Britannia Industries Ltd. (BIL), India’s leading Food Company is planning to start the largest project in its history which would be a food park at Ranjangaon in Maharashtra. There will be an investment of Rs 1000 crore at the Ranjangaon food park over a period of four to five years with an employment potential for 3000 people. Initially, It would be having six biscuit lines and one each for cakes, rusks and the newly-planned croissant, with a capacity of 1.2 lakh tonne a year.
The company reported consolidated revenue for the Quarter at Rs. 2,301 crores with a growth of 6%. Operating Profit for the Quarter at Rs. 295 crores grew 2%.
Commenting on the performance, Mr. Varun Berry, Managing Director, said,“It has been a good Quarter in the face of challenging market environment and de-stocking in trade due to GST. While GST created a short term impact, it is expected to generate a positive momentum going forward. Our continued focus on enhancing direct reach coupled with our rural agenda has helped us drive growth and sustain share momentum during this difficult time. We are actively working on bridging our portfolio gaps and renovating our Brands to exciteconsumers. Our innovation drive will continue with a spate of new and innovative products to be launched the coming quarters. Growth in our International business continued to be under pressure due to deteriorating geopolitical situation and currency fluctuations in geographies like Middle East and Africa. Growth in Dairy business has also been subdued primarily due to our focus on driving products with high profitability and reducing our play in the less profitable commoditized products.
On the commodity front, prices of key raw material continue to remain high with nflation in Q1 standing at around 6%.Meanwhile, our accelerated cost efficiency program and endeavor to leverage fixed costs have helped us improve our profitability on a sequential basis”.