Britannia's net profit up 78% in FY'08

Kolkata, Jul 28 (UNI) The Britannia Industries Ltd notched up 78 per cent increase in its net profit at Rs 191 crore in the previous fiscal as compared to Rs 107.6 crore in the financial year 2006-07.

The Company's Profit Before Tax (PBT) stood at Rs. 232.3 crore in the previous fiscal against Rs 118.4 crore in FY'07, registering a growth of 96 per cent.

The firm also recorded 18 per cent increase in its net sales in the FY 08 at Rs 2,584.8 crore against Rs 2,199.3 crore in FY'07.

The Company's 89th Annual General Meeting was held here today.

Talking to newspersons, Britannia Industries Chief Financial Officer (CFO) Durgesh Mehta said Rs 75-100 crore would be invested in the current fiscal for overall development of the existing plants.

He informed that the investment would be funded through internal accrual.

Mr Mehta said the firm had already invested Rs 200 crore in the last 18 months.

He pointed out that due to inflation, the input cost had risen by 15 per cent but reiterated that Britannia Industries would try to maintain its operating margin at nine per cent, as it was in the previous fiscal.

At the same time, he did not rule out an increase in the price of the Britannia Industries' products.

'' However, we are not sure how much it would be,'' he said.

Currently, the company's market share in value and volume terms in India were 34 per cent and 31 per cent, respectively. The CFO felt that there was a little decrease in its market share due to the entrance of new players.

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