Business Review by the Executive Director N. Brahmani Executive Director We are toned for growth, ready to focus on accelerated value creation. “ “ Q. How would you sum up the last year for Heritage Foods Limited? A: The year that went by was excellent in terms of significant progress on all strategic priorities, despite a challenging external environment. Revenue and EBITDA both showed strong doubledigit growth and productivity benefits were well ahead of our target. At the same time, we continued to progress on the execution on our strategy, further improving the mix, significantly strengthening our value-added portfolio, acquiring a higher wallet share from the existing consumers and continuing to acquire new consumers, while deepening our commitment to long-term ESG goals. It may be recalled that the second half of the last financial year was marred by one of the biggest crises in the recent history of dairy industry. Severe imbalance in the supply and demand situation, exacerbated by poor post-Covid supply side economics, resulted in severe shortage of raw milk. This had resulted in poor financial performance towards the last couple of quarters of FY’23. This financial year was a year of recovery from the crisis and your company took several initiatives to steadily improve the bottom-line performance, without sacrificing the growth momentum. This was a balancing act which we could not have achieved so skilfully had we not had clarity on our strategic priorities. We stayed prudent in our investments, made hard calls in making choices that ensured our growth momentum, and further accelerated longterm growth potential, at the same time improving profitability. AQ& 18 32ND ANNUAL REPORT 2023-24 | HERITAGE FOODS LTD STRATEGIC REVIEW STATUTORY REPORT FINANCIAL STATEMENTS
RkJQdWJsaXNoZXIy NTE5NzY=