Britannia Industries Ltd, a bakery food company, reported a 40.4 per cent decline in consolidated net profit to Rs 555.66 crore for the third quarter ended December 2023.
The company posted a net profit of Rs 932.40 crore in the same quarter a year ago. The company's net sales during the quarter grew by 2.2 per cent to Rs 4,191.83 crore.
Varun Berry, Vice Chairman and Managing Director, said, "In a progressively recovering demand environment with heightened competition, our performance this quarter reflects our resilience and competitiveness."
The lower net profit base in the year-ago quarter was attributed to gains from the sale of a 49 per cent equity stake held in Britannia Dairy Private to French cheese maker Bel SA. The company's profit before exceptional items and tax decreased by 1.62 per cent to Rs 761.13 crore.
Revenue from operations in the December quarter was Rs 4,256.33 crore, up by 1.41 per cent. Total expenses rose by 1.98 per cent to Rs 3,544.42 crore.
Berry highlighted the company's focus on expanding direct reach and accelerating rural journey, partnering with more than 29,000 rural distributors during the quarter. Total income stood at Rs 4,306.89 crore, up 1.4 per cent.
Berry emphasised the company's vigilance on cost and profitability amidst evolving commodity prices and geopolitical situations. Britannia Industries' shares settled 2.24 per cent lower at Rs 5,006.20 apiece on the BSE.
(With PTI inputs)
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