Bakery foods company Britannia Industries Ltd on Friday reported a 35.7 percent year-on-year (YoY) jump in net profit at Rs 455.5 crore for the first quarter that ended June 30, 2023.
In the corresponding quarter last year, Britannia Industries posted a net profit of Rs 335.7 crore, the company said in a regulatory filing. CNBC-TV18 Polls had predicted a profit of Rs 515 crore for the quarter under review.
The total revenue during the period under review stood at Rs 4,010.7 crore, up 8.4 percent against Rs 3,700.9 crore in the corresponding period of the preceding fiscal. CNBC-TV18 Polls had predicted revenue of Rs 4,110 crore for the quarter under review.
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.
First Published: Aug 4, 2023 7:15 PM IST
