Britannia Industries consolidated net profit surged 26% to Rs 374.75 crore on 1.6% rise in net sales to Rs 2807.78 crore in Q4 March 2020 over Q4 March 2019.
Consolidated profit before tax stood at Rs 457.72 crore in Q4 March 2020, rising 1.6% from Rs 449.92 crore in Q4 March 2019. . Net profit was aided by a significant drop in tax expenses. Total tax expenses declined 45.4% to Rs 84.92 crore in Q4 March 2020 from Rs 155.65 crore reported in the same period last year. The result was announced after market hours today (02 June 2020).Commenting on the performance, Varun Berry, Managing Director, said: After 9 months of moderate growth, we started to see growths coming back in the first 2 months of this quarter which was then hit by Covid 19 & lockdown in March impacting the revenue & net profit growths by an estimated 7-10%. In this period, we continued to garner market share through our focus on the building blocks of distribution, diligence in marketplace & brand building through focused product campaigns. On the cost front, we witnessed moderate inflation in the prices of key raw materials for the bakery business. Commodity prices at global level too witnessed a moderation due to low demand on account of lockdown in most parts of the world. Our drive on cost efficiencies, reduction in wastages and ability to leverage fixed costs helped us improve the shape of our business and record a 40 bps increase in operating profit during the quarter despite the Covid 19 pandemic.
On a consolidated basis, Britannia reported a 21% rise in net profit to Rs 1402.63 crore on 4.29% rise in net sales to Rs 11,443.99 crore in the year ended March 2020 (FY20) over the year ended March 2019 (FY19). PBT rose 4.32% to 1,844.30 crore in FY20 over FY19. Total tax expense fell 26.41% to Rs 450.70 during the period under review.
Shares of Britannia Industries rose 0.42% to Rs 3450.3. The stock is up 9% in five straight sessions from its closing low of Rs 3162.75 on 26 May 2020.
Britannia Industries (BIL) 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
