On August 4, Britannia Industries Ltd. declared a consolidated net profit of Rs. 455.45 crore for the June quarter of FY24, up 35% from Rs. 335.74 crore reported the prior year.
The company recorded a sequential 18.3% decline in earnings from Rs 557.60 crore.
According to a regulatory filing, the company’s revenue climbed 8.36 percent from Rs 3,700.96 crore a year ago to Rs 4,010.70 crore, while it decreased 0.31 percent sequentially.
Most of the time, revenue matched expectations, while net profit fell short. Brokerages surveyed predicted Britannia’s net profit would be Rs 517 crore and revenue would be Rs 4101 crore.
EBIDTA, or earnings before interest, tax, depreciation, and amortization, increased by 37.6% to Rs 689 crore. EBIDTA margin increased by 370 basis points to 17.2 percent. One hundredth of a percentage point is known as a basis point.
“We just had a very successful fiscal year that saw an economic recovery amidst historically high inflation rates. We took the lead on pricing decisions as market leaders to counteract inflation and retain profitability. However, this quarter saw a little easing in commodity prices, which led to an increase in local competitiveness. Given that circumstance, some price adjustments were made in order to maintain profitability, remain competitive, and continue to grow top line. Managing Director and Executive Vice Chairman Varun Berry stated.
On August 4, Britannia’s stock price on the NSE ended the day 0.08 percent higher at Rs 4802.55.
