Britannia Industries Names New Ceo As Sales, Profits Rise

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Britannia Industries has named Rakshit Hargave as its caller CEO arsenic nan Indian nutrient awesome reported an summation successful second-quarter income and profits.

Hargave will presume nan CEO domiciled connected 15 December, succeeding Rajneet Kohli, who resigned successful March.

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Executive vice-chairman and managing head Varun Berry has handled nan CEO responsibilities connected an interim ground since Kohli’s departure.

Hargave joins nan business from Birla Opus, nan paints business of Grasim Industries, wherever he had been CEO since November 2021. His activity history includes executive roles astatine Beiersdorf, Lakmé Lever and Hindustan Unilever.

Berry said gross showed “reasonable growth”, which was “driven by relatively stable commodity prices and sustained efforts to optimise costs crossed nan worth chain”.  

Operating profit roseate 22.9% to Rs8.69bn. Net profit attributable to owners came successful astatine Rs6.54bn, up 23.1% from nan aforesaid play past year. 

Berry added: “The caller GST complaint rationalisation announced by the government is simply a invited measurement towards stimulating user request and uplifting nan wide economical sentiment successful nan country.

“However, transitional challenges arising from nan GST-related changes in supply chain, trade and channels had a short-term effect connected business during nan second portion of nan quarter, which is expected to get normalised progressively successful nan coming quarter.” 

For nan afloat fiscal year that ended 31 March, the Good Day marque owner’s consolidated revenue from operations grew 7% to Rs179.42bn and full broad income edged up 2% to Rs21.84bn.  

Net profit for nan twelvemonth roseate marginally to Rs21.77bn from Rs21.34bn successful nan twelvemonth agone period.   

Full-year basal and diluted net per stock accrued 1.8% to Rs90.45.