?For the quarter ending Dec 2021, consolidated net sales (including other operating income) of Britannia Industries has increased 12.93% to Rs 3574.98 crore compared to quarter ended Dec 2020.
Operating profit margin has declined from 19.32% to 15.10%, leading to 11.74% decline in operating profit to Rs 539.72 crore.??Raw material cost as a % of total sales (net of stock adjustments) increased from 47.42% to 50.70%. ??Purchase of finished goods cost rose from 9.19% to 11.51%. ??Employee cost decreased from 4.19% to 3.57%. ??Other expenses fell from 19.75% to 19.18%. ??
Other income fell 33.22% to Rs 55.13 crore.??PBIDT fell 14.30% to Rs 594.85 crore.??Provision for interest rose 17.58% to Rs 37.38 crore.??
PBDT fell 15.83% to Rs 557.47 crore.??Provision for depreciation rose 3.71% to Rs 50.38 crore.??
Profit before tax down 17.37% to Rs 507.09 crore.??Provision for tax was expense of Rs 136.22 crore, compared to Rs 161.09 crore.??Effective tax rate was 26.95% compared to 26.25%.
Minority interest increased 35.69% to Rs -2.00 crore.??Net profit attributable to owners of the company decreased 18.56% to Rs 371.18 crore.??
Promoters stake was 50.55% as of 31 December 2021 ,compared to 50.55% as of 31 December 2020 .??
?For year-to-date (YTD) results analysis.
Net sales (including other operating income) of Britannia Industries has increased 5.80% to Rs 10585.81 crore.??
Operating profit margin has declined from 20.03% to 15.60%, leading to 17.57% decline in operating profit to Rs 1,651.83 crore.??Raw material cost as a % of total sales (net of stock adjustments) increased from 50.99% to 52.71%. ??Purchase of finished goods cost rose from 6.87% to 9.51%. ??Employee cost decreased from 4.00% to 3.95%. ??Other expenses rose from 18.23% to 18.33%. ??
Other income fell 32.31% to Rs 169 crore.??PBIDT fell 19.20% to Rs 1820.83 crore.??Provision for interest rose 26.75% to Rs 110.54 crore.??
PBDT fell 21.05% to Rs 1710.29 crore.??Provision for depreciation rose 3.16% to Rs 149.61 crore.??
Profit before tax down 22.79% to Rs 1,560.68 crore.??Extraordinary items were decreased to Rs -0.98 crore.??Provision for tax was expense of Rs 421.39 crore, compared to Rs 530.44 crore.??Effective tax rate was 27.02% compared to 26.25%.
Minority interest increased 23.62% to Rs -6.92 crore.??Net profit attributable to owners of the company decreased 23.65% to Rs 1,144.95 crore.??
Promoters stake was 50.55% as of 31 December 2021 ,compared to 50.55% as of 31 December 2020 .??
Full year results analysis.
Net sales (including other operating income) of Britannia Industries has increased 13.25% to Rs 13136.14 crore.??Operating profit margin has jumped from 15.89% to 19.10%, leading to 36.14% rise in operating profit to Rs 2,509.29 crore.??Raw material cost as a % of total sales (net of stock adjustments) increased from 49.23% to 49.36%. ??Purchase of finished goods cost fell from 10.31% to 8.81%. ??Employee cost decreased from 4.21% to 4.00%. ??Other expenses fell from 20.28% to 18.78%. ??
Other income rose 11.98% to Rs 312.87 crore.??PBIDT rose 32.96% to Rs 2822.16 crore.??Provision for interest rose 44.21% to Rs 110.9 crore.??Loan funds rose to Rs 2,121.51 crore as of 31 March 2021 from Rs 1,514.05 crore as of 31 March 2020.??Inventories rose to Rs 1,091.49 crore as of 31 March 2021 from Rs 740.96 crore as of 31 March 2020.??Sundry debtors were lower at Rs 257.27 crore as of 31 March 2021 compared to Rs 320.36 crore as of 31 March 2020.??Cash and bank balance rose to Rs 211.34 crore as of 31 March 2021 from Rs 122.85 crore as of 31 March 2020.??Investments declined from Rs 2,893.23 crore as of 31 March 2020 to Rs 2,780.69 crore as of 31 March 2021.??
PBDT rose 32.54% to Rs 2711.26 crore.??Provision for depreciation rose 7.06% to Rs 197.85 crore.??Fixed assets increased to Rs 1,773.57 crore as of 31 March 2021 from Rs 1,770.39 crore as of 31 March 2020.??Intangible assets declined from Rs 147.34 crore to Rs 135.90 crore.??
Profit before tax grew 35.07% to Rs 2,513.41 crore.??Share of profit/loss was 84.09% higher at Rs 0.81 crore.??Extraordinary items were increased to Rs -0.61 crore.??Provision for tax was expense of Rs 663.02 crore, compared to Rs 450.7 crore.??Effective tax rate was 26.38% compared to 24.44%.
Minority interest decreased 47.40% to Rs -13.31 crore.??Net profit attributable to owners of the company increased 32.89% to Rs 1,863.90 crore.??
Equity capital increased from Rs 24.05 crore as of 31 March 2020 to Rs 24.09 crore as of 31 March 2021.??Per share face Value remained same at Rs 1.00.??
Promoters stake was 50.55% as of 31 March 2021 ,compared to 50.63% as of 31 March 2020 .??
Cash flow from operating activities increased to Rs 1,851.07 crore for year ended March 2021 from Rs 1,484.53 crore for year ended March 2020.??Cash flow used in acquiring fixed assets during the year ended March 2021 stood at Rs 242.07 crore, compared to Rs 244.17 crore during the year ended March 2020.??
Management Comments :
Mr. Varun Berry, Managing Director, said: ?We delivered a high single digit volume growth significantly ahead of the market and a resilient double-digit top-line growth of 14%, driven by superlative performance across Divisions and Channels. While the rural markets across FMCG witnessed significant slowdown, we were able to maintain a significant competitive advantage through our focus to enhance rural footprint and our diligent market practices, which is reflected in the robust topline growth and consistent gain in market share. We continued to invest behind our brands and relaunched ?Good Day?, one of our power brands, with the concept of ?Multiple Smiles in a pack? backed by TV, print & outdoor media, and visibility drives, towards the end of the quarter. On the cost front, we continued to witness increase in commodity prices with an inflation of ~4% sequentially (quarter on quarter) and ~20% over last year. As market leaders, we actioned price increases ahead of competition. However, the upward trajectory in prices of commodities and fuel impacted profitability, which led us to action further price increases and accelerate cost efficiency programs. We have made rapid strides in our Sustainability agenda with robust increase in our score by ?Dow Jones Sustainability Index?, which is a testimony to our efforts. We are committed towards our pillars of ESG framework – People, Growth, Governance and Resources and are confident of delivering on the targets that we have set for ourselves. We are confident that our resilient Brands and strategic growth initiatives will hold us on a path of sustainable & profitable share gain in the future as well.?
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