Britannia Industries Ltd Q3 Results FY2023, PAT at Rs. 932.4 crores

On 1st February, Britannia Industries Ltd announced its results for the third quarter of FY2023.

Key Highlights:

-  Britannia’s Consolidated Sales for the Quarter ended 31st December 2022 grew 16% to Rs. 4,101 Crores
- Net Profit grew 151% to Rs. 932.4 Crores
- The Net Profit includes an exceptional gain (net of tax) of Rs. 359 Crores, pursuant to a Joint Venture agreement with Bel SA for the Cheese business and consequent sale of 49% equity stake in its subsidiary & fair valuation of the residual stake of 51%

Commenting on the performance, Mr. Varun Berry, Vice Chairman & Managing Director, said: “We have witnessed positive growth momentum over the last few quarters. Our Go-to-market strategy and investments in brands & innovation have helped us register a robust topline growth of 16% YoY. Our growing consumer franchise and Brand strength is evident in the consistent market share gains over the past 39 quarters. Continued focus on enhancing direct reach coupled with Rural agenda have helped us deliver solid growths over the past few quarters. We supported our brands & innovations with the requisite investments in the digital & mass media space. We expanded the footprint of a few of our adjacent categories including croissant & cakes and made entry into new categories. As a part of continuous improvement, we relaunched products like Pure Magic Chocolush & Rusk with improved recipes. Some of our new launches like Biscafe, Golmaal, NC Seeds & Herbs and Marble cake have done extremely well & continue to grow aggressively quarter on quarter. On cost & profitability front, our pricing actions and intensified cost efficiency program helped mitigate the inflation. On the back of opportunistic buying and moderation in inflation this quarter, our operating margins improved by 330 Bps. We are being vigilant of the competitive actions in the marketplace and shall deploy appropriate pricing actions to drive market share. In line with our ambition to become responsible total foods company, we entered into a strategic partnership with Bel, the renowned French cheese maker, to offer Indian consumers a world-class range of nutritious, delicious and accessible cheese products. Cheese is an under-penetrated category and this partnership will help us expand the nascent but fast growing cheese category in India and being a leader in fulfilling evolving consumer needs. On sustainability front, we stay committed to our ESG framework of People, Growth, Governance, and Resources and shall continue to focus on our initiatives to build a Sustainable Profitable business.”