Britannia Second Quarter Profit Rises, Margins Shrink
Britannia Industries Ltd. posted a 6.8 percent growth in profit for the second quarter, missing street estimates.
Net profit rose to Rs 234 crore from Rs 219 crore in the corresponding quarter last year, according to the company's filing on the Bombay Stock Exchange. The Bloomberg poll of analyst estimates had pegged the profit at Rs 243 crore.
Revenue grew 11.5 percent to Rs 2,456.1 crore on a year-on-year basis. Other income stood at Rs 41.7 crore, the filing added. This was higher than the Bloomberg consensus estimate of Rs 2,395 crore.
Earnings before interest, tax, depreciation and amortisation increased 6 percent to Rs 339 crore from Rs 319.7 crore in the same quarter last year. The EBITDA margin contracted 70 basis points to 13.8 percent.
Britannia saw an inventory decline of Rs 8.52 crore in the September quarter. In the same quarter last year inventory had declined by Rs 9.2 crore.
Raw material costs for the company rose 17.5 percent to Rs 207.5 crore, while total expenses were up 12.3 percent to Rs 2,146.1 crore, on a yearly basis.
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