Britannia Industries said that its consolidated net profit rose 10.51% to Rs 505.64 crore in Q1 FY24 as compared with Rs 457.55 crore in Q1 FY24.
Revenue from operations increased 4.03% to Rs 4,129.92 crore in the quarter ended 30 June 2024 as compared with Rs 3,969.84 crore posted in the quarter ended 30 June 2023.
Profit before tax (PBT) increased by 9.5% year on year (YoY) to Rs 681.10 crore in June 2024 quarter.
Varun Berry, vice chairman & managing director, said, In a tepid consumption scenario, our performance this year signifies resilience and competitiveness. Over the past 24 months, we have achieved a strong 19% growth in revenue, accompanied by a notable 43% increase in operating profit. Our market share rebounded as the year progressed as a result of strategic pricing actions to maintain competitiveness and intensified investments in brands, supported by distribution expansion.
We significantly expanded our distribution network, reaching approximately 27.9 lakh outlets directly and added around 2000 rural distributors over the past year. Our focus states surpassed other regions in terms of growth, despite a generally subdued rural demand. We bolstered our abilities to capitalize on rapidly growing channels like Modern Trade and Ecommerce, both of which experienced double-digit growth compared to the previous year.
On Cost & Profitability front, we will stay vigilant of the commodity prices & evolving geopolitical landscape. Our Cost Efficiency Program continues to yield operational savings of approximately 2% of revenues, ensuring healthy operating margins. We will continue to invest behind our brands and stay price competitive with a clear objective of driving market share while sustaining profits.
Britannia Industries (BIL) is one of India’s leading FMCG companies. The company’s principal activity is the manufacture and sale of biscuits, bread, rusk, cakes and dairy products.
The scrip shed 0.10% to close at Rs 5,723.15 on Friday, 2 August 2024.
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First Published: Aug 03 2024 | 9:39 AM IST
