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Britannia Industries posts 5.79% rise in net profit in Q2

Bangalore: FMCG major Britannia Industries on Monday posted a 5.79 percent rise in its consolidated net profit to Rs 233.95 crore in the quarter ended September 30, 2016 as compared to Rs 221.13 crore in the year-ago period.

Total income from operations was at Rs 2,456.10 crore, up 11.45 percent during the quarter under review as compared to Rs 2,203.71 crore in the corresponding quarter last year.

Its total expenses were also up 12.56 per cent to Rs 2,146.14 crore in July-September period as against Rs 1,906.53 crore in year-ago period.

“Our double digit growth for the quarter is backed by a double digit volume growth in our base business. The deteriorating geo-political situation and currency fluctuations in certain geographies like Middle East and Africa continue to impact our growths,” said company’s Managing Director Varun Berry.

Chief Financial Officer and Key Managerial Personnel Amlan Datta Majumdar resigned from the company on the last day of the month and N. Venkataraman will replace him, the company said.

The biscuit-maker’s total revenue was at Rs 4,652.72 crore in the first six months of the current fiscal as compared to Rs 4,217.55 crore in the same period last year.

“On the commodity front, prices of key raw material have had a high double digit inflation, which is much beyond what we had originally estimated. While we have initiated price increases and accelerated our cost efficiency programme, our focus is on remaining competitive in the market place and gain market share to build a sustainable business,” said Berry.

IANS