Comments
Bakery food company Britannia Industries Ltd on Tuesday reported a 40.4 per cent decline in consolidated net profit at ₹555.66 crore for the third quarter ended December 2023.
The company had posted a net profit of ₹932.40 crore in the October-December quarter a year ago, Britannia Industries said in a BSE filing.
Its net sales during the third quarter of the current fiscal grew 2.2 per cent to ₹4,191.83 crore against ₹4,101.49 crore in the year-ago period.
“In a progressively recovering demand environment with heightened competition, our performance this quarter reflects our resilience and competitiveness. Over the last 24 months, we achieved a robust 19 per cent growth in revenue, coupled with a commendable 52 per cent increase in operating profit," said Vice Chairman & Managing Director Varun Berry.
The net profit base in the year-ago quarter was higher as the company had gains on the sale of a 49 per cent equity stake held in Britannia Dairy Private to French cheese maker Bel SA.
The company's profit before exceptional items and tax was at ₹761.13 crore, which was 1.62 per cent down from ₹773.71 crore of the December quarter of FY23.
Its revenue from operations in the December quarter was at ₹4,256.33 crore, up 1.41 per cent.
Total expenses of Britannia Industries, which owns popular brands such as Good Day, Tiger, NutriChoice, Milk Bikis, and Marie Gold, was up 1.98 per cent to ₹3,544.42 crore in the December quarter.
- Also read: Berger Paints Q3 net jumps 49% to ₹300 crore
"We continued to expand our direct reach and accelerate our rural journey, partnering with more than 29,000 rural distributors during the quarter. As a result, our focus states outperformed other regions in terms of growth, despite a generally subdued rural demand," he said.
Its total income was at ₹4,306.89 crore, up 1.4 per cent in the December quarter of FY23.
"On Cost & Profitability front, we will stay vigilant of the commodity prices & evolving geopolitical situation. We will continue to invest behind our brands and stay price competitive with a clear objective of driving market share while sustaining profitability," said Berry.
Shares of Britannia Industries Ltd on Tuesday settled 2.24 per cent lower at ₹5,006.20 apiece on the BSE.
Comments
COMMENT NOW
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.