In the first quarter of FY24, Britannia Industries recorded a consolidated net profit of INR 455.45 crore, marking a notable 35.65 percent surge compared to the INR 335.74 crore earned during the same period in June 2022.
The fast-moving consumer goods (FMCG) giant registered total revenues from operations amounting to INR 4,010.70 crore in the latest quarter, showcasing an impressive 8.36 percent growth year-on-year, in contrast to INR 3,700.96 crore recorded during the corresponding quarter of the previous year.
While Britannia’s revenue aligned closely with market expectations, its net profit fell short of the anticipated mark. Brokerages surveyed had projected revenue to be approximately INR 4,101 crore and net profit to be around INR 517 crore for the company.
In the June quarter, Britannia’s EBITDA witnessed a remarkable 37 percent year-on-year growth, rising to INR 689 crore from INR 501 crore in the corresponding period last year. Furthermore, the company’s EBITDA margins expanded significantly, showing an increase of 364 basis points to reach 17.2 percent during the reviewed quarter.
After the markets closed, the packaged food company released its earnings report. Earlier on the same day, the stock had a slight gain, closing 0.08 percent higher at INR 4,802.55 on the National Stock Exchange.