Britannia Industries on Friday posted a 118.25% year-on-year (YoY) rise in net profit at Rs 542.68 crore for the quarter ended June 30. It had posted a net profit of Rs 248.64 crore in the corresponding quarter last year.
Consolidated revenue of the company increased 26.67% YoY to Rs 3,420.67 crore in Q1FY21. The figure excludes other income of Rs 93.68 crore.
ET Now in its analysts’ poll had projected a profit of Rs 413 crore.
Consolidated EBITDA of the biscuit maker rose to Rs 717.4 crore in April-June period from Rs 395 crore in the year ago period. The company reported margin at 20.98%.
|Britannia||Figures in Rs||% change (YoY)|
|Profit||542.68 crore||+ 118.25|
|Revenue||3,420.67 crore||+ 26.67|
|EBITDA||717.4 crore||+ 81.62|
“The quarter posed an uphill task for the economy in wake of Covid-19 and caused significant disruptions due to lockdowns imposed to curtail its spread. Factories, depots, transport & vendors across the supply chain were impacted. Our nimble culture helped us quickly adapt to the situation & meet the market demand,” said Varun Berry, Managing Director of Britannia Industries.
The management attributed the cost efficiency and reduced advertising as reasons behind doubling of bottomline during the quarter.
“We were quick to resort to cost efficiencies through extraction of supply chain efficiencies, reduction in wastages and fixed costs leverage. We also rationalise media spends. These measures helped us improve the shape of our business and record a massive 670 bps increase in operating profit during the quarter,” said Berry.