Mumbai: Bakery and dairy products maker Britannia Industries posted a 24% jump in net profit to Rs 145 crore for the full year ending March 2011 as robust volume growth steered earnings, a top official said on Friday.
The company posted a net profit of Rs 145 crore in FY11 from Rs 117 crore. Net sales grew 24% to Rs 4,214 crore.
“The growth has come on the back of solid volume growth which has been 15%. The remaining has been a mix improvement and price increase,” Vinita Bali, managing director, said.
Britannia’s profit from operations grew 40% to Rs 183 crore during the fiscal year.
“This year (FY11) rise in commodities has been 27% which has been a quite a challenge to manage. The kind of run-away inflation we saw last year on sugar and wheat we are not seeing this year..so it’s a more moderate scenario,” Bali said.
The company did not provide any details on further pricing actions but said it expects raw material prices to ease going forward.
In November last year, Britannia had said it plans to set up two new plants over the next one year at an investment of Rs 70-90 crore.
Shares of the firm ended 0.18% down at Rs 391.05 in a firm Mumbai market.