Britannia Industries Ltd, a bakery meals firm, reported a 40.4 per cent decline in consolidated net profit to Rs 555.66 crore for the third quarter ended December 2023.
The firm posted a net profit of Rs 932.40 crore in the identical quarter a 12 months in the past. The firm’s net sales through the quarter grew by 2.2 per cent to Rs 4,191.83 crore.
Varun Berry, Vice Chairman and Managing Director, mentioned, “In a progressively recovering demand environment with heightened competition, our performance this quarter reflects our resilience and competitiveness.”
The decrease net profit base within the year-ago quarter was attributed to positive factors from the sale of a 49 per cent fairness stake held in Britannia Dairy Private to French cheese maker Bel SA. The firm’s profit earlier than distinctive objects and tax decreased by 1.62 per cent to Rs 761.13 crore.
Revenue from operations within the December quarter was Rs 4,256.33 crore, up by 1.41 per cent. Total bills rose by 1.98 per cent to Rs 3,544.42 crore.
Berry highlighted the corporate’s deal with increasing direct attain and accelerating rural journey, partnering with greater than 29,000 rural distributors through the quarter. Total revenue stood at Rs 4,306.89 crore, up 1.4 per cent.
Berry emphasised the corporate’s vigilance on price and profitability amidst evolving commodity costs and geopolitical conditions. Britannia Industries’ shares settled 2.24 per cent decrease at Rs 5,006.20 apiece on the BSE.
(With PTI inputs)
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