Britannia Industries trades ~4% higher as Net Profit jumps 151% yoy in Q3FY23

2 Feb 2023 , 09:53 AM

Britannia Industries Limited reported a consolidated net profit of Rs932 crore for the December quarter, an increase of more than 150% over the previous year.

In the December quarter of last year, it was Rs371 crore. Consolidated sales increased 16% yoy to Rs4,101 crore while operating profit increased 55% yoy to Rs760 crore.

The net profit includes an exceptional gain of Rs359 crore from a JV with Bel SA for the cheese business, as well as the subsequent sale of a 49% equity stake in its subsidiary and a fair valuation of the remaining 51% stake.

‘Our unstoppable growth streak continues with our strategic marketing approach and brand-boosting investments, we have achieved impressive revenue growth. Our flourishing consumer base and strengthened brand presence are reflected in the sustained market share gains we’ve seen in the last 39 quarters,’ commented Varun Berry, the Vice-chairman and Managing Director.

Following this development, Britannia Industries was trading 3.57% higher at Rs4,527 per piece in the early morning session, against its previous close of Rs4,370.95 on NSE. So far, the counter hit an intraday high of Rs4,532.

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