Heritage Foods Limited

Vice-Chairperson & Managing Director’s Message Dear Members, I am pleased to present to you the 29 th Annual Report of “Heritage Foods Limited” (the Company) for the fi nancial year 2020-21. At the outset, we trust you and your family are keeping well in the unprecedented pandemic COVID-19. The year gone by in many ways has been a challenging one with the onset of the COVID-19 outbreak and eventual lockdowns, which brought a new order to the world. Even as India was gradually recovering and even kick-started its vaccination drive in the fourth quarter of the year, the second wave of Corona Virus is likely to pose a downside risk to economic activity. The national lockdown to curb the spread of the virus had a drastic impact on the Indian economy, including the dairy industry, which is a source of livelihood for millions of Indians. An estimated seven million small, marginal and landless farmers rely on dairying to earn a livelihood. The demand and supply of dairy products was subject to the COVID-19 situation and torrential rains. Milk procurement prices continued to remain low because of low demand from HoReCa and due to fall in out of home consumption. The industry handled the challenges well by ensuring uninterrupted supply of milk and milk products across the country. Despite the pandemic, the sector is perched atop the crest of a U-curve, and the years ahead are expected to be fruitful in terms of top line and bottom line. Heritage Foods Limited 16