Suguna Dairy Products (India) Private Limited to expand the Dairy business of the Company to strengthen South Tamil Nadu and part of Kerala markets. 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 10.50 MW of solar and wind power for captive consumption. Your Company is continuously investing in latest technologies and efficiencies to conserve energy. Renewable Energy Division of your Company had achieved the turnover of 78.22 Million during the year under review. Subsidiary / Associate Companies Your Company as on March 31, 2023 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 Companies in Southern and Western India, covering over 0.30 million farmers spread across five states viz., Andhra Pradesh, Telangana, Tamil Nadu, Karnataka and Maharastra. Product quality is pivotal in our endeavour towards “HEALTHY MILCH ANIMAL – HAPPY FARMER” It is also proficient in providing cost-effective solutions for the farmers facing ground reality. The products of the Heritage Nutrivet Limited are innovatively engineered to serve varieties of needs of the animals. They segregate the animal feed into dairy power, dairy milk, rich, dairy supreme, milk magic plus, gomitra, gomitra plus. Skil Raigam Power (India) Limited (CIN:U40102TG2009PLC063671) An associate Company as per the provisions of Section 2(6) of the Companies Act, 2013, which has been declared as Dormant Company as per Section 455(2) of Companies Act, 2013 vide SRN: T42936765 dated September 22, 2021, the Company planned to set up hydro power plant at Raigam, in Arunachal Pradesh. Your Company is having 43.33% 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 Novandie, France with an object to manufacture and market various Fruit Yoghurts and other dairy products in India. The Company had started the commercial production on February 16, 2021 and launched Yoghurt brand ‘Mamie Yova’ in India. The Company is hoping to woo Indian consumers with its fruit-based yogurt and aims to have a strong presence across 8-10 key cities in the next two years. Due to COVID out-break the Company couldn’t make the market penetration in large scale, however during the coming financial year the company is expected to make more penetration in the market, to maximise revenue and to minimise operation lossses. The details of transaction are available in the AOC-1 which is forming part of the consolidated financial statement. The gist of financial performance of the Subsidiary/ Associate/Joint Venture companies is as follows. ` in Millions Particulars Heritage Nutrivet Limited (Wholly Owned Subsidiary) year ended SkilRaigamPower(India)Limited (Associate) year ended Heritage Novandie Foods Private Limited (Joint Venture) year ended 31/03/2023 31/03/2022 31/03/2023 31/03/2022 31/03/2023 31/03/2022 Total Income 1080.92 959.97 0.01 - 31.31 16.82 Total Expenses 1064.88 944.32 0.04 28.91 202.59 137.50 Profit/ (Loss) before tax 16.04 15.65 (0.03) (28.91) (171.28) (120.68) Current tax expense 1.26 0.58 - - - - Deferred tax benefit 3.69 4.48 - - - - Profit/ (loss) for the year 11.09 10.59 (0.03) (28.91) (171.28) (120.68) During the financial year under review, your Company has not added/removed any subsidiaries, joint ventures or associate companies. In accordance with Section 136 of the Companies Act, 2013, the audited financial statements, including the consolidated financial statements and related information of the Company and audited accounts of each of its Subsidiary, Associate and Joint Venture are available on the website of your Company www.heritagefoods.in. These documents will also be available for inspection during the business hours of the Company at its registered office in Hyderabad, India. 73 Board’s Report | Statutory Reports
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