Britannia Industries rose 5.71% to Rs 4,137 at 13:55 IST on BSE after consolidated net profit fell 1.41% to Rs 216.12 crore on 5.63% increase in net sales to Rs 2224.82 crore in Q1 June 2017 over Q1 June 2016.
The result was announced during trading hours today, 7 August 2017.Meanwhile, the S&P BSE Sensex was down 23.80 points, or 0.07% to 32,301.61.
On the BSE, 61,000 shares were traded in the counter so far, compared with average daily volumes of 11,112 shares in the past one quarter. The stock had hit a high of Rs 4,214.50 so far during the day, which is also a record high for the counter. The stock had hit a low of Rs 3,902.15 so far during the day. The stock hit a 52-week low of Rs 2,776 on 23 December 2016.
The stock had outperformed the market over the past one month till 4 August 2017, rising 4.78% compared with 3.05% rise in the Sensex. The scrip had also outperformed the market in past one quarter, rising 11.10% as against Sensex's 8.26% rise. The scrip had also outperformed the market in past one year, rising 35.80% as against Sensex's 15.13% rise.
The large-cap company has equity capital of Rs 24.01 crore. Face value per share is Rs 2.
Commenting on the performance, Varun Berry, managing director, Britannia Industries, said that it was a good quarter in the face of challenging market environment and de-stocking in trade due to goods and services tax (GST). Growth in the international business continued to be under pressure due to deteriorating geopolitical situation and currency fluctuations in geographies like Middle East and Africa. Growth in dairy business has also been subdued primarily due to our focus on driving products with high profitability and reducing the company's play in the less profitable commoditized products.
On the commodity front, prices of key raw material continue to remain high with inflation in Q1 standing at around 6%. Meanwhile, the company's accelerated cost efficiency program and endeavour to leverage fixed costs have helped the firm improve its profitability on a sequential basis, he added.
Britannia Industries is a leading food company in India, delivering products in over 5 categories through 4.2 million retail outlets.
Powered by Capital Market - Live News
Disclaimer: No Business Standard Journalist was involved in creation of this content
