Britannia Industries, a renowned bakery food company, reported a 40.40% decrease in consolidated net profit to INR 555.66 crore for the third quarter ended December 2023, according to a filing with the Bombay Stock Exchange (BSE). This contrasts with the consolidated net profit of INR 932.40 crore reported in the same period a year earlier.
Nevertheless, its revenue from operations saw a 1.41% uptick, reaching INR 4,256.33 crore in Q3 FY24, compared to INR 4,196.80 crore in Q3 FY23.
According to a regulatory filing, its total expenses rose to INR 3,544.42 crore in Q3 FY24, compared to INR 3,475.31 crore in the corresponding period of the previous fiscal year.
Varun Berry, vice chairman and managing director of the company said, “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% growth in revenue, coupled with a commendable 52% increase in operating profit. We capitalized on the power of our brands with requisite investments, and actioned judicious price corrections, which helped us maintain competitiveness and gain market share.”
Berry further said, “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.”
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“Our international business performed extremely well with robust double-digit growths across key markets,” he added.
Sharing thoughts on cost and profitability, he said, “We will stay vigilant of the commodity prices and 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. We remain committed to the ESG framework of People, Growth, Governance and Resources to build a sustainable and profitable business.”
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