Bakery and dairy products maker Britannia Industries ‘ fourth quarter consolidated net profit rising 13.7 percent to Rs 190.2 crore and revenue climbing 7.2 percent to Rs 2,211.4 crore compared to year-ago period.
The bottomline was impacted by 45.9 percent year-on-year increase in tax cost at Rs 92.93 crore and a 14 percent fall in other income at Rs 24.3 crore in Q4.
Operating profit (earnings before interest, tax, depreciation and amortisation) grew by 15.1 percent to Rs 291.2 crore and margin expanded by 90 basis points to 13.2 percent compared to corresponding period of last fiscal.
Britannia said growth for fourth quarter and full year (FY16) was impacted by about 100 basis points due to phasing out of excise duty incentives available to the company.
According to analysts polled by CNBC-TV18, profit was expected at Rs 217 crore on revenue of Rs 2,273 crore for the quarter. Operating profit was estimated at Rs 321 crore and margin at 14.1 percent.
For FY16, profit increased by 17 percent to Rs 806.11 crore and revenue rose by 10.4 percent to Rs 8,679 crore compared to previous year. In same period, operating profit jumped 42 percent to Rs 1,226.53 crore and margin expanded by 314 basis points to 14.13 percent.
“Focus on supply chain efficiencies, wastage reduction, accelerated cost efficiency program and soft commodity prices helped the company expand operating margin during the year,” Varun Berry, MD said in its filing..
The company has recommended a dividend of Rs 20 per share.