Heritage Foods Limited

Message from the Executive Director Dear Members, A satisfying journey in many ways, despite a challenging environment – this is how FY 2020-21 sums up for Heritage Foods. Driven by our sustained focus on maximizing long-term intrinsic value for all our stakeholders, we continued dedicatedly through the year amidst a tough business environment. As you all know, the outbreak of COVID-19 posed a grave challenge. The pandemic upended the Indian economy, suspended business activities, and brought about unprecedented slowdown across industries. Out of home demand for dairy products was hit, but improved towards the end of the fi nancial year. Impact of COVID-19 While the pandemic impacted our fi nancial performance, we continued our operations with regulatory approvals even during the lockdown phase, being an essential service provider. We also ensured that the health and safety of our employees at our plants was not compromised. Once the relaxations in restrictions were announced, we implemented standard operating procedures to maintain safety and hygiene at workplaces. The sale of our dairy-based products such as ice-cream, cheese, fl avored milk and frozen desserts has been increasing year-on-year. On the other hand, the reduction in prices and lockdown of the foodservice sector drastically impacted the local dairy farmers and choked the overall dairy industry. Heritage Foods Limited 20