Shares of Britannia hit record high at Rs 1705 per share, up 5 percent intraday on Monday after it reported strong September quarter earnings. The FMCG major reported a two-fold increase in consolidated net profit at Rs 270.46 crore for the second quarter that ended on September 30, 2014, on account of cost efficiencies and increased off-take.
The bakery and dairy products maker had registered a consolidated net profit of Rs 97.64 crore for the corresponding period of the previous fiscal year, it said in a filing to the BSE.
Total income from operations rose to Rs 1,974.51 crore during the quarter under review, up 12.45 per cent against Rs 1,755.75 crore in the year-ago period.
MD Varun Berry says the company is currently weeding out all expenses that do not yield to long–term growth, instead they are focusing on advertising and sales promotion.
In an interview to CNBC-TV18 he said, "At least for the last seven quarters, we have been gaining market share and that is evident from the fact that the market is growing at a certain level and we have been growing almost double of that. The market is growing in single digits, mid-single digits and you know what our growths are in revenue terms. We are hoping that we are able to keep this momentum going on our business."
The stock closed at Rs 1,646.45, up Rs 21.30, or 1.31 percent on the BSE.
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