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Britannia’s consolidated revenue for quarter up 6%; Net profit up 33%
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Tuesday, 12 November, 2019, 14 : 00 PM [IST]
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Our Bureau, Bengaluru
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Britannia Industries reported consolidated revenue growth of six per cent for the quarter at Rs 3,023 crore. Consolidated net profit increased by 33 per cent for the quarter at Rs 404 crore.
Commenting on the performance, Varun Berry, the company’s managing director, said: “We continued to grow faster than the market with a sequential revenue growth of 13 per cent. In the base business, we continued our premiumisation and innovation journey with the launch of limited-edition Treat cream biscuits and Little Hearts Strawberry.”
“We have also seen sequential growths in some of the new category launches and our plan is to scale up salted snacks in the West and croissant in the East and South. Further, during this phase of sluggish demand, we continued to invest in enhancing our brand equity through focussed product campaigns. This is on the belief that the recent measures announced by the government will kick-start the economy and boost consumer demand as we move forward,” he added.
“On the cost front, we witnessed moderate inflation in the prices of key raw materials for the bakery business while there was an inordinate increase in milk prices which impacted our dairy business. We, however, accelerated the drive on cost efficiencies and leveraged fixed costs which helped us improve the shape of our business and deliver highest ever operating profits in the quarter,” Berry stated.
“On the environment front, we believe that sustainability is the responsibility of every individual. In this context, we conducted a plastic waste collection drive with wholehearted participation from our employees. We also ran a digital campaign to inspire individuals to make a start on the waste segregation journey,” he added.
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