On 1 November 2023: Britannia Industries Ltd (BSE, NSE: BRITANNIA) announced its Q2 2023-24 financial results, reporting positive Q2 results with Profit up and margins beating estimates. Profit has risen in Q2 FY 23-24, for the consumer food giant.
Table of Content
Consolidated Result Takeaways
Here are the overall consolidated highlights in Q2 results:
- The maker of the much-cherished Marie Gold biscuits has had a good quarter with Consolidated Sales for Q2 FY 23-24 seeing a growth of 9% and standing at ₹3,970 Cr.
- The Operating Profit has grown by 37%, reaching ₹618 Cr.
- Net Profit has witnessed growth in Q2 and stands at ₹458 Cr, a rise of 36%.
Additional Read: Q2 Results Dashboard
Management Commentary
The MD and CEO of Britannia Industries Limited had some insights on the results and these are shared below:
- So far, the company has experienced a successful financial year given that financial recovery was slow in a largely inflationary economic atmosphere.
- Britannia Industries, a leader in its market, has strived to lead pricing actions to offset inflation yet maintain profitability.
- Nonetheless, in Q2, commodity prices softened marginally and this led to intensified local competition. Due to this, specific price corrections were executed to remain competitive, continue to drive production and sales and maintain profitability.
- In the context of this atmosphere, the company has delivered a healthy Revenue growth of 9%. This is largely due to strong distribution gains and necessary investments in brands.
- In Q2, Britannia Industries has managed to keep its head well above water by robust on-ground execution and diligent market practices. This is also reflected in its rural performance despite muted demand in this segment.
- It is hoped that new launches like Jim Jam Pops (open biscuits) will take the demand for unique products up for the top biscuit maker.
- New factories in Tamil Nadu and Uttar Pradesh have been scaled up in Q2, to increase the company’s market presence.
- The company continues its efforts toward sustainability and is committed to its ESG framework of “People, Growth, Governance, and Resources” to build a more sustainable business.
Financial Results
Here are the financial results of Q2 in a nutshell (all figures in ₹ Cr, except where indicated by %):
| Metrics | Q2 FY 2023-24 | Q2 FY 2022-23 |
| Revenue from Operations | 4,432.88 | 4,379.61 |
| Total Income | 4,485.23 | 4,432.85 |
| Profit Before Tax | 798.63 | 659.20 |
| Profit After Tax | 586.50 | 490.58 |
Additional Read: Britannia Share Price
About Britannia Industries Limited
Britannia Industries Limited is an Indian enterprise that boasts a legacy spanning 120 years. The beginnings of the company can be traced back to 1892 when a few Kolkata businessmen created a company to make biscuits. In time, the company’s product portfolio has evolved and includes a variety of snacks, adored by several consumers in the country. Presently, a billion Indians are served by the company, with a range of offerings in terms of tastes and affordability. The products that the company manufactures are available in all corners of India, and Britannia takes pride in the fact that good food is vital to living well. The company makes snacks and biscuits that are not only worthy of your tastebuds but are also healthy and nutritious.
Additional Read: FMCG Sector in India
The mission of the company is to become a “Responsible Global Total Foods Company”. Popular products that the company is responsible for manufacturing are some classic greats like Marie Gold, Good Day, and 50-50 biscuits. These are household names in the country. The company has also ventured into making cakes and breads. Along with catering to a variety of Indian palettes, the company is also engaged in responsible business with its CSR and sustainability efforts. With a concentration on innovation, R&D, and sustainability, the company looks ahead with great optimism in its business and continues to be one of the leaders in its sector.
Source: https://www.britannia.co.in/investors
