The FMCG companys consolidated sales & net profit declined 1% & 29% respectively versus last year on a higher base. However, on a 24-month basis, the growth stood at 25% & 55% respectively.
Consolidated profit before tax rose 7.8% quarter on quarter while it tumbled nearly 28% year on year to Rs 531 crore in Q1 FY22. The FMCG major reported its quarterly result after market hours yesterday, 30 July 2021.
Commenting on the performance, Varun Berry, MD of the company said, ?Second wave of Covid-19 struck the country hard followed by lockdowns imposed by various State Governments. In these uncertain times, we delivered a healthy consolidated 24-month Sales growth of 25% and net profit growth of 55%. This performance is a testament to our resilience as a company and more importantly as a team. We relaunched Goodday Chocochips with a surprise campaign and launched 50-50 Potazos in the North East. Our brands were back on air and our full range of products in market as the supply chain was impact wasnt as severe as the first wave of the pandemic.?
He further added, ?On the cost front, we continued to witness increase in the prices of palm oil and crude. In light of hardship to the consumers owing to the pandemic, we were cautious on pricing but aggressive on cost efficiencies, which helped us improve our operating profit from 14.9% in Q4 FY20-21 to 15.1% in Q1 FY21-22. We shall take calibrated price increases as things normalize and will continue to create and sustain an ecosystem of financial & operating efficiencies through rigorous process improvements which would act as a strong pillar for sustainable growth.?
Britannia is one of Indias leading food companies. Its product portfolio includes biscuits, bread, cakes, rusk, and dairy products including cheese, beverages, milk and yoghurt.
Shares of Britannia Industries ended 0.42% higher at Rs 3,420.05 on Friday.
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