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Heritage Foods
Devyani International, one of the country's leading quick service operators, on Thursday said its subsidiary Sky Gate Hospitality has sold its stake in Peanutbutter and Jelly to Heritage Foods. Peanutbutter and Jelly Pvt Ltd owns health-focused 'Get-A-Way' brand, which produces high-protein, no-added-sugar ice creams and desserts. "Sky Gate Hospitality, a subsidiary company had executed a Share Purchase Agreement with Heritage Foods for sale of its entire 51% equity stake held in Peanutbutter and Jelly a subsidiary of Sky Gate and a step-down subsidiary of the Company," said a regulatory filing from Devyani International Ltd (DIL). Consequently, Peanutbutter has "ceased to be a subsidiary of Sky Gate and a step-down subsidiary of the Company with immediate effect," it said. DIL had last year acquired Sky Gate Hospitality, which owns brands such as Biryani By Kilo and Goila Butter Chicken. Last week, DIL, part of the Jaipuria family-promoted RJ Corp Group, had announced the merg
Dairy company Heritage Foods said on Thursday it would reduce prices across its product range following the government's decision to cut goods and services tax (GST) rates on dairy products. The company said it would pass on the full benefit of the GST Council's rate rationalisation to consumers ahead of the festive season, effective September 22. Heritage Foods reduced the maximum retail price (MRP) of long shelf-life UHT milk by Rs 3 per litre, while fresh milk prices remained unchanged as the category is exempt from GST, the company said in a statement. The company cut ghee prices by Rs 50 per litre and butter by Rs 50 per kilogram. Cheese prices were reduced by Rs 50 per kg, while paneer was lowered by Rs 25 per kg. In the ice cream segment, the company reduced prices by Rs 35 for 950ml packs and Rs 20 for 700ml packs. The price cuts come as India prepares for the festive season, when dairy consumption typically increases. Heritage Foods said the "consumer-first move" would h
Dairy firm Heritage Foods Ltd has posted 5.75 per cent drop in consolidated net profit to Rs 38.16 crore for the fourth quarter of 2024-25 fiscal year on higher expenses. Net profit stood at Rs 40.49 crore in a year-ago period, the company said in a statement. Total income increased to Rs 1,048.4 crore in January-March period of 2024-25 from Rs 950.5 crore a year ago. However, expenses remained higher at Rs 990.5 crore as compared with Rs 898.62 crore earlier. For the full 2024-25 fiscal year, net profit rose to Rs 188.28 crore as against Rs 106.54 crore a year ago. Heritage Foods Executive Director Brahmani Nara said the company has delivered its "highest-ever quarterly and annual revenue, crossing Rs 4,134.6 crore in FY25." Excluding the bulk B2B segment, revenue growth remained consistently above 10 per cent each quarter, reflecting the strength of the core portfolio and market strategy despite industry headwinds, she said. "We continued to strengthen our omni-channel presen