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Heritage Foods gallops on strong Q2 earnings

The company reported net profit of Rs 23 crore in April-September, has surpassed its entire previous fiscal profit of Rs 9.20 crore in first six months.

SI Reporter  |  Mumbai 

Heritage Foods (India) has surged 13% to Rs 395 after reporting six-fold jump in its consolidated net profit at Rs 14.48 crore for the second quarter ended September 2012. The company engaged in packaged foods business had profit of Rs 2.55 crore in previous year quarter.

“The company’s total income from operations grew 16% at Rs 402 crore, while total expenditure increased by 11% at Rs 304 crore on year-on-year basis,” Heritage Foods said in a statement.

Meanwhile, the company reported net profit of Rs 22.93 crore during April-September, has surpassed its entire previous fiscal profit of Rs 9.20 crore in first six months of current fiscal.

The stock has outperformed the market by appreciating 182% so far in current fiscal as compared to 6% rise in benchmark Sensex.

Today, the stock opened at Rs 353 and hit 52-week high of Rs 396 on the NSE. As many as a combined 330,572 shares have already changed hands on the counter so far against an average around 107,000 shares that were traded daily in past two weeks.

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First Published: Tue, October 30 2012. 14:12 IST