Kolkata, Aug 4 (IANS): Kolkata-based biscuits major Britannia Industries Ltd (BIL) said on Tuesday that it bposted an increase of 66.86 percent in its net profit for the first quarter of the current fiscal at Rs.189.66 crore as against Rs.113.66 crore in the same period last fiscal.

"This is the best result in terms of margin and profit," company chairman Nusli Wadia told its shareholders here during the AGM.

The consolidated net income of the company in the review period increased by 12.97 percent at Rs.2,002.51 crore as against Rs.1,772.63 crore during the same period last year.

BIL managing director Varun Berry attributed the performance to the company's strategy of launching new products and strengthening its distribution channel besides its focus on reduction of wastage and managing the fixed costs.

"We launched 6-7 products in the past 6-8 months and strengthened the distribution network," he told media persons here after the AGM.

Its brand 'Good Day' accounted for Rs.2,000 crore of the earnings making it the highest grossing brand in the company. This was followed by the 'Marie' brand with the 'Tiger' range earning the company another Rs.1,000 crore.

Its expenditure during the three months under consideration rose by 6.57 percent at Rs.1,757.52 crore as against Rs.1,649.18 crore in the year-ago period.