Britannia Industries Limited, one of India’s leading food companies, announced a consolidated net profit of Rs 536.61 crore for the fourth quarter ended March 31, 2024, representing a decrease of 3.76% compared to the corresponding period last year.
According to the regulatory filing, the company’s total revenue for the quarter stood at Rs 4,069.36 crore, marking a modest increase of 1.14% from Rs 4,023.18 crore in the same quarter of the previous financial year.
Sequentially, the net profit declined by 3.2% from Rs 556.39 crore reported in the third quarter of FY24, while revenue saw a 4.2% decrease from Rs 4,306.89 crore in the same period.
Varun Berry, Vice Chairman & Managing Director of Britannia, attributed the company’s performance to strategic pricing actions and intensified investments in brands, backed by distribution expansion. He highlighted the significant expansion of the distribution network, reaching approximately 27.9 lakh outlets directly and adding around 2,000 rural distributors over the past year.
Berry emphasized the company’s vigilance regarding commodity prices and the changing geopolitical landscape to ensure stability in costs and profitability. He also underscored Britannia’s commitment to driving market share while sustaining profits through investment in brand development and maintaining competitive pricing.
The earnings before interest, tax, depreciation, and amortization (EBITDA) for the quarter stood at Rs 785.5 crore, reflecting a decline of 1.7%. EBITDA margins also dipped by 50 basis points year-on-year to 19.4%.
Despite the challenging market conditions, Britannia’s board has recommended a final dividend of Rs 73.5 per share for the financial year ended March 31, 2024.
Britannia’s investment in the ESG (Environmental, Social, and Governance) framework remains steadfast, focusing on People, Growth, Governance, and Resources to foster a sustainable and profitable business model.
The company’s shares closed marginally lower by 0.32% at Rs 4,745.15 apiece on the BSE on May 3, ahead of the earnings announcement.