BackBritannia Industries Q3 profit up 61% to Rs193 crore
Revenue for the quarter grew 11% to Rs2,032 crore compared to Rs1,834 crore a year ago
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Bengaluru: Biscuit maker Britannia Industries Ltd reported a 61% rise in net profit to ₹ 193 crore for the quarter ended 31 December from a year ago, missing analyst estimates on account of a phasing out of excise duty benefits.
Revenue for the quarter grew 11% to ₹ 2,032 crore compared to ₹ 1,834 crore a year ago.
A Bloomberg poll of seven analysts had forecast a net profit of ₹ 200.20 crore on a net sales of ₹ 2,091.90 crore.
Growth in the quarter was impacted by the phasing out of excise duty benefits, the company said in a statement to BSE Ltd.
“We achieved this in a sluggish demand scenario aggravated by floods in Tamil Nadu and a dampened Diwali," said Varun Berry, managing director at the company.
To strengthen its premium portfolio, Britannia launched cream cookies Pure Magic Deuce during the quarter. The cookies are currently being test marketed in Bangalore.
The company’s proposed research and development centre in Karnataka is nearing completion, Britannia added.
Shares of the company fell 2.81% on BSE to ₹ 2,777.85 on Tuesday while the benchmark index Sensex closed at 24,020.98 points, down 1.10 %.
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