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Britannia Inds inches higher after Q1 results

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Britannia Industries was up 0.65% to Rs 2595.55 at 11:53 IST on the BSE after consolidated net profit fell 2.78% to Rs 251.03 crore on a 5.93% rise in net sales to Rs 2677.32 crore in Q1 June 2019 over Q1 June 2018

The result was announced during the market hours today, 9 August 2019.

Meanwhile, the S&P BSE Sensex was up by 360.37 points or 0.97% at 37,687.7.

On the BSE, 46000 shares were traded in the counter so far compared with average daily volumes of 17000 shares in the past two weeks. The stock had hit an intraday high of Rs 2615.8. The stock hit an intraday low of Rs 2523.8 which is also a 52-week low for the counter. The stock hit a 52-week high of Rs 3472.05 on 23 August 2018.

Commenting on company's Q1 performance, Varun Berry, managing director said, We outpaced the market and strengthened our market position during this phase of sluggish demand. Our journey to become a Total Foods Company is progressing well with good response to our new products viz. Treat Wafers and Winkin Cow Milkshakes. Our priority now is to scale up the recent product launches and achieve profitable growth. On the cost front, we witnessed moderate inflation in the prices of key raw materials for the bakery business. However, the inordinate increase in milk prices impacted profitability of dairy business adversely. The company focus on cost efficiency initiatives to maintain the shape of business. As we move forward, we are quite hopeful that the Government will take requisite measures to boost the economy & get it back on a high growth trajectory.

Britannia Industries is one of India's leading food companies. Britannia's product portfolio includes Biscuits, Bread, Cakes, Rusk, and Dairy products including Cheese, Beverages, Milk and Yoghurt. Its brand portfolio includes Tiger, Marie Gold, Good Day, 50:50, Treat and NutriChoice.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Fri, August 09 2019. 11:56 IST
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