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Business News/ Companies / Company Results/  Britannia Q3 Results: Net profit surges 152% to 932 cr, revenue up 15%
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Britannia Q3 Results: Net profit surges 152% to ₹932 cr, revenue up 15%

The consolidated revenue from operations rose by 16 per cent to ₹4,101.49 crores as against ₹3,530.70 crore in the corresponding quarter last fiscal.

Britannia and Amul are among those who got the nod.mintPremium
Britannia and Amul are among those who got the nod.mint

FMCG major Britannia on Wednesday reported 152 per cent rise in consolidated net profit to 932.40 crore. This is against a net profit of 369.18 crore, the company regulatory filing said.

The consolidated revenue from operations rose by 16 per cent to 4,101.49 crores as against 3,530.70 crore in the corresponding quarter last fiscal.

Britannia said that the net profit include an exceptional gain (net of tax) of Rs. 359 crores, due to joint venture with Bel SA and consequent sale of 49% equity stake in its subsidiary, Britannia Dairy Private Limited and fair valuation of the residual stake of 51%.

"The Net Profit includes an exceptional gain (net of tax) of Rs. 359 Crores pursuant to a Joint Venture agreement with Bel SA for the Cheese business and consequent sale of 49% equity stake in its subsidiary & fair valuation of the residual stake of 51%," said Britannia in its filing.

In November last year, Britannia announced joint venture with Bel SA to develop, manufacturing, marketing, distribution, trading and selling, of cheese products in India and certain territories.

As a part of the joint venture, Britannia shall sell 49 per cent of its equity stake in Britannia Dairy Pvt Ltd to Bel SA for 262 crore in accordance with the terms of Share Purchase Agreement entered between them.

“We have witnessed positive growth momentum over the last few quarters. Our Go-to-market strategy and investments in brands & innovation have helped us register a robust topline growth of 16% YoY. Our growing consumer franchise and Brand strength is evident in the consistent market share gains over the past 39 quarters. Continued focus on enhancing direct reach coupled with Rural agenda have helped us deliver solid growths over the past few quarters," said Varun Berry, Vice Chairman & Managing Director of Britannia.

"We expanded the footprint of a few of our adjacent categories including croissant & cakes and made entry into new categories. As a part of continuous improvement, we relaunched products like Pure Magic Chocolush & Rusk with improved recipes. Some of our new launches like Biscafe, Golmaal, NC Seeds & Herbs and Marble cake have done extremely well & continue to grow aggressively quarter on quarter. On cost & profitability front, our pricing actions and intensified cost efficiency program helped mitigate the inflation.," he added.

The company's scrip ended 1.19 per cent up at 4,369.30 on BSE.

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Published: 01 Feb 2023, 04:42 PM IST
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