One-off costs have weighed on the bottom line of Indian food group Britannia Industries.
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The company said yesterday (27 May) that net profit for the year to the end of March tumbled by more than 35% to INR1.17bn (US$250.6m) after the group incurred charges of over INR400m. However, turnover was up 9.3% at INR34.01bn.
MD Vinita Bali said: “Unabated inflation in commodity prices and increased brand investment in an intensely competitive market, adversely impacted bakery margin. We also had some one-off exceptional items that eroded profitability. The dairy business recorded double digit top line and profit growth and is well poised to be a significant growth vector.”
She added: “Most important, we have a strong conviction about the profitable growth of both our business streams and are working towards delivering that in the future, as we have done in the past”.
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