Britannia net up 11% at Rs.62 cr

Food company Britannia Industries on Monday posted a 11% jump in its consolidated net profit for the December quarter at R62.1 crore compared with the corresponding period last year. The company reported a net sales of R1,607.9 crore, up 16.4% from the year ago period.

Vinita Bali, managing director, Britannia, said, "Our growth momentum is solid with 16.4% increase in revenue during this quarter. We continue to invest in our brands and infrastructure to drive profitable growth."

The company's share price went up marginally by 0.03% at the Bombay Stock Exchange to close at R465 on Monday.

Britannia operates largely in two business segments, including bakery and dairy products. The company's subsidiary, Daily Bread Gourmet Foods, is a manufacturer and retailer of bakery products.

Over the last few months, Britannia has been restructuring its operations with some critical change in personnel.

Vinod Menon was appointed vice-president and chief financial officer with effect from February 1, replacing Raju Thomas.

Neeraj Chandra, then chief operating officer and vice-president of marketing, sales and innovation, has taken over Menon's previous role of vice-president and head of strategy and new business development at the company.

Chandra has been replaced by Varun Berry as the new chief operating officer and vice-president of marketing, sales and innovation.

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