Britannia Industries Q2 Net down 19% to Rs 218.63 crore

New Delhi: Britannia Industries on Saturday reported a 19.16 percent decline in its consolidated net profit at Rs 218.63 crore for the second quarter ended September 30, 2015 on account of phasing out of excise duty benefits.

The company had posted a net profit of Rs 270.46 crore in the same period of previous fiscal, Britannia Industries said in a filing to the BSE.

However, net sales of the company was up 12.04 percent to Rs 2,191.08 crore during the quarter as against Rs 1,955.48 crore in the same period of previous fiscal.

"The growth in the quarter and six months ended September 2015 was impacted by 100 bps due to phasing out of excise duty incentives available to the company," Britannia Industries Managing Director Varun Berry said.

He further added:" While the prices of key commodities remained benign, we expect that our initiatives of offerings more value to consumers along with re-stage of our key brands like Goodday and Milkbikies with enhanced organoleptic delivery, would help drive consumer off-take and accelerate the growth for the company."

For the six months ended September 30, Britannia Industries consolidated net profit was up 6.29 percent to Rs 408.29 crore compared with Rs 384.12 crore in the same period of the last fiscal.

Its net sales during the first half of the current fiscal increased 12.48 percent to Rs 4,193.59 crore from Rs 3,728.11 crore in the year ago period.