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