Heritage in deep losses ?

By Nehru.T Oct. 30, 2020, 02:07 pm IST
Heritage in deep losses ?

Its an open secret that the Heritage foods owned by Chandrababu Naidu gains huge profits when TDP is in power and Chandrababu was in the post of Chief minister and soon after he stepped out of his office, the share value of the company gradually dips down. Its raising several doubts among the public. The profit aswell as the turnover the company have drastically slashed down.

As per the business reports released by the company, According to a latest business report, the heritage foods is being facing huge losses around 77 per cent in its net profits has come down by the end of second quarter ending September 30. Actually the by 30 September 2019, the company gained a net profit of Rs 10.69 crore but this year the profit is limited at Rs 2.47 crore. It means the profit was slashed by 77 percent due to several reasons. The company’s turnover has also come down from Rs 823 crore to around Rs 630 crore.

This trend is being continued right from the TDP loosing power in Andhrapradesh in 2019 May. As per the previous records announced by the company It gained net profit of Rs 21.53 crore as on March 2019, but with in an year the company announced net loss of Rs 209.21 crore in the quarter by March 2020. Vijay sai reddy, member of Rajya Sabha of YSRCP, by profession an auditor caught this point and started attacking over twitter.

He tweeted “When Naidu was in power, Heritage earned crores of rupees as profits. Now that he is out of power, the company is suffering heavy losses. What is this secret behind Heritage?” commented Vijay Sai Reddy on Twitter. On the otherside the supporters of YSRCP are blaming that Heritage gained huge profits by destroying all cooperative dairies and now the government of AP headed by Chief minister YS Jaganmohan Reddy has initiated steps to strengthen the milk dairies and the efforts made by the government may have influenced the performance of Heritage foods and it would further decline in coming future.’ They expect.

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