Britannia Q2 Results: Net profit up 19% to ₹587 crore, revenue rises marginally to ₹4,432 crore

  • Britannia Q2 Results: The FMCG major's revenue from operations in the second quarter of current fiscal came in at 4,433 crore, registering a marginal rise of 1.2 per cent, compared to 4,379.6 crore in the year-ago period.

Livemint
First Published1 Nov 2023, 09:06 PM IST
Britannia expects volume growth in FY24 to be better than in FY23.
Britannia expects volume growth in FY24 to be better than in FY23.

Britannia Q2 Results: Britannia announced its July-September quarter results for fiscal 2023-24 (Q2FY24), reporting a rise of 19 per cent in consolidated net profit at 587 crore, compared to 490.6 crore in the corresponding period last year. The FMCG major's revenue from operations in the second quarter of current fiscal came in at 4,433 crore, registering a marginal rise of 1.2 per cent, compared to 4,379.6 crore in the year-ago period.

The total expenses of the company - which owns popular brands such as Good Day, Tiger, NutriChoice, Milk Bikis, and Marie Gold, was down 2.33 per cent to 3,685.56 crore. During the quarter, the company witnessed heightened competition as commodity prices has started to soften and has reduced price of some key brands. 

On the operating front, the company's earnings before interest, taxes, depreciation, and amortization (EBITDA) during the September quarter came in at 872 crore, compared to 711 crore in the year-ago period.

Also Read: Britannia Q1 Results: Net profit rises to 455.5 crore, revenue jumps to 4,064 crore YoY

"While the sales growth over last year is 1 per cent, the 24-month growth is 23 per cent," said an earnings statement from Britannia Industries. Executive Vice-Chairman and Managing Director Varun Berry said: "We delivered a good performance in a challenging environment on the back of 2 years of high inflation."

"Our potential in rural continues to remain high and hence, expansion in rural distribution continued despite reported rural slowdown. We have progressed well on our digital journey with digital marketing gaining momentum and leveraging digitalization to enhance decision making & fine-tuning distribution reach," he said.

"As the commodity started to soften this quarter, we have seen pricing activity by competition in certain categories. To ensure that we remain competitive, we took strategic pricing corrections in some of our key brands & SKUs. As a result, our market share recovered this quarter," Berry said.

Over the outlook, he said with the ongoing strife in the Middle East & Russia, the global commodity prices remain volatile. "We are being watchful of the situation and its impact on our business. Our strategy will remain focused on driving market share while sustaining profitability," he said.

On Wednesday, shares of Britannia settled 0.50 per cent lower at 4,400.80 apiece on the BSE.

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First Published:1 Nov 2023, 09:06 PM IST
HomeCompaniesCompany ResultsBritannia Q2 Results: Net profit up 19% to ₹587 crore, revenue rises marginally to ₹4,432 crore

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