Britannia Industries reported 40.11% decline in consolidated net profit to Rs 556.39 crore in Q3 FY24 as compared with Rs 932.39 crore posted in Q3 FY23.
Revenue from operations rose 2.2% to Rs 4,191.83 crore during the third quarter of FY24 from Rs 4,101.49 crore recorded in the corresponding quarter previous year.Profit before tax stood at Rs 758.23 crore in the quarter ended 31 December 2023, registering de-growth of 34% YoY.
The companys operating profit was at Rs 743 crore for the quarter ended 31 December 2023.
On 9-Month basis, the companys consolidated net profit declined 9.16% to Rs 1601.53 crore despite 3.63% increase in revenue from operations to Rs 12,532.14 crore in 9M FY24 over 9M FY23.
Varun Berry, vice chairman & managing director, said, In a progressively recovering demand environment with heightened competition, our performance this quarter reflects our resilience and competitiveness. Over the last 24 months, we achieved a robust 19% growth in revenue, coupled with a commendable 52% increase in operating profit. We capitalized on the power of our brands with requisite investments, and actioned judicious price corrections, which helped us maintain competitiveness and gain market share.
We continued to expand our direct reach and accelerate our rural journey, partnering with more than 29,000 rural distributors during the quarter. As a result, our focus states outperformed other regions in terms of growth, despite a generally subdued rural demand. Our new offerings viz. BeYou Bars, Makhanas, Jim Jam Pops and unique cheese formats continued to excite & delight our consumers. Our international business performed extremely well with robust double-digit growths across key markets.
On cost & profitability front, we will stay vigilant of the commodity prices & 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.
Britannia Industries (BIL) is one of India's leading FMCG companies. The company's principal activity is the manufacture and sale of biscuits, bread, rusk, cakes and dairy products.
The scrip rose 1.06% to Rs 5,059.25 on the BSE.
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