FMCG major Britannia Industries posted 47.06 percent year-on-year growth in consolidated net profit at Rs 558.66 crore for the quarter ended March 2023. This was higher than analyst expectation of Rs 498.4 crore.
Total revenue from operations came in at 4,023.18 crore, registering a growth of 13.31 percent from Rs 3,550.45 crore in the same quarter last year, the company said in a regulatory filing.
According to a poll of brokerages, revenue from operations was seen growing 13.5 percent to Rs 4,029 crore.
“We delivered robust growth…this quarter on the back of significant distribution gains, which reflects our execution strength across businesses & channels,” said Varun Berry, Vice Chairman & Managing Director, Britannia Industries. “We continued to accelerate our rural journey with focus on enhancing reach, partnering with 28,000 rural distributors, and sustaining our diligent market practices.”
The company announced commercialisation of two Biscuit greenfield units in this quarter – in Uttar Pradesh & Tamil Nadu and brownfield expansion in Orissa.
“We also commercialised three new lines of Rusk this quarter. This is in line with our strategy to make in-house, our exclusive range of products, and further enhance productivity. We efficiently scaled-up the capacity of our drinks and other dairy lines to better leverage seasonal opportunities & enhance supplies to Bakery division for captive consumption,” said Berry.
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