Britannia Industries, one of the largest biscuit manufacturers in India, has reported consolidated profit at Rs 360.1 crore for the quarter ended March 2021, missing the CNBC-TV18 poll estimate, which pegged it at Rs 425 crore.
Profit declined by 3.3 percent compared to Rs 372.3 crore in the corresponding period last year, due to lower-than-expected operating performance.
Consolidated revenue from operations grew by 9.2 percent year-on-year to Rs 3,130.7 crore in Q4FY21, with volume growth at 8 percent, meeting CNBC-TV18 poll expectations which pegged revenue at Rs 3,116 crore and volume growth at 7-8 percent, respectively.
At the operating level, consolidated EBITDA (earnings before interest, tax, depreciation and amortisation) increased 11.3 percent year-on-year to Rs 505.4 crore and margin expanded 30 bps YoY to 16.1 percent in Q4FY21.
The company's operating performance missed analysts' estimates. EBITDA was estimated at Rs 565 crore and margin at 18.1 percent for the quarter, according to the average of estimates of analysts polled by CNBC-TV18.
India's leading food company reported consolidated revenue growth of 13.2 percent for the year FY21 (the COVID year) at Rs 13,136.14 crore and consolidated profit growth of 32.8 percent at Rs 1,850.59 crore compared to the previous year.
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"The year has been difficult and challenging in every possible way. Despite the adverse conditions, we managed to deliver good results in terms of topline growth, profitability improvement and market share gains," said Varun Berry, Managing Director of Britannia Industries.
"We are confident that with all the core systems getting upgraded and integrated we are well poised to take our business efficiencies to the next level while leveraging the large amounts of data available to build business intelligence and analytics," he added.
"On the commodity cost front, palm oil, packing material and dairy products witnessed sudden and steep increases while strategic buying helped the company manage the cost increases better. We are evaluating the long term impact of these increases to action necessary price increases while ensuring competitiveness," Berry noted.