Heritage Foods Limited

Heritage Foods Limited 64 The Board of Directors expressed their satisfaction about theway company has handled the business during the period of COVID-19 outbreak. During the period of COVID-19 outbreak the procurement price of milk has come down and volume increased. During the fi nancial year 2020-21, Dairy Division has increased milk Chilling capacity by 0.06 Million LPD by commissioning of 7 units which includes Bulk chilling units, Mini Chilling units and chilling centres. Renewable Energy Division: Your Company strongly recognizes the responsibility towards protecting the environment. As a forward-looking enterprise, it is strongly committed to extending the Green’ footprint. Your Company is taking a lot of initiatives for conservation of energy. Renewable energy was the major focus area in the last ten years. Now your Company has 10.39 MW of solar and wind power for captive consumption. Your Company is continuously investing in latest technologies and e ffi ciencies to conserve energy. Renewable Energy Division of your Company had achieved the turnover of ` 68.83 Million during the year under review Subsidiary / Associate Companies Your Company as on March 31, 2021 is having following subsidiary/associate/joint venture Companies: Heritage Nutrivet Limited (CIN: U15400TG2008PLC062054) A wholly owned Subsidiary Company operating with Animal Nutrition and one of the leading Live Stock Feed & Feed Supplements Company in Southern andWestern India, covering over 0.3million farmers spread across fi ve states viz., Andhra Pradesh, Telangana, Tamil Nadu, Karnataka andMaharastra. Product quality is pivotal in endeavor towards “HEALTHYMILCH ANIMAL – HAPPY FARMER” Skil Raigam Power (India) Limited (CIN:U40102TG2009PLC063671) A associate Company is under process to setup a hydro power plant at Raigam District, in Arunachal Pradesh. Your Company is having 44.22% of shareholding in this Company. Heritage Novandie Foods Private Limited (CIN: U74999TG2017PTC120860) A 50:50 Joint Venture Company between Heritage Foods Limited (HFL), Hyderabad, India and Novanide, Maromme, France with an object to manufacture and market various Fruit Yoghurt and other dairy products in India. The Company had started the commercial production on February 16, 2021 and launched French Yoghurt brand ‘Mamie Yova’ in India. The details of transaction are available in the AOC-1 which is forming part of the consolidated fi nancial statement. The gist of fi nancial performance of the Subsidiary/Associate/Joint Venture companies is as follows. ` in Millions Particulars Heritage Nutrivet Ltd (Wholly Owned Subsidiary) year ended on Skil Raigam Power (India) Ltd (Associate) year ended on Heritage Novandie Foods Pvt Ltd (Joint Venture) year ended on 31/03/2021 31/03/2020 31/03/2021 31/03/2020 31/03/2021 31/03/2020 Total Income 1218.56 10,45.86 - - 1.17 1.15 Total Expenses 1120.98 10,38.83 0.19 0.22 45.33 15.16 Pro fi t/ (Loss) before tax 97.58 7.03 (0.19) (0.22) (44.16) (14.01) Tax expense Reversal of taxes of earlier years - - - - - - Current tax expense 16.03 0.88 - - - - Deferred tax expense/ (bene fi t) 9.43 (0.59) - - - - Pro fi t/ (loss) for the year 72.12 6.73 (0.19) (0.22) (44.16) (14.01) During the fi nancial year under review, your Company has not added/removed any subsidiaries, joint ventures or associate companies.