Britannia’s profit jumps 23% in Q2 to ₹495 crore
Consolidated profit grew 23% to ₹495.20 crore from ₹402.73 crore in the year-ago
Packaged foods company Britannia Industries Ltd on Monday reported 23% net profit growth for the September quarter. Its consolidated revenue from operations grew 12.1% year-on-year to ₹3,419.11 crore during the quarter, as growth in packaged foods normalized from its highs in the first quarter.
Consolidated profit grew 23% to ₹495.20 crore from ₹402.73 crore in the year-ago. Total expenses moved up 7.8% to reach ₹2,822.02 crore.
During the quarter, Britannia resumed sales of its entire portfolio, spanning biscuits, dairy and bakery items.
“We got our full range of products to the market, focused on efficiency in distribution, followed continuous replenishment system of distribution, improved the health of our distributors and inched closer to normalcy in promotions," said Varun Berry, MD, Britannia. All adjacent businesses also delivered healthy profitable growth, he added.
“Britannia’s Q2FY21 performance was slightly lower than our and Street expectations with revenue growing by 12% as against an expectation of 14%," said Kaustubh Pawaskar, assistant vice president, research at Sharekhan.
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