JOIN USBiscuit maker Britannia Industries (BIL) on Thursday reported 6% year-on-year rise in net profit at Rs 211 crore for the fourth quarter ended March 2017, compared with Rs 199 crore in the corresponding quarter last year.
The company’s revenues also grew 6% to Rs 2,302 crore compared with Rs 2,167 crore in the fourth quarter of previous year. “It has been a good quarter in the face of challenging market environment and sluggish demand scenario post demonetisation. We expect the situation to slowly improve over the next three to six months with the measures announced by the government in the budget and the prediction of an above average monsoon this year,” Varun Berry, Managing Director, Britannia Industries said in a statement.
The board of directors of the company recommended a dividend of 1,100% (Rs 22 per share) for the year. The company is constantly working to bridge portfolio gaps, Berry said, adding, “I am pleased to announce the launch of ‘Goodday Wonderfulls’, a premium cookie. Our innovation drive will continue with a spate of new and innovative products to be launched in 2017-18.”
Britannia has signed a JV agreement with Chipita, a Greek firm, for manufacturing long life filled croissants and the project is expected to be commercialised by July 2018.
This category has become as large as biscuits in certain countries which are demographically similar to India, Berry added.
The company’s shares ended the day’s trading at Rs 3,514.60 per share, showing a fall of 0.53% over the previous close on the BSE.