Britannia’s consolidated sales for the quarter ended 30 June 2023 grew 9% to Rs 3,970 crores, operating profit increased 37% to Rs 618 crores, and net profit rose 36% to Rs 458 crores.
Commenting on the performance, Varun Berry, vice chairman, and managing director, said, “We come out of a very successful financial year that witnessed economic recovery amidst unprecedented inflationary conditions. As market leaders, we led pricing actions to offset inflation & maintain profitability. However, in this quarter, commodity prices marginally softened & hence, the local competition intensified. Given that situation, certain price corrections were initiated to remain competitive & continue to drive topline while maintaining profitability."
"In this context, we delivered healthy revenue growth of 9% based on robust distribution gains coupled with requisite investments in Brands. We continued to display diligent market practices and strong on-ground execution, reflected in our rural performance in an overall tepid rural demand. We delivered robust growth in our focus states as well. We launched Jim Jam Pops, the first open cream biscuit."
"We have progressed well in our journey of building technologically superior factories. Our new Greenfields in Tamil Nadu & Uttar Pradesh were efficiently scaled up. With capacity and capability enhancements planned in Ranjangaon Food Park, we are poised to extract productivity further and enhance competitiveness in these growing markets."
"On the sustainability front, we stay committed to our ESG framework of People, Growth, Governance, and Resources and shall continue to focus on our initiatives to build a Sustainable, Profitable business.”