Britannia’s 3rd Quarter Results | Net Profit drops 19% to Rs 371 Crore due to higher costs and weak demand

Britannia's 3rd Quarter Results |  Net Profit drops 19% to Rs 371 Crore due to higher costs and weak demand

“We delivered a high single digit volume growth significantly ahead of the market and a resilient double-digit top-line growth of 13%, driven by superlative performance across Divisions and Channels”, Varun Berry, Managing Director, said while commenting on the performance for the quarter. “While the rural markets across FMCG witnessed significant slowdown, we were able to maintain a significant competitive advantage through our focus to enhance rural footprint and our diligent market practices, which is reflected in the robust topline growth and consistent gain in market share”, Berry added. Higher costs of agri-commodities and packaging materials, coupled with lower in-home consumption, dented the earnings in this quarter.

Britannia Industries Ltd, a leading FMCG company, recorded a consolidated net profit of Rs 371 crore for the third quarter ended December 2021, down 19% from Rs 456 crore a year ago. In the preceding quarter, the company had a post-tax profit of Rs 384 crore. One of the country’s oldest biscuit manufacturers recorded consolidated income from operations of Rs 3,575 crore, up 13% from Rs 3,165 crore the previous year. The previous quarter’s revenue was Rs 3,607 crore.

The stock of Britannia Industries closed at Rs 3,509.65, up Rs 15.50, at the National Stock Exchange on January 28. The stock has been trading flat for the past one year as well as over the past one month.

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