Britannia net up 2.75 times to Rs 270 crore in Q2

Net sales during the quarter recorded a modest increase of 12.3% to Rs 1,955 crore

Britannia Industries Limited on Friday reported 2.75 times growth in consolidated net profit at Rs 270 crore for the quarter ended September 2014 compared to Rs 98 crore in the corresponding quarter last year.

The net profit shot up on account of profit generated from the sale of land and buildings worth Rs 160 crore during the quarter.

The net sales during the quarter recorded a modest increase of 12.3 per cent to Rs 1,955 crore as against Rs 1,740 crore in the same quarter last year. The operating profit during the quarter showed a robust growth of 35 per cent to Rs 189 crore compared to Rs 40 crore in the same quarter last year.

Excluding the one-time profit on sale of land and building, growth in net profit for the second quarter was higher by 50 per cent.

“We continue to drive consumer off-take and focus on cost efficiencies. This has resulted in the second quarter consolidated revenue growth of 12 per cent with 43 per cent increase in profit from operations on an equalised basis. Our innovation journey has now begun with the launch of NutriChoice Heavens and we will continue to launch new products in the coming months,” Britannia managing director Varun Berry said.

The company’s scrip closed 1.71 per cent higher at Rs 1,625.15 per share on the close of trading on BSE on Friday.