Britannia announces new CFO

Britannia announces new CFO

Indian food group Britannia Industries has named N. Venkataraman as its new CFO.

Venkataraman, who has spent nine years at the business, will move from CFO of its bakery business to group finance chief on 1 December.

Amlan Datta Majumdar, Britannia's current CFO, has resigned, the company said, without disclosing the reasons for the decision. Majumdar joined Britannia last year after 13 years at Switzerland-based electrical and electronic manufacturing business ABB.

Earlier this week, Britannia announced higher first-half sales and earnings but the company saw the rate of growth in its profitability slow in the second quarter. The group posted net profit of INR4.53bn (US$68m) for the six months to the end of September, up 9.2% on the first half of its 2015/2016 financial year. Britannia's operating profit stood at INR5.98bn, 7.2% higher on the corresponding period the previous year.

Britannia said its net profit was up 6% in the second quarter, with its operating profit 4% higher. The company enjoyed an 11% rise in second-quarter sales, underpinned by what MD Varun Berry called "double-digit volume growth in our base business". However, Berry indicated Britannia had faced pressure from raw-material costs.