Britannia Q1 Results | Volume growth flat compared to estimates of 4-5%

At the operating level, EBITDA jumped 37.6 percent to Rs 689 crore in the first quarter of this fiscal over Rs 500.7 crore in the corresponding period in the previous fiscal.

EBITDA margin stood at 17.2 percent in the reporting quarter as compared to 13.5 percent in the corresponding period in the previous fiscal. EBITDA is earnings before interest, tax, depreciation, and amortisation.

Britannia's consolidated sales for the first quarter ended June 30, 2023, grew 9 percent to Rs 3,970 crore and operating profit grew 37 percent to Rs 618 crore. The company's volume growth was flat compared to estimates of 4-5 percent.

Varun Berry, executive vice chairman and managing director, said, "As market leaders, we led pricing actions to offset inflation & maintain profitability. However, in this quarter, commodity prices marginally softened & hence, the local competition intensified."

"Our new greenfields in Tamil Nadu & Uttar Pradesh were efficiently scaled up. With capacity and capability enhancements planned in Ranjangaon Food Park, we are well poised to further extract productivity and enhance competitiveness in these growing markets," Berry said.

The results came after the close of the market hours. Shares of Britannia Industries Ltd ended at Rs 4,803.00, up by Rs 12.95, or 0.27 percent on the BSE.