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Britannia Industries Q1 net profit declines 3.64% to Rs 248.64 crore on sluggish demand

Britannia Industries on Friday reported a 3.64 per cent decline in consolidated net profit at Rs 248.64 crore for the quarter ended June 30, 2019.

twitter-logo PTI        Last Updated: August 9, 2019  | 15:39 IST
Britannia Industries Q1 net profit declines 3.64% to Rs 248.64 crore on sluggish demand
Berry said, on the cost front, the company has witnessed moderate inflation in the prices of key raw materials for the bakery business.

Britannia Industries on Friday reported a 3.64 per cent decline in consolidated net profit at Rs 248.64 crore for the quarter ended June 30, 2019.

The company had posted a net profit of Rs 258.08 crore in the corresponding quarter of the previous fiscal.

Total income during the period under review stood at Rs 2,767.8 crore, up 7.03 per cent, as against Rs 2,585.84 crore in the year-ago quarter, Britannia Industries said in a regulatory filing.

During the quarter, the company also posted exceptional expense of Rs 15.61 crore on account of voluntary retirement cost incurred in one of its subsidiaries.

Share price of Britannia has hit a new 52-week low today of Rs 2,523.60, following the result update.

Britannia Industries Managing Director Varun Berry said, "We outpaced the market and strengthened our market position during this phase of sluggish demand. Our journey to become a total foods company is progressing well with good response to our new products".

Berry said, on the cost front, the company has witnessed moderate inflation in the prices of key raw materials for the bakery business.

"However, the inordinate increase in milk prices impacted profitability of our dairy business adversely. We strengthened our brand equity through focused campaigns and invested in building capabilities and structures for both our base business and strategic business units to drive future growth," he added.

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