Britannia Industries on Wednesday saw an 11.82 per cent increase in consolidated net profit at Rs 294.27 crore for the fourth quarter ended March 31, 2019. The company had reported a net profit of Rs 263.16 crore in the corresponding quarter of the previous fiscal, Britannia Industries said in a regulatory filing.
Total income during the period under review stood at Rs 2,860.75 crore as against Rs 2,581.93 crore in the year-ago quarter, it added. Speaking about the performance, Britannia Industries Managing Director said that they continued the momentum in the base business through distribution expansion, heightened innovation and cost-efficiency programmes.
He further said that in line with the goal of becoming a ‘Total Foods Company’, Britannia has launched new categories. For the fiscal ended March 2019, the company’s net profit were at Rs 1,155.46 crore as opposed to Rs 1,003.96 crore, up 15 per cent.
Total income from operations for FY19 was at Rs 11,261.12 crore as against Rs 10,156.47 crore in FY18. The company said its board of directors has recommended a dividend of 1,500 per cent (Rs 15 per share of face value Re 1 each).
On the outlook, the company said it has experienced slowdown in market place in the recent months, however, this should get neutralised with a favourable monsoon forecast and stable government post elections.
In the quarters ahead, he said that the priority would be to scale up the new categories launched to ensure they stay ahead of market and record a profitable growth. In line with the organisation goals, the company has also set up strategic business units for Adjacent Bakery, dairy and international business, he added.
Shares of Wadia Group companies dropped on Tuesday after Ness Wadia, one of its promoters, was sentenced to two years in jail by a Japanese court for possession of drugs. Britannia Industries fell 3 per cent.
