Q1 Results: Britannia Profit Matches Estimates; To Consider Stock Split
Britannia Industries Ltd.’s net profit for the April-June period matched estimates.
The ‘Tiger’ biscuit maker posted a 19.4 percent year-on-year jump in net profit at Rs 258 crore during the three-month period, according to the company’s exchange filing today. This was in line with the Bloomberg analysts’ consensus estimate of Rs 269 crore.
Revenue increased 12.4 percent on a year-on-year basis to Rs 2,544 crore for the April-June period. Analysts tracked by Bloomberg estimated the revenue at Rs 2,586 crore.
The operating income, or earnings before interest, tax, depreciation and amortisation, rose 23.3 percent year-on-year to Rs 389 crore in the June quarter. Operating margins expanded 80 basis points to 15.3 percent during the period.
The biscuit maker, in another exchange filing, said it will consider the sub-division of equity shares of the company of face value of Rs 2 each. It will decide the stock-split proposition on Aug. 23, according to the filing.
The company, which will enter its centenary this year, said its international business remained flat due to a slow-down in geographies like middle-east and Africa.
The growth in dairy business remained subdued due to the company’s focus to drive value added products and reducing play in the less profitable commoditised products, Britannia said.
Shares of the company snapped a three-day and gained 1.66 percent to Rs 6,395 apiece intra-day.