Heritage Foods Limited | 30th Annual Report 2021-22

Our value added products have been the primary driver of growth for us, not just in our core markets but the ones we have recently ventured in. I am pleased that the strategies that we have put in place for driving growth has paid rich dividends. We at Heritage Foods offer dairy in innovative forms, promoting nutritional wellness with taste. In the year under review we have employed new ways of bringing nutritional values in dairy, while launching a series of products to delight our customers. Our contribution to the value added product portfolio and foray into ‘Ready-to-Eat’ and ‘Heat-n-Eat’ segments helped us expand our offerings further. For value added products, we have been focusing on three areas to drive growth. First, a focused approach on priority products that gives us a competitive edge. Second, a consumer-centric approach in our innovations and marketing strategies. Third, developing an omni-channel strategy to make our products accessible to all our consumers. We are looking at new commerce and distribution models to increase our visibility and accessibility. Our value added products have been the primary driver of growth for us, not just in our core markets but the ones we have recently ventured in. I am pleased that the strategies that we have put in place for driving growth has paid rich dividends. We have entrenched our presence in five southern states, and made inroads into Maharashtra, Odisha, Delhi, Haryana, Uttarakhand and Uttar Pradesh. Our strategy for expansion is to deepen our penetration into Tier II and Tier III cities in the same states. Consistent with our financially prudent approach, we have strengthened our balance sheet by achieving debt-free status backed by a healthy cash balance. Our strategies have proven to be effective in the face of unforeseen macroeconomic challenges. As we continue to focus on diversifying our product portfolio, we are looking ahead with confidence. We believe in the future of dairy and in our capabilities of delivering sustained value to our customers as well as our stakeholders. To conclude, I would like to thank our dedicated employees, farmers, distributors and customers for their unwavering faith in us. I would like to thank our team for their untiring contributions in a challenging year. I would also like to thank you, our shareholders, for your continued commitment and support over the years. N. Brahmani Executive Director Corporate Overview 13