India, July 26 -- Dairy companies in India have spent the last few quarters fighting the same battle, milk procurement costs climbing faster than they can comfortably pass on to consumers. Heritage Foods' latest results show a company that has decided the way out of that squeeze is not to win the milk price war but to slowly stop depending on milk to make money in the first place.

With a market capitalization of Rs. 3,131.86 crore, the shares of Heritage Foods closed on Friday at Rs. 335.30 per share, up 1.59 percent from its previous close of Rs.330.05. The stock is trading at a P/E of roughly 22.77.

What's the news? Heritage Foods reported consolidated revenue of Rs. 1,338 crore for the June quarter, up 18 percent year-on-year, its h...