Biscuit major Britannia Industries on Friday reported a consolidated net profit of Rs 536.61 crore for the quarter ended March 31, down nearly 4% versus the previous year. This was, however, in line with analysts’ estimates, who had pegged net profit at Rs 542 crore. The firm had reported a net profit of Rs 557.6 crore in the year-ago period.
Consolidated revenue rose 3% year-on-year in Q4 to Rs 4,014.07 crore, below Street estimates of Rs 4,109 crore. The company had reported revenue of Rs 3,892.02 crore in the year-ago period.
Britannia’s earnings before interest, taxes, depreciation, and amortisation (Ebitda) during the March quarter dropped 1.92% to Rs 785.5 crore from Rs 800.9 crore in Q4FY23. Ebitda was in line with Bloomberg consensus estimates of Rs 782 crore. The company’s margins fell 50 basis points to 19.4% in the quarter under review, compared to 19.9% in the same period last year.
The company’s board has recommended a final dividend of Rs 73.5 per share for FY24.
“Our market share rebounded as the year progressed as a result of strategic pricing actions to maintain competitiveness and intensified investments in brands, supported by distribution expansion,” Varun Berry, vice-chairman & MD, Britannia, said.
He said focus states such as UP surpassed other regions in terms of growth, despite a generally subdued rural demand. “We bolstered our abilities to capitalise on rapidly growing channels like modern trade and e-commerce, both of which experienced double-digit growth compared to the previous year,” Berry said.
Shares of Britannia ended trade 0.32% at Rs 4,745.15 apiece on the BSE on Friday.