Britannia Industries'' FY10 net drops 28%

The country’s largest biscuits company, Britannia Industries, today reported a 28 per cent drop in net profit for 2009-10 at Rs 103.10 crore, compared to the previous year. The company attributed steep commodity prices to the fall.

Net sales grew by 10.21 per cent to Rs 3,770.84 crore, against the previous year. Earnings before interest, taxes, depreciation and amortisation (Ebitda) slumped 31.62 per cent to Rs 121.45 crore. The company did not share the fourth quarter numbers.

“Unabated inflation in commodity prices and increased brand investment in a competitive market adversely impacted bakery margin. We also had some one-off exceptional items that eroded profitability,” said Vinita Bali, managing director of Britannia Industries.