 "Heritage Foods")
India's Heritage Foods reported a 96% jump in third-quarter profit on Monday, helped by strong demand for its dairy products.
The dairy producer's consolidated profit rose to Rs 2.69 crore ($3.2 million) for the quarter ended Dec. 31 from Rs 1.373 crore a year earlier.
The average selling price of milk rose 5.2% year-on-year, boosting the company's revenue from the dairy business - its biggest segment - by nearly 19% to Rs 922 crore.
Earlier this month, analysts at HDFC Securities said the demand for organised dairy products in India is going up due to rising income and a preference for healthier options.
Heritage Foods fits well into this trend, offering products that meet such rules and standards and come in branded packaging.
The Hyderabad-based company's revenue from operations rose nearly 20% to Rs 941 crore.
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Last week, peer Hatsun Agro Products reported a nearly 24% rise in third-quarter profit, its slowest quarterly profit growth in three quarters, hurt by heavy floods in home state Tamil Nadu.
Shares of Heritage Foods closed up 3.3% ahead of the results.
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