Britannia Industries gained 5.48% to Rs 3,639.30 after the packaged foods maker's consolidated net profit surged 26% to Rs 374.75 crore on 1.6% rise in net sales to Rs 2807.78 crore in Q4 March 2020 over Q4 March 2019.
Shares of Britannia extended five-day gains. The stock is up 15% in six straight sessions from its closing low of Rs 3,162.75 on 26 May 2020.
Net profit was aided by a significant drop in tax expenses. Total tax expenses declined 45.4% to Rs 84.92 crore in Q4 March 2020 from Rs 155.65 crore reported in the same period last year. The result was announced after market hours today (02 June 2020).
Consolidated profit before tax stood at Rs 457.72 crore in Q4 March 2020, rising 1.6% from Rs 449.92 crore in Q4 March 2019.
Commenting on the performance, Varun Berry, Managing Director, said that on the cost front, the company witnessed moderate inflation in the prices of key raw materials for the bakery business. Commodity prices at global level too witnessed a moderation due to low demand on account of lockdown in most parts of the world.
On a consolidated basis, Britannia reported a 21% rise in net profit to Rs 1402.63 crore on 4.29% rise in net sales to Rs 11,443.99 crore in the year ended 31 March 2020 (FY20) over the year ended 31 March 2019 (FY19). PBT rose 4.32% to Rs 1,844.30 crore in FY20 over FY19. Total tax expense fell 26.41% to Rs 450.70 crore during the period under review.
Britannia Industries is one of India's leading food companies. The company's product portfolio includes biscuits, bread, cakes, rusk, and dairy products including cheese, beverages, milk and yoghurt.
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