The FMCG major's consolidated net profit surged 118.26% to Rs 542.68 crore in Q1 June 2020 from Rs 248.64 crore posted in Q1 June 2019.
Consolidated revenue from operations stood at Rs 3,420.67 crore in Q1 June 2020, rising 27% from Rs 2700 crore in the same period last year. Profit before tax (PBT) jumped 88% year-on-year to Rs 737 crore in Q1 June 2020. Total tax expense surged 36% to Rs 194.37 crore in Q1 June 2020 over Q1 June 2019. The result was announced during market hours today, 17 July 2020.Commenting on the performance, Varun Berry, managing director, said: "The quarter posed an uphill task for the economy in wake of Covid-19 and caused significant disruptions due to lockdowns imposed to curtail its spread. Factories, depots, transport & vendors across the supply chain were impacted. On the cost front, we witnessed moderate inflation in the prices of key raw materials and expect the prices to be stable going forward given the positive outlook on monsoon & harvest. We were quick to resort to cost efficiencies through extraction of supply chain efficiencies, reduction in wastages and fixed costs leverage. We also rationalized media spends considering the constraints of inventories due to higher market demand. These measures helped us record a massive 670 bps increase in operating profit during the quarter."
Shares of Britannia Industries were down 1.23% at Rs 3806.50 on BSE.
Britannia Industries is one of India's leading food companies. The company's product portfolio includes biscuits, bread, cakes, rusk, and dairy products including cheese, beverages, milk and yoghurt.
Powered by Capital Market - Live News
Disclaimer: No Business Standard Journalist was involved in creation of this content
