Britannia industries hits lifetime high post robust q1 earnings

Britannia Industries hits lifetime high post robust Q1 earnings

STOCK MARKET - Shares of Britannia Industries surged over 7% to hit its lifetime high od Rs 4,214 after the FMCG major reported 1.41% year-on-year decline in its consolidated net profit for the quarter ended June 30, 2017.

The company posted consolidated net profit of Rs 216.12 crore compared to Rs 219.21 crore in the corresponding period of the previous year. However, consolidated Q1 net profit saw rise of 2.47% from Rs 210.91 crore of the preceding quarter.

Reacting to its numbers, the stock of the company rallied as much as 7.7% on the BSE. On the BSE, nearly 49,000 shares exchanged hands on the counter against its two-week average of 6,235 shares.

"It has been a good Quarter in the face of challenging market environment and de-stocking in trade due to GST. While GST created a short term impact, it is expected to generate a positive momentum going forward. Our continued focus on enhancing direct reach coupled with our rural agenda have helped us drive growth and sustain share momentum during this difficult time," said Varun Berry, Managing Director of Britannia Industries.

The company also said that it would set up its largest plant in Maharashtra in a food park at Ranjangaon.

"We are planning to set up our largest plant at the Ranjangaon food park in Maharashtra", chairman of Britannia Industries Nusli Wadia told shareholders at the company's AGM today.

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