Britannia: announces solid FY profit growth

Mumbai / IN. (bil) Britannia Industries Limited (BIL), India´s leading food company, reported consolidated revenue growth of 11,3 percent for the year at 6’829 INR crores. Profit from operations and Net profit increased by 56,6 percent and 52,3 percent at 544 INR crores and 395 INR crores respectively. On a standalone basis, revenue for the year at 6’232 INR crores increased twelve percent. Profit from operations and Net profit increased by 69,6 percent and 58,1 percent at 533 INR crores and 370 INR crores respectively. In Q4/2013, consolidated revenue grew 8,6 percent at 1’777 INR crores. Profit from operations at 147 INR crores increased by 16,9 percent. Net profit at 108 INR crores also increased by 16,9 percent. On a standalone basis, revenue in Q4 increased by nine percent at 1’620 INR crores. Profit from operations increased by 26,7 percent to 148 INR crores. Net profit at 92 INR crores increased 4,2 percent, which was impacted by exceptional item of 20 INR crores (pre-tax) towards provision for diminution in value of investment in Daily Bread. Moreover, Q4 of previous year included profit on sale of property (pre-tax) of 7,5 INR crores. Without considering this, Net profit growth would have been 32 percent. The Board of Directors recommended a dividend of 600 percent (approximately twelve Rupees per share).

Commenting on the performance, Managing Director Varun Berry said, «Overall, it is been a good year with double digit revenue growth and a solid profit growth. This is the result of disciplined effort that focused on the primary building blocks of business viz. supporting our brands, an empowered and passionate front-line organization delivering increased distribution depth in urban and width in rural India, consistently high product quality and improved operational efficiency. Toughening economic environment called for a focus on fundamentals and we did that. We have established a great platform to take our organization to greater heights».

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