Britannia shares slip as profits plunge; company to delist from CSE
11 November 2010
Shares of FMCG major Britannia Industries Ltd fell about 2.7 per cent after the company reported a 46 per cent fall in its fiscal second quarter net profit to Rs31.87 crore.
The company also today announced plans to delist its shares from the Calcutta Stock Exchange.
The board of directors at its meeting held yesterday approved a proposal for voluntary delisting of shares from Calcutta Stock Exchange, the company said in a filing with the Bombay Stock Exchange.
Britannia Industries will, however, remain listed on the Bombay and National stock exchanges, the filing said.
Britannia reported sales of Rs1,094.8 crore for the July-September 2010-11 quarter, a growth of 27 per cent compared with 24.8 per cent growth recorded in the first quarter (April-June 2010-11) .
The profit fall to Rs31.87 crore for the July-September 2010-11 quarter, however, was due mainly to higher expenses against a profit of Rs59.07 crore in the same period a year ago, the company said.
Net profit of Britannia Industries for the first half of the current fiscal declined 39.2 per cent to Rs64.7crore while revenue for the April-September period declined 26.2 per cent to Rs2,005.9 crore.