Britannia Industries was down 2.12% to Rs 3,233.15 at 10:00 IST on BSE after consolidated net profit rose 6% to Rs 234 crore on 11% growth in revenue to Rs 2430 crore in Q2 September 2016 over Q2 September 2015.
The result was announced after market hours yesterday, 7 November 2016.Meanwhile, the S&P BSE Sensex was up 16.85 points or 0.06% at 27,475.84.
On BSE, so far 8,184 shares were traded in the counter as against average daily volume of 14,000 shares in the past two weeks. The stock hit a high of Rs 3,296.65 and a low of Rs 3,219.15 so far during the day. The stock had hit a record high of Rs 3,575 on 15 September 2016. The stock had hit a 52-week low of Rs 2,506.65 on 12 February 2016. The stock had underperformed the market over the past one month till 7 November 2016, sliding 2.63% compared with 2.15% fall in the Sensex. The scrip had, however, outperformed the market in past one quarter, advancing 14.63% as against Sensex's 2.21% fall.
The large-cap company has equity capital of Rs 24 crore. Face value per share is Rs 2.
Commenting on the company's performance, Varun Berry, Managing Director of Britannia Industries said the company has witnessed positive momentum in the market growth over the last few months and expects the impact of good monsoon and flow through the 7th pay commission benefits would continue to support this trend. On the commodity front, prices of key raw material have had a high double digit inflation, which is much beyond what the company had originally estimated. While, the company has initiated price increases and accelerated its cost efficiency program, its focus is on remaining competitive in the market place and gain market share to build a sustainable business, Berry said. He further said that Britannia sees many untapped opportunities in its biscuit business and is actively working on other adjacent macro snacking business opportunities to ensure it stays ahead of market and achieves profitable growth to take it to the next level.
Britannia Industries announced the appointment of N. Venkataraman as the new chief financial officer (CFO) of the company with effect from 1 December 2016, pursuant to resignation of existing CFO Amlan Datta Majumdar with effect from closing business hours of 30 November 2016.
Britannia Industries makes biscuits, bread, rusk, cakes and dairy products like cheese, butter and milk.
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