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Britannia Industries net profit up around 12% in Q2
Mumbai, Nov 11 (IANS) Biscuit maker Britannia Industries on Saturday reported close to a 12 per cent increase in its consolidated net profit at Rs 261.03 crore during the quarter ended on September 30, 2017, as compared to Rs 234.05 crore in the year-ago period.
On a comparable basis, its consolidated revenue for the quarter stood at Rs 2,536.53 crore, up by 7.42 per cent from Rs 2,361.15 crore in the corresponding quarter of the last fiscal.
One of the country’s leading food companies, it also reported that its profit from operations for the quarter grew by 11 per cent to Rs 344 crore. Sequentially, top-line, on a comparable basis, and net profit grew 14 per cent and 21 per cent respectively.
Commenting on the performance company’s Managing Director Varun Berry said: “It has been a good quarter in the face of Goods and Services Tax (GST) transition. Trade channels have normalised post GST and we are witnessing improved consumer off-take. Mid single digit volume growths on the back of investment in brands and widening our distribution network through focus on direct reach, rural market and weak states.”
He also said its international business grew in spite of pressure on account of deteriorating geopolitical situation and currency fluctuations in geographies like Middle East and Africa.
According to him, the prices of key raw material have been stable in the second quarter of the current fiscal. Its accelerated cost efficiency programme and endeavour to leverage fixed costs have helped the company to improve its profitability, he said.
The biscuit maker is setting up a large integrated food park at Ranjangaon in Maharashtra with an Rs 1,000 crore investment over the next three years to manufacture biscuits, cake, rusk and croissant.
“This is also an ideal site for setting up a dairy plant as it is located in the milk belt,” the company said, adding that it is also setting up a greenfield plant in Guwahati in Assam to service the region.
The good company is building up a dedicated facility at Mundra in Gujarat for servicing export markets from India and operations in Nepal for local servicing, it added.
–IANS
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Dr. Abhishek Verma Dedicates a Shelter in Memory of His Mother, Veena Verma, at KGMU; Inaugurated by Daughter Nicolle Verma
World-renowned business tycoon Dr. Abhishek Verma has supported Foodman Vishal Singh’s Hunger-Free World mission. In memory of his mother, Late Veena Verma, who was a 3 term Rajya Sabha MP.
Dr. Verma dedicated a state-of-the-art free permanent shelter for the attendants of patients at KGMU Medical University, Lucknow, under the aegis of Vijay Shree Foundation. His daughter, Nicolle Verma, inaugurated the shelter.
During the event, Foodman Vishal Singh honored Nicolle Verma by presenting her with a memento. Mrs. Nidhi Sharma and Avantika Yadav, associated with the organization, welcomed her with garlands. Following this, Nicolle Verma distributed essential items to the attendants and also handed out fruits. She became emotional remembering her grandmother on her birth anniversary.
On this occasion, she also inaugurated the “Veena Verma Sevalaya” in memory of her grandmother, Veena Verma, to serve the attendants. She expressed, “I feel proud that my family is engaged in nation-building as well as social service. Today, in collaboration with Vijay Shree Foundation founder Foodman Vishal Singh Ji, I feel immensely proud to dedicate this shelter for the poor, helpless, and needy attendants of patients battling serious illnesses like cancer. I am honored to be associated with the Hunger-Free World Mission for humanity.”
Inspired by the continuous humanitarian service provided by Vijay Shree Foundation over the past 17 years, Nicolle Verma donated 10 lakh rupees to support the cause. The purpose of this donation is to ensure that services continue for the needy attendants of patients suffering from severe illnesses in hospitals, as facilitated by Foodman Vishal Singh.
It is noteworthy that Dr. Abhishek Verma’s family has a legacy of public and philanthropic service. They are helping millions to carry forward the values and service work of their parents. On the occasion of his mother’s birth anniversary, Dr. Abhishek Verma dedicated this state-of-the-art permanent shelter at Lucknow Medical College to serve the attendants of patients through the Vijay Shree Foundation.
Supporting Foodman Vishal Singh’s Hunger-Free World mission, Dr. Abhishek Verma assured that he would continually support keeping this flame of humanity alive. He also promised to assist in providing medicines to the helpless patients.
Continuing her grandmother’s legacy of service, Nicolle Verma personally served food to the needy patients and attendants. She said, “It is our good fortune to have received the joy of doing this noble work today through Foodman Vishal Singh. I have taken another step forward in carrying my family’s values and cooperation by joining hands with the Vijay Shree Foundation. My father taught me to serve and help the needy, and I feel happy when I bring a smile to someone’s face.”
On the birth anniversary of the late Veena Verma, the event organizer, Vijay Shree Foundation founder Foodman Vishal Singh, said, “We feel proud and happy that Dr. Abhishek Verma, a globally renowned business tycoon, has extended his support to uplift our country from the hunger index. Today, on his mother’s birth anniversary, he inaugurated a state-of-the-art permanent shelter at Lucknow Medical College, which will always be helpful for the needy attendants of patients. It is a pleasure for me and the organization to receive the affection of Mr. Verma.”
The event was attended by General Manager Verma Family Office Hemant Garg, Sonu Rajput, and the organization’s volunteers, including Sandeep Singh, Parmeshwar Ji, Prashant Rao Gautam, Balram Singh, Ramesh Chaudhary, Suman, Jeetu, Anil, Suraj, Vinay, Manish Bhadauria, Manas Mehrotra, Vivek, Apurv, Happy, and others.