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Britannia Q1 results: Net profit falls 29% to Rs 387 cr

Britannia Q1 results: Net profit falls 29% to Rs 387 cr

Total income during the first quarter stood at Rs 3,464 crore, compared to Rs 3,514 crore in the same period of last fiscal

PTI
  • Updated Jul 31, 2021 11:56 PM IST
Britannia Q1 results: Net profit falls 29% to Rs 387 crthe company delivered a healthy consolidated 24-month sales growth of 25 per cent.

Home-grown food company Britannia Industries on Friday reported a 29 per cent decline in consolidated net profit at Rs 387 crore for the quarter ended June 30. The company had posted a consolidated net profit of Rs 543 crore for the April-June period of previous fiscal.

Total income during the first quarter stood at Rs 3,464 crore, compared to Rs 3,514 crore in the same period of last fiscal.

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Britannia MD Varun Berry said, "Second wave of Covid-19 struck the country hard followed by lockdowns imposed by various state governments. We witnessed the evolving nature of the pandemic as well as consumer sentiment and behaviour."

In these uncertain times, the company delivered a healthy consolidated 24-month sales growth of 25 per cent and net profit growth of 55 per cent, he added.

"On the cost front, we continued to witness an increase in the prices of palm oil and crude. In light of hardship to the consumers owing to the pandemic, we were cautious on pricing but aggressive on cost efficiencies, which helped us improve our operating profit from 14.9 per cent in Q4 FY 21 to 15.1 per cent in Q1 of FY22," Berry stated.

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The company shall go for calibrated price increases as things normalise and will continue to create and sustain an ecosystem of financial and operating efficiencies, he added.

Also Read: Britannia Industries to pump in Rs 94 crore for expansion of Odisha unit

Also Read: Bandhan Bank Q1 profit slumps 32.1% to Rs 373.1 cr; income up 16.7%

Published on: Jul 31, 2021 7:46 AM IST
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