Britannia Industries has dipped 8% to Rs 2,703 on the BSE in early morning trade after the company reported a lower-than-expected 13.8% year on year (YoY) growth in net profit of Rs 190 crore for the quarter ended March 31, 2016 (Q4FY16), on the back of a single digit growth in revenues.
Net sales of the company grew 7.8% at Rs 2,190 crore on YoY basis. The net sales growth was the lowest since March 2014 quarter.
Analysts on an average had expected a profit of Rs 213 crore on revenues of Rs 2,253 crore.
The growth for the quarter and full year was impacted around 100 basis points due to phasing out of excise duty incentives available to the company, Britannia Industries said in a release.
The company's EBITDA (earnings before interest, taxes, depreciation and amortization) margin expanded by 92 basis points to 13.17% in Q4FY16 as compared to the same period in previous fiscal year.
At 10:05 am, the stock was down 6% at Rs 2,755 on the BSE compared to 0.13% rise on the S&P BSE Sensex. A combined 275,943 shares changed hands on the counter on the BSE and NSE.