 "Britannia Q3 profit up 51% to Rs 208 crore")
Food major Britannia Industries said its third quarter profit grew 51.2 cent to Rs 207.59 crore and sales up by 10.17 per cent to Rs 2,240.22 crore as it reached out to more customers across states.
The company had reported profit of Rs 137.28 crore and revenue of Rs 2,033.28 crore in the October to December quarter of 2014.
“Our strategy of focussing on execution and commercialising potential consumption opportunities helped us deliver double-digit revenue growth," said Varun Berry, managing director, Britannia.
"We achieved this in a sluggish demand scenario aggravated by floods in Tamil Nadu and a dampened Diwali. Our initiatives to make in-roads in our weak states have progressed very well and helped us bolster the growth," he said.
Britannia said its new research and manufacturing facility in Karnataka would be opened soon.
"While, the prices of key commodities started trending upwards, we continued to offer more value to our consumers in terms of organoleptically superior & competitively priced products which helped us deliver double-digit volume growth. We have accelerated our innovation and premiumisation drive which we believe would help drive consumer off-take and gain long-term consumer loyalty, affinity and demand," he said.
Britannia stock had closed Rs 80.20 or 2.81 per cent lower to Rs 2,777.85 on Tuesday ahead of the results announcement.
