Britannia Q1 profit dips 0.8% YoY; revenue up 8.8%, misses estimates
ADVERTISEMENT The company did not attribute any reason behind the fall in profit. Britannia's managing director Varun Berry said in the earnings release that there was a marginal uptick in consumption across both urban and rural markets in the quarter under review, underpinned by moderating inflation which helped (near) double-digit growth after the last few periods.
Berry said as the year progresses, the company's focus will remain on sustaining a healthy growth trajectory while protecting margins amidst a heightened competitive landscape across product categories.
"We aim to further reinforce our market leadership through continued investments in brand building and innovations," he said. Britannia's consolidated revenue from operations for the quarter went up by 8.8% yoy at Rs 4,622.22 crore while net profit grew by 3% yoy at Rs 520.13 crore. Consolidated sales for the quarter grew 9.8% at Rs 4,535 crore.Berry said the company had a robust double-digit growth across our focus markets and in adjacent bakery categories such as rusk, wafers and croissant. He said the company's performance during the quarter underscores the effectiveness of its focused execution strategy -- maximizing value from existing outlets, more agile servicing to key stores, and driving operational efficiencies across distribution networks.
ADVERTISEMENT On Tuesday, Britannia's shares closed 2.66% down on the BSE at Rs 5,631.35 a piece. The results were declared after market hours.
The company in a stock market notice said the board of directors authorized chairman Nusli N. Wadia to sign the results which were submitted to the stock exchanges.
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