NEW DELHI :
Biscuit maker Britannia Industries Ltd on Wednesday reported a 11.82% jump in profit for the year at ₹294.27 crore for the quarter ended March 31, as it continued to step up distribution and innovation, the company said in a filing to the stock exchange. Total income for the fourth quarter stood at ₹2860.75 crore up 10.8% from the same quarter in the corresponding year.
“We continued the momentum in the base business through distribution expansion, heightened innovation, and cost efficiency programs," Varun Berry, Managing Director, said in a media statement. In line with our goal to become a “Total Foods Company" we have launched new categories, Berry added, these include Treat Burst, Treat Stars, and Milk Bikis Chocolate Cream.
In the coming quarters, priority will be to scale up the new categories launched to ensure we stay ahead of market and achieve profitable growth, Berry said. Britannia has been launching new products over the last few years in a bid to expand its portfolio beyond biscuits to other baking and adjacent categories.
Consequently, "we have also set up strategic business units for adjacent bakery, dairy & international business," Berry added. The company has commissioned a croissant line at its plant in Ranjangaon and a salted snacks line in its facility in Bangalore. Additionally, in April this year the company commissioned a greenfield unit at Nepal to boost local presence in the country.
However, the company saw some commodity headwinds in the quarter, “on the commodity front, we witnessed moderate inflation in the prices of key raw materials. We have witnessed slowdown in market place in the recent months, however this should get neutralised with a favourable monsoon forecast and stable government post elections," Berry said.
For the full year the company reported consolidated revenue of Rs. 11,261.12 crore while net profit stood at Rs1,155.46 crore.
The company’s board of directors has recommended a dividend of 1500% (Rs. 15 per share of face value ₹1 each)