Britannia Industries posted revenue from operations at Rs 4,010.70 crore, up 8.4 per cent as against Rs 3,700.96 crore during the same period last year.
FMCG firm Britannia Industries posted its fiscal first quarter profit at Rs 455.45 crore, up 35.7 per cent in comparison to Rs 335.74 crore during the corresponding quarter of FY23, missing estimates. It posted revenue from operations at Rs 4,010.70 crore, up 8.4 per cent as against Rs 3,700.96 crore during the same period last year. The company’s consolidated sales during the quarter was at Rs 3,969.84 crore. According to CNBC TV18 estimates, Britannia was expected to post the Q1 profit at Rs 515 crore and revenue at Rs 4,110 crore. The company EBITDA, meanwhile, stood at Rs 689 crore.
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Britannia posted a total income during Q1FY24 at Rs 4,064.63 crore in comparison to Rs 3,756.46 crore a year earlier. However, the total expenses during the quarter in review stood at Rs 3,445.63 crore from Rs 3,293.15 crore during the year-ago quarter.
“We come out of a very successful financial year that witnessed economic recovery amidst unprecedented inflationary conditions. As market leaders, we led pricing actions to offset inflation and maintain profitability. However, in this quarter, commodity prices marginally softened and hence, the local competition intensified. In view of that situation, certain price corrections were initiated to remain competitive and continue to drive topline while maintaining profitability. In this context, we delivered a healthy revenue growth of 9 per cent on the back of robust distribution gains coupled with requisite investments in Brands,” said Varun Berry, Executive Vice Chairman & Managing Director, Britannia Industries.
Britannia is betting on rural markets and working towards gaining back its market share keeping in view the slower recovery in rural areas. “We continued to display diligent market practices and strong on-ground execution, which also reflects in our rural performance in an overall tepid rural demand. We delivered robust growths in our focus states as well,” he said.
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Further, talking about the company’s focus on enhancing its capacity and scaling up going forward, Varun Berry said, “We have progressed well in our journey of building technologically superior factories. Our new Greenfields in Tamil Nadu & Uttar Pradesh were efficiently scaled up. With capacity and capability enhancements planned in Ranjangaon Food Park, we are well poised to further extract productivity and enhance competitiveness in these growing markets. On the sustainability front, we stay committed to our ESG framework of people, growth, governance and resources and shall continue to focus on our initiatives to build a sustainable profitable business.”
