Britannia Industries declines after Q2 results

Britannia Industries fell 1.38% to Rs 3,080.15 at 9:48 IST on BSE after consolidated net profit declined 19.16% to Rs 218.63 crore on 12.33% growth in total income to Rs 2238.81 crore in Q2 September 2015 over Q2 September 2014.

The result was announced on Saturday, 7 November 2015.

Meanwhile, the BSE Sensex was down 366.69 points, or 1.40%, to 25,898.55.

On BSE, so far 11,000 shares were traded in the counter, compared with an average volume of 21,725 shares in the past one quarter.

The stock hit a high of Rs 3,143.90 and a low of Rs 3,059.85 so far during the day. The stock hit a 52-week high of Rs 3,435 on 13 August 2015. The stock hit a 52-week low of Rs 1,506.85 on 10 November 2014.

The stock had underperformed the market over the past one month till 6 November 2015, sliding 4.05% compared with 2.48% decline in the Sensex. The scrip had, however, outperformed the market in past one quarter, falling 0.60% as against Sensex's 7.18% decline.

The large-cap company has an equity capital of Rs 24 crore. Face value per share is Rs 2.

Britannia Industries' bottom line during the quarter was affected due to base effect. There was a one-time gain of Rs 124 crore in Q2 September 2014 pertaining to profit on sale of land & building. Excluding the one-time gain, the company's net profit grew 49% in Q2 September 2015 over Q2 September 2014.

Varun Berry, Managing Director of Britannia Industries said that while the prices of key commodities remained benign, the management expects that the company's initiatives of offering more value to consumers along with re-stage of its key brands like Goodday & Milkbikis with enhanced organoleptic delivery, would help drive consumer off-take and accelerate the growth for the company in the future.

Britannia Industries makes biscuits, bread, rusk, cakes and dairy products like cheese, butter and milk.

Powered by Capital Market - Live News