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Britannia reports consolidated revenue growth of 10% in Q3 at Rs 2224 cr
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Friday, 12 February, 2016, 08 : 00 AM [IST]
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Our Bureau, Mumbai
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fiogf49gjkf0d Britannia Industries Ltd (BIL), a leading food company, has reported consolidated revenue growth of 10% in Q3 and 12% for the nine months at Rs 2,224 crore and Rs 6,417 crore respectively.
Consolidated profit from operations increased 57% in Q3 and 65% for the nine months at Rs 294 crore and Rs 853 crore respectively. Consolidated net profit increased 51% in Q3 and 18% for the nine months at Rs 208 crore and Rs 616 crore respectively. Excluding the one-time profit on sale of land and building in Q2 of the previous year of Rs 124 crore (post-tax), net profit for the nine months increased 55%.
On a standalone basis, revenue growth of 11% in Q3 and 12% for the nine months at Rs 2,032 crore and Rs 5,875 crore respectively. Profit from operations increased 66% in Q3 and 69% for the nine months at Rs 280 crore and Rs 801 crore respectively. Net profit increased 61% in Q3 and 17% for the nine months at Rs 193 crore and Rs 565 crore respectively. Excluding the one-time profit on sale of land and building in Q2 of the previous year of Rs 124 crore (post-tax), net profit for the nine months increased 58%.
Commenting on the performance, Varun Berry, MD, BIL, said, “Our strategy of focussing on execution and commercialising potential consumption opportunities helped us deliver double digit revenue growth. This was made possible by the hardwork 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. Our initiatives to make in-roads in our weak states have progressed very well and helped us bolster the growth. The growth in the quarter and nine months ended December' 2015 was impacted by ~100 bps 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 & competitively priced products which helped us deliver double digit volume growth.”
He added, “We have accelerated our innovation and premiumisation drive which we believe would help drive consumer off-take and gain long-term consumer loyalty, affinity and demand. In this regard, I am pleased to announce the launch of another delightful product from our stable called Pure Magic Deuce which is currently being test marketed in Bangalore. We have pursued our endeavour to strengthen our backend by setting up state-of-the-art R&D centre which has the capability of delivering innovative and superior products for our consumers and technological superior factories which would help us realise economies of scale and enhance supply chain efficiencies. In this context, I am pleased to announce that our new factory and R&D centre in Karnataka is nearing completion and is expected to be commercialised soon. We strongly believe that our initiatives in building future-ready capability along with tight control on all elements of cost shall help us in delivering profitable revenue growth for our company going forward."
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