Britannia’s Q1 net profit down 1.4%

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Kolkata, Aug 7 (IANS) Biscuit maker Britannia Industries Ltd on Monday reported a 1.4 per cent fall in its consolidated net profit to Rs 216.12 crore in the quarter ended June 30, as compared to Rs 219.21 crore in the year-ago period.

Its income from operations in the quarter under review was at Rs 2,301 crore, up by six per cent from Rs 2,162.16 crore in the corresponding quarter in 2016.

“It has been a good quarter in the face of challenging market environment and de-stocking in trade due to the GST (Goods and Services Tax). While GST created a short term impact, it is expected to generate a positive momentum going forward,” company’s Managing Director Varun Berry said.

Growth in the international business continued to be under pressure due to deteriorating geo-political situation and currency fluctuations in geographies like the Middle East and Africa, the company said.

It added that the growth in dairy business has also been subdued primarily due to its focus on driving products with high profitability and reducing its play in the less profitable commoditised products.

“On the commodity front, prices of key raw material continue to remain high with inflation in Q1 (April- June) standing at around six per cent,” he added.

–IANS

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