Britannia Industries Q1 net moves up 13.2 per cent to Rs 219 crore

NEW DELHI: Bakery and dairy product maker Britannia Industries today reported 13.2 per cent increase in its consolidated net profit at Rs 219.1 crore for the first quarter ended June 2016.

The company had posted a net profit of Rs 193.7 crore in April-June of the previous fiscal.

Britannia's net sales grew 8.2 per cent to Rs 2,162.2 crore during the quarter under review as against Rs 1,997.8 crore in the previous fiscal, Britannia Industries said in a filing to the BSE.

Britannia Industries MD Varun Berry said: "We continue to outpace the market with our go-to-market strategy of creating a robust distribution network with unrelenting focus on rural and our weak states. The category growth remained subdued during the quarter."

He is hopeful that a good monsoon and impact of 7th Pay Commission will aid consumption and boost demand, going forward.

"The deteriorating geo-political situation and currency fluctuations in certain geographies like the Middle-East and Africa have also impacted our growth."

The stock was trading at Rs 3,139 on BSE during afternoon trade, up 8.93 per cent from its previous close.