Britannia Industries: net profit falls 31 percent

Mumbai / IN. (bi) Britannia Industries Limited, India´s leading Food Company, reported sales of INR 912,8 crore for the quarter ended 30th June 2010; a growth of 24,8 percent backed by a volume growth of 20 percent. Net Profit at INR 32,8 crore declined 30,7 percent. Commenting on the performance Managing Director Vinita Bali said: «We have delivered a 25 percent growth, well ahead of the market, across our portfolio, backed by a strong 20 percent growth in volume. The real challenge for the industry is the continuing and high inflation in key commodities like flour and sugar that adversely impacts margin. In an intensely competitive market we are focused on stripping down cost even as we continue to drive innovation». Britannia continues to fuel innovation in the market with the launch of new products and packs, the company said in a short press release.