During the year, the contribution of revenues from milk dropped below 60% as the company’s revenues from VAP increased to 29.6%. The contribution of ghee and butter which is classified as fat products stood at 8.2%. Curd is the biggest Value added product in our portfolio contributing to about 70% of VAP revenues. Through the year, your company launched over a dozen new products, across many product clusters and added several new customers. We expanded our presence in the emerging channels like Quick commerce, with the addition of several new customers, alongside deepening our presence in the general trade segments through 250+ Heritage Happiness Points, which are franchisee operated stores-cum-neighbourhood distribution centres. Renewable Energy Division: Your Company strongly recognizes the responsibility towards protecting the environment. As a forward-looking enterprise, it is strongly committed for 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 11.70 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 90.29 Million during the year under review. Listing & Custodian Fees The Company’s equity shares are listed on the following Stock Exchanges: (i) BSE Limited, Phiroze Jeejeebhoy Towers, Dalal Street, Mumbai - 400 001, Maharashtra, India; and (ii) National Stock Exchange of India Limited, Exchange Plaza, Floor 5, Plot No. C/1, G Block, Bandra– Kurla Complex, Bandra (East), Mumbai – 400051, Maharashtra, India. The Company has paid the Annual Listing Fees to the said Stock Exchanges for the Financial Year 2023-24. The annual custodian fees have also been paid to the depositories before the due date. Names of Companies, which have become or ceased to be Company’s Subsidiaries, Joint Ventures or Associate Companies during the year During the year under review, no Company has become or ceased to be Company’s Subsidiary, Joint Venture or Associate Company. Subsidiary / Associate Companies Your Company as on March 31, 2024 is having following subsidiary / associate / joint venture Companies: Heritage Nutrivet Limited (CIN: U15400TG2008PLC062054) A wholly owned Subsidiary Company operating with Animal Nutrition covering over 0.30 million farmers spread across six states viz., Andhra Pradesh, Telangana, Tamil Nadu, Karnataka, Odisha 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 Joy +, Buffalo Feed, Dairy Bypass, Bypass +, Milk Gold etc. 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 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 losses. The salient features of financial statements of Subsidiary, Associate and Joint Venture companies of the company are given in Form AOC-1 which is forming part of the standalone financial statement. The gist of financial performance of the Subsidiary/Associate/Joint Venture companies is as follows. Board's Report STRATEGIC REVIEW STATUTORY REPORT FINANCIAL STATEMENTS 61 HERITAGE FOODS LTD | 32ND ANNUAL REPORT 2023-24
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