Britannia Industries Ltd, a prominent player in the Indian FMCG sector, announced its consolidated financial results for the first quarter of FY24. The company reported a net profit of Rs 455.45 crore, marking an impressive growth of 35 percent compared to the corresponding period last year when it posted Rs 335.74 crore.
However, the net profit figure fell sequentially by 18.3 percent from Rs 557.60 crore in the previous quarter. Despite the sequential dip, the year-on-year growth reflects the company’s sustained efforts to navigate challenges and maintain a robust financial performance.
Britannia’s revenue for the quarter registered an 8.36 percent increase, reaching Rs 4,010.70 crore as opposed to Rs 3,700.96 crore in the same quarter of the previous year. In comparison, there was a marginal sequential decline of 0.31 percent in revenue.
Although the revenue figures were largely in line with expectations, the net profit fell short of estimates. According to a poll conducted among brokerages, Britannia’s net profit was anticipated to be around Rs 517 crore, with revenue expected to be approximately Rs 4,101 crore.
Despite the divergence from estimates, Britannia’s performance remains noteworthy in the FMCG landscape. The company’s resilience and ability to maintain a strong revenue growth amidst challenging market conditions reflect its strategic positioning and consumer trust.
On August 4, Britannia’s share price exhibited a modest uptick of 0.08 percent, closing at Rs 4,802.55 on the National Stock Exchange (NSE). The market’s response underscores the confidence investors have in the company’s long-term prospects.
