Food products major Britannia Industries (BIL) on Tuesday reported a 51% rise in consolidated net profit at Rs 208 crore for the third quarter ended December. In the same quarter last year, the net profit stood at Rs137 crore. The company achieved a 10% growth in consolidated revenue at Rs 2,224 crore during the quarter as against Rs 2,015 crore a year ago.
The consolidated profit from operations increased 57% to Rs294 crore during the quarter.
“Our strategy of focusing on execution and commercialising potential consumption opportunities helped us deliver double digit revenue growth. This was made possible by the hard work and determination of our passionate and motivated team of Britannians. We achieved this in a sluggish demand scenario aggravated by floods in Tamil Nadu and a dampened Diwali,” Varun Berry, Managing Director, Britannia said.
The growth in the quarter ended December was impacted by 100 basis points due to phasing out of excise duty incentives available to the company. “While the prices of key commodities started trending upwards, we continued to offer more value to our consumers in terms of organoleptically superior and competitively priced products which helped us deliver double digit growth,” he added.
Britannia’s shares closed the day’s trading at 2.81% lower at Rs2,777.85 per share on BSE.