Executive Director’s message Dear shareholders, It is an absolute pleasure for me to look back on the year gone by gathering strength from a robust business model and an innovative approach to capitalise on new and emerging opportunities, we continue to lead Heritage as a progressive brand. Despite the challenging business environment, mostly on account of economic uncertainty, our Company has continued to thrive amidst diff iculty. Our commitment to quality and excellence encourages us to sustain our position as a leader in the dairy industry. With growing consumer awareness about health and fi tness, the consumption of dairy products have increased signifi cantly over the years. Along with quality concerns, consumers are now seeking value added dairy products to fulfi l their nutritional needs. At Heritage, we strive to provide superior quality, nutrient-enriched dairy products to our customers through continuous innovation and a strong emphasis on operational excellence. Throughout the year, we worked to add value to our product portfolio by investing in technologically advanced R&D infrastructure and consistently expanded our distribution network. Over the years, Heritage’s milk and products have been consumers favourites, our range of value-added products has been a primary growth driver. We continued on our path to add innovative and unique value-added products. During the year the company launched several new products in the ‘drinkable and ice-cream’ category to further enrich our product portfolio. We are also planning to broaden our geographical footprint and penetrate deeper into metropolitan cities. At present, we have sales networks in 11 Indian states and are expanding into several towns and semi-urban areas. I’m delighted to share that our company’s credit rating has been revised from A to A+, a testament to our commitment to create value for all our stakeholders and investors. Furthermore, we have a subsidiary company namely, Heritage Nutrivet, which focuses on caring for the nutrition of cattle and it will also be a trusted brand for procuring livestock feed. Along with a focus on expanding our distribution network, we have been strengthening our brand through our omni channel presence in retail trade and improvement of Heritage owned networks. To strictly adhere to the highest standards of quality, we continue to invest in state-of-the-art machinery and product innovation. Moreover, to improve our logistics facilities, we are using latest technology for route planning and it has helped us to lower transportation costs considerably. We continued on our path to add innovative and unique value-added products. During the year the company launched several new products in the ‘drinkable and ice-cream’ category to further enrich our product portfolio. Heritage Foods Limited | 31st Annual Report 2022-23 08
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