Britannia pays 50 dividend

MUMBAI, June 10: Food and biscuit firm, Britannia Industries Ltd, has recorded a 13 per cent increase in net sales to Rs 847.8 crore for the year ending March 31, 1998, against Rs 752.3 crore in the previous year. The profit before tax has registered an increase of 48 per cent to Rs 42.4 crore from Rs 2.95 crore during the previous fiscal. The company has recorded a jump of 62 per cent in its net profit which increased to Rs 28.9 crore from Rs 17.9 crore during the previous fiscal.

The company has recommended a dividend of 50 per cent. At a board meeting held here on Wednesday, it was decided to hike the dividend payout from the existing 40 per cent.

According to a company statement, the growth registered by the company in recessionary times has been on account of growth in the biscuit segment and the launch of cheese and dairy whitener.

It may be recalled that Britannia went in for a huge expansion last year when it launched several dairy products and new biscuits. In the process it incurred acapital expenditure of Rs 36.5 crore as part of its ongoing restructuring programme to upgrade and expand.