Heritage Foods

₹345 4.7 | 1.4%

WEBSITE BSE:519552 NSE : HERITGFOOD 10 May, 16:01

Market Cap ₹3201 Cr.

Stock P/E 38.1

P/B 4.2

Current Price ₹345

Book Value ₹ 83

Face Value 5

52W High ₹365.4

Dividend Yield 0.72%

52W Low ₹ 180.1

Edit Ratio

Heritage Foods Research see more...

Distribution network and market presence should stem growth for Heritage Foods Limited

Overview Inc. Year: 1992Industry: Consumer Food

Heritage Foods Ltd, formerly known as Heritage Foods (India) Ltd., is a FMCG business enterprise. It's segments are Agri, Bakery, Renewable Energy, Dairy, and Retail. Its predominant merchandise/offerings are milk, value delivered merchandise and FMCG (food and non-meals). The Dairy section offers procuring milk, processing and selling of milk, value introduced products, fats products, skimmed milk powder, tradable items and job work. The Retail segment mainly deals with purchasing and selling of FMCG-meals, FMCG-non-food, fruits and vegetables. The Agri section especially deals with buying, processing and selling of fruits and veggies, tradable items and job works. The Bakery section especially deals with procurement, manufacturing and selling of bakery products. The Renewable Energy section in particular deals with generating and supply of solar power and wind power to the dairy segment for its captive consumption. It has operations throughout approximately 10 states in India.

Heritage Foods Share Price

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Peer Comparison

Heritage Foods Quarterly Results

#(Fig in Cr.)	Sep 2021	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023
Net Sales	670	667	696	821	816	786	818	924	979	941
Other Income	3	3	2	3	3	3	3	3	2	3
Total Income	673	670	698	824	819	789	821	926	980	944
Total Expenditure	605	626	664	797	776	753	776	883	931	889
Operating Profit	68	44	34	27	43	36	45	43	49	55
Interest	1	1	1	1	0	0	2	3	2	2
Depreciation	13	13	13	13	14	14	15	15	15	16
Exceptional Income / Expenses	-9	0	0	0	0	0	0	0	0	0
Profit Before Tax	45	30	20	12	29	21	28	25	32	38
Provision for Tax	11	8	5	3	7	5	8	7	8	9
Profit After Tax	34	22	14	9	21	16	20	18	24	29
Adjustments	-1	-2	-2	-2	-2	-2	-2	-2	-2	-2
Profit After Adjustments	33	21	13	7	19	14	18	17	22	27
Adjusted Earnings Per Share	3.6	2.3	1.4	0.8	2.1	1.5	1.9	1.8	2.4	2.9

Heritage Foods Profit & Loss

#(Fig in Cr.)	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	TTM
Net Sales	1602	1722	2073	2381	1832	2373	2515	2726	2473	2681	3241	3662
Other Income	4	5	7	7	251	403	140	303	8	11	12	11
Total Income	1606	1727	2080	2387	2083	2776	2655	3029	2481	2693	3253	3671
Total Expenditure	1498	1625	1989	2248	1738	2629	2459	3107	2210	2489	3101	3479
Operating Profit	108	102	91	139	345	148	196	-78	272	204	152	192
Interest	19	15	18	17	11	20	23	24	21	6	6	9
Depreciation	22	25	34	35	25	38	45	50	46	52	56	61
Exceptional Income / Expenses	-3	-1	0	-1	0	0	0	0	0	-9	0	0
Profit Before Tax	64	61	39	86	309	90	128	-152	205	131	82	123
Provision for Tax	14	16	11	31	32	27	45	15	53	34	24	32
Profit After Tax	50	45	28	55	278	63	83	-168	151	97	58	91
Adjustments	-0	-0	-0	-0	-3	-0	-2	8	-1	0	0	-8
Profit After Adjustments	50	45	28	55	275	63	81	-160	150	97	58	84
Adjusted Earnings Per Share	5.5	5	3.1	6.1	30.1	6.9	8.9	-17.5	16.4	10.6	6.2	9

Growth Rates

#	1 Year	3 Year	5 Year	10 Year
Sales CAGR	21%	6%	6%	7%
Operating Profit CAGR	-25%	0%	1%	3%
PAT CAGR	-40%	0%	-2%	1%

#	1 Year	3 Year	5 Year	10 Year
Share Price CAGR	89%	24%	9%	17%
ROE Average	8%	18%	7%	21%
ROCE Average	11%	21%	13%	21%

Heritage Foods Balance Sheet

#(Fig in Cr.)	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023
Shareholder's Funds	142	179	193	240	591	778	803	460	596	658	726
Minority's Interest	0	0	0	0	11	11	12	2	0	0	0
Borrowings	41	39	56	66	74	142	167	172	34	8	4
Other Non-Current Liabilities	28	33	30	35	63	450	328	35	40	54	80
Total Current Liabilities	201	241	247	234	258	326	326	320	208	183	315
Total Liabilities	411	492	526	575	996	1707	1635	988	879	903	1125
Fixed Assets	237	271	281	312	295	429	472	475	575	575	617
Other Non-Current Assets	27	33	31	35	494	1024	888	244	44	37	54
Total Current Assets	147	187	214	228	207	254	275	269	259	291	453
Total Assets	411	492	526	575	996	1707	1635	988	879	903	1125

Heritage Foods Cash Flow

#(Fig in Cr.)	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023
Opening Cash & Cash Equivalents	29	32	44	40	7	-17	-41	-29	-31	20	33
Cash Flow from Operating Activities	97	75	52	125	115	121	148	117	174	148	-61
Cash Flow from Investing Activities	-29	-62	-47	-66	-120	-200	-133	-97	69	-42	-83
Cash Flow from Financing Activities	-65	-1	-8	-55	-13	55	-3	-22	-191	-93	126
Net Cash Inflow / Outflow	3	12	-4	4	-18	-23	12	-2	51	13	-17
Closing Cash & Cash Equivalent	32	44	40	44	-17	-41	-29	-31	20	33	16

Heritage Foods Ratios

#	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023
Earnings Per Share (Rs)	5.46	4.95	3.1	6.06	30.07	6.86	8.9	-17.52	16.39	10.55	6.25
CEPS(Rs)	7.87	7.68	6.81	9.83	33.09	11	13.98	-12.86	21.58	16.25	12.3
DPS(Rs)	1.5	1.5	1.5	1.5	2	2	2	2.5	5	5	2.5
Book NAV/Share(Rs)	15.13	19.19	20.74	25.87	64.22	84.65	87.37	49.88	64.77	71.52	77.88
Core EBITDA Margin(%)	6.48	5.62	4.03	5.55	4.97	-10.77	2.2	-14	10.23	6.89	4.15
EBIT Margin(%)	5.18	4.44	2.74	4.33	16.9	4.62	6	-4.71	8.75	4.88	2.59
Pre Tax Margin(%)	3.97	3.55	1.89	3.61	16.32	3.79	5.09	-5.59	7.95	4.68	2.42
PAT Margin (%)	3.12	2.63	1.37	2.33	14.66	2.64	3.31	-6.16	5.87	3.46	1.72
Cash Profit Margin (%)	4.49	4.08	3.01	3.78	15.98	4.24	5.09	-4.32	7.67	5.32	3.38
ROA(%)	12.22	10.04	5.57	10.07	35.37	4.65	4.98	-12.8	16.21	10.84	5.72
ROE(%)	43.8	28.85	15.53	25.99	67.39	9.22	10.58	-26.73	28.84	15.48	8.42
ROCE(%)	31.06	26.01	16.96	28.76	57.46	12.15	13.97	-13.75	31.62	20.52	11.44
Receivable days	2.99	3.36	3.59	4.06	4.26	2.18	4.01	4.3	2.63	2.2	2.52
Inventory Days	19.99	20.19	21.82	21.78	25.77	21.33	21.27	18.95	24.3	26.41	31.65
Payable days	18.66	17.72	16.42	16.26	19.22	12.55	13.06	10.96	9.85	8.02	7.09
PER(x)	9.4	10.25	26.95	21.39	9.08	50.96	31.03	0	9.08	15.37	23.12
Price/Book(x)	3.39	2.64	4.03	5.01	4.25	4.13	3.16	2.17	2.3	2.27	1.85
Dividend Yield(%)	0.74	1.5	0.91	0.59	0.37	0.29	0.37	1.17	1.7	1.56	1.73
EV/Net Sales(x)	0.35	0.33	0.42	0.53	1.42	1.44	1.09	0.45	0.57	0.54	0.45
EV/Core EBITDA(x)	5.21	5.5	9.69	9.12	7.53	23.12	14.07	-15.81	5.17	7.17	9.57
Net Sales Growth(%)	14.96	7.51	20.38	14.84	-23.04	29.52	5.97	8.4	-9.27	8.42	20.86
EBIT Growth(%)	133.8	-7.87	-25.68	81.12	210.84	-65.74	37.56	-185.06	275.58	-39.48	-35.86
PAT Growth(%)	443.8	-9.3	-37.4	95.44	401.14	-77.4	32.6	-301.62	190.13	-36.19	-39.93
EPS Growth(%)	440.1	-9.31	-37.4	95.45	396.31	-77.18	29.73	-296.86	193.54	-35.6	-40.81
Debt/Equity(x)	0.91	0.81	0.83	0.53	0.27	0.36	0.37	0.67	0.11	0.02	0.19
Current Ratio(x)	0.73	0.78	0.87	0.97	0.8	0.78	0.84	0.84	1.25	1.59	1.44
Quick Ratio(x)	0.32	0.33	0.3	0.35	0.33	0.3	0.42	0.39	0.29	0.47	0.24
Interest Cover(x)	4.28	5	3.23	6.05	29.39	5.54	6.57	-5.32	10.93	24.2	15.25
Total Debt/Mcap(x)	0.27	0.3	0.21	0.11	0.06	0.09	0.12	0.31	0.05	0.01	0.1

Heritage Foods Shareholding Pattern

#	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024
Promoter	39.43	39.43	39.43	39.43	39.21	41.58	41.58	41.58	41.3	41.3
FII	3.97	1.62	2.04	2.36	2.07	1.98	2.08	1.75	1.74	2.01
DII	15.56	15.89	14.65	15.56	15.66	15.9	15.88	14.48	11.97	11.74
Public	41.04	43.06	43.89	42.65	43.06	40.54	40.47	42.2	44.98	44.95
Others	0	0	0	0	0	0	0	0	0	0
Total	100	100	100	100	100	100	100	100	100	100

#	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024
Promoter	1.83	1.83	1.83	1.83	1.82	3.86	3.86	3.86	3.83	3.83
FII	0.18	0.08	0.09	0.11	0.1	0.18	0.19	0.16	0.16	0.19
DII	0.72	0.74	0.68	0.72	0.73	1.48	1.47	1.34	1.11	1.09
Public	1.9	2	2.04	1.98	2	3.76	3.76	3.92	4.17	4.17
Others	0	0	0	0	0	0	0	0	0	0
Total	4.64	4.64	4.64	4.64	4.64	9.28	9.28	9.28	9.28	9.28

Pros

Debtor days have improved from 8.02 to 7.09days.
Company has reduced debt.
Company is almost debt free.

Cons

Promoter holding is low: 41.3%.
Stock is trading at 4.2 times its book value.
The company has delivered a poor profit growth of -1% 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.

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Heritage Foods

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Heritage Foods Research see more...

Overview Inc. Year: 1992Industry: Consumer Food

Heritage Foods Share Price

Alert Data

Quarterly Price

Peer Comparison

Heritage Foods Quarterly Results

Heritage Foods Profit & Loss

Growth Rates

Heritage Foods Balance Sheet

Heritage Foods Cash Flow

Heritage Foods Ratios

Heritage Foods Shareholding Pattern

Heritage Foods News

Top Unlisted Companies & InstaBuy Companies

Empire Spices and Foods ltd

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