 "Britannia Industries")
Britannia Industries’ net profit in the 2023-24 October-December quarter declined by 40.3 per cent to Rs 556.4 crore, while its profit before interest, tax, depreciation, and amortisation remained flat at Rs 870.3 crore.
The Nusli Wadia group firm’s net sales in the quarter increased by 2.2 per cent to Rs 4,191.8 crore. Sequentially, the company’s net profit was down by 5.3 per cent, and its net sales were down by 4.1 per cent.
Varun Berry, executive vice-chairman and managing director at Britannia Industries, said, “In a progressively recovering demand environment with heightened competition, our performance this quarter reflects our resilience and competitiveness.”
He said that the company capitalised on the power of its brands with requisite investments and implemented judicious price corrections, which helped maintain competitiveness and gain market share.
“We continued to expand our direct reach and accelerate our rural journey, partnering more than 29,000 rural distributors during the quarter. As a result, our focus states outperformed other regions in terms of growth, despite generally subdued rural demand,” Berry added in the statement.
He also highlighted that the company’s international business performed extremely well with robust double-digit growth across key markets.
“On the cost and profitability front, we will stay vigilant of commodity prices and the evolving geopolitical situation. We will continue to invest behind our brands and stay price competitive with a clear objective of driving market share while sustaining profitability,” he added.
