Late Wednesday, Britannia Industries Ltd., one of the premier food product company in India, announced financial results for the fiscal year, reporting lower consolidated net profit, despite one-time gain and increase in revenues.
On a standalone basis, the company's net profit for the fiscal year was impacted due to one-time charge.
Consolidated Results
The Kolkata-based company posted fiscal year consolidated net profit of Rs. 151.48 crore or Rs.63.40 per share, 15% lower than Rs.177.43 crore or Rs.74.27 per share a year-ago.
The consolidated results for the year included a one-time gain of Rs.18.01 crore, compared to Rs.7.47 crore last year.
The company's fiscal year net revenue increased 23% to Rs.3,421.23 crore from Rs.2,776.25 crore in 2008, while other operating income amounted to Rs.14.98 crore, compared with Rs.7.70 crore in the preceding year.
Standalone Results
For the first twelve months, Britannia's fiscal year standalone net profit amounted to Rs.180.40 crore or Rs.75.51 per share, fell 6% from Rs.191.00 crore or Rs.79.95 per share in 2008.
The company said the results for the year included a one-time charge of Rs.20.63 crore, compared with a gain of Rs.7.79 crore in the previous year.
Net revenue for the full year totaled Rs.3,112.21 crore, up 20% from Rs.2,584.11 crore in the prior year, while other operating income amounted to Rs.14.90 crore, compared with Rs.6.21 crore last year.
The company said its board has recommended an interim dividend of 400% or Rs.40 per equity share of Rs.10 each for the fiscal year 2009 and fixed June 10, 2009 as the Record Date for determining the entitlement to interim dividend. The board further decided not to recommend final dividend for the fiscal year.
The company added that its board has approve a proposal for the issue of bonus debentures drawing upon the General Reserve in the ratio of one fully paid debenture of Rs.170 each for every Rs.10 equity share, subject to approval by the shareholders as well as High Court of Kolkata and statutory and regulatory authorities. The debentures will carry an interest rate of not exceeding 8.5% per annum.
Britannia said it intends to apply for listing of these debentures on the Bombay Stock Exchange and National Stock Exchange.
Ms. Vinita Bali, Managing Director, said "The company has grown in a year of intense competitive activity, high commodity inflation and economic uncertainty especially in the second half. Britannia continues to focus on driving consumer off-take and operational efficiencies to generate sustainable and profitable growth."
At the BSE, Britannia shares are currently trading at Rs.1,756.00, up by Rs.11.80 or 0.68% from the previous close. The stock hit an intraday high of Rs.1,806.00 and a low of Rs.1,730.00.
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