Britannia logs 40% y-o-y decline in Q3 net profit to ₹556 Crore

7 Feb 2024 , 10:09 AM

Britannia Ltd, a biscuit producer, stated on Tuesday that its consolidated net profit for the quarter ended December 2023 plummeted 40% year-on-year to ₹556 Crore, down from ₹937 Crore in the previous year’s quarter.

During the reporting year, revenue from operations increased by only 1% year-on-year to ₹4,256 Crore.

The company recorded an EBITDA of ₹821 Crore for the quarter, with margins of 19.29%.

‘In a gradually recovering demand environment with increased competition, our performance this quarter demonstrates our resilience and competitiveness. Varun Berry, vice-chairman and MD of Britannia, stated, “Over the last 24 months, we achieved a robust 19% growth in revenue, as well as a commendable 52% increase in operating profit.’

For the nine months ended December 2023, consolidated revenue was ₹12,532 Crore, up 3.6% from the previous year, while operating profit increased 16% year-on-year to  ₹2,162 Crore.

Britannia stated that it continued to extend its access and has expedited its rural journey, collaborating with over 29,000 rural distributors in the quarter. As a result, the focal states outperformed other areas in terms of growth, despite relatively low rural demand.

On the cost and profitability front, the business stated that it will monitor commodity prices and the shifting geopolitical scenario.

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