Mr Nusli N. Wadia, Chairman, Britannia Industries, has said that the company is looking at consolidation of its subsidiaries.

“We have too many subsidiaries and we need to reduce them. We are taking a relook at it,” he said, replying to a shareholders’ query at the company’s annual general meeting here today.

Riding on the back of higher sales, Britannia Industries Ltd posted 27 per cent growth in net profit at Rs 42 crore for the quarter ended June 30, 2011, against Rs 33 crore during the corresponding quarter last year.

Net sales grew 21 per cent to Rs 1,106 crore and other income increased 30 per cent to Rs 26 crore. Other income includes profit on sale of property amounting to Rs 15 crore, the company informed the BSE.

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