Britannia consolidated net profit drops 29% to Rs 387 crore in Q1

[ad_1]


Home-grown food company 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.


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.


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.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

Dear Reader,

Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.

We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor



[ad_2]

Source link

Leave a Reply

Your email address will not be published. Required fields are marked *