,595 962 858 891 1,121 1,063

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023
60 97 75 52 125 88 138 143 124 164 144 -61
-26 -29 -62 -47 -66 -99 -217 -119 -104 70 -41 -82
-31 -65 -1 -8 -55 -16 58 -11 -21 -185 -90 127
Net Cash Flow 3 3 12 -4 4 -26 -21 13 -0 49 13 -16

Ratios

Standalone Figures in Rs. Crores / View Consolidated

Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023
Debtor Days 3 3 4 4 4 2 2 6 3 2 2 3
Inventory Days 32 24 29 31 28 30 30 26 23 40 36 54
Days Payable 22 17 19 17 16 13 13 12 9 7 9 6
Cash Conversion Cycle 12 11 14 18 16 19 18 19 16 35 30 51
Working Capital Days -7 -7 -2 2 -2 -8 -7 -4 -3 8 10 28
ROCE % 14% 33% 26% 17% 29% 64% 12% 14% -13% 31% 22% 11%

Shareholding Pattern

Numbers in percentages

Jun 2021Sep 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024
39.90% 39.49% 39.43% 39.43% 39.43% 39.43% 39.22% 41.57% 41.57% 41.57% 41.30% 41.30%
2.84% 3.47% 3.97% 1.62% 2.04% 2.39% 2.06% 1.98% 2.07% 1.74% 1.73% 2.01%
13.93% 14.26% 15.57% 15.89% 14.65% 15.56% 15.66% 15.90% 15.88% 14.48% 11.97% 11.74%
43.33% 42.78% 41.04% 43.06% 43.89% 42.61% 43.06% 40.55% 40.48% 42.20% 44.99% 44.96%
No. of Shareholders 30,03830,13533,68337,42039,31539,71940,01043,31542,47452,55257,28756,225

* The classifications might have changed from Sep'2022 onwards. The new XBRL format added more details from Sep'22 onwards.

Classifications such as banks and foreign portfolio investors were not available earlier. The sudden changes in FII or DII can be because of these changes.

Click on the line-items to see the names of individual entities.

Documents

Concalls