Bri­tan­nia’s Net Slips a Tad on Higher In­put Costs, GST

The Economic Times - - Brands: Creating Desire -

Ben­galuru: FMCG ma­jor Bri­tan­nia In­dus­tries re­ported a mar­ginal de­cline in net profit for the quar­ter ended June due to in­crease in prices of raw ma­te­ri­als and im­ple­men­ta­tion of goods and ser­vices tax (GST) last month which led to de-stock­ing in trade, re­ports Our Bureau.

Good Day and Tiger bis­cuit­maker has posted about 1% de­cline in stan­dalone net profit to .₹ 208.7 crore for April to June pe­riod against .₹ 210.4 crore in the cor­re­spond­ing quar­ter last year. Sales for the same pe­riod grew by 7.4% to .₹ 2,153.3 crore.

“It has been a good quar­ter in the face of chal­leng­ing mar­ket en­vi­ron­ment and de­stock­ing in trade due to GST,” said MD Varun Berry, in a state­ment. Un­der the new tax regime im­ple­mented on July 1, bis­cuits at­tract 18% tax.

Mean­while, ac­cord­ing to PTI, the com­pany is plan­ning to set up its largest plant in Ma­ha­rash­tra in a food park at Ran­jan­gaon.

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