Kolkata : Britannia Industries has posted a jump of 47 per cent in its net profit to Rs 559 crore for the quarter ended March 31, 2023, over the figures of the corresponding quarter in the previous year. This figure was higher than analysts' estimates.
Total revenue from operations came in at 4,023.18 crore during the reviewed quarter, against Rs 3,550.45 crore in the same quarter last year, which registered a 13.31 per cent growth, according to a statement shared with exchanges.
"We delivered robust growth...this quarter on the back of significant distribution gains, which reflects our execution strength across businesses & channels," said Varun Berry, Vice-Chairman and Managing Director. "We continued to accelerate our rural journey with focus on enhancing reach, partnering with 28,000 rural distributors, and sustaining our diligent market practices," he added.
The company in its statement said the double-digit top line growth was fuelled by distribution across businesses and channels. Total expenses marginally increased to Rs 3,322.48 crore in the reviewed quarter, against Rs 3,085.45 crore in the corresponding period of the previous fiscal.
"We also commercialised three new lines of Rusk this quarter. This is in line with our strategy to make in-house, our exclusive range of products, and further enhance productivity. We efficiently scaled-up the capacity of our drinks and other dairy lines to better leverage seasonal opportunities & enhance supplies to the Bakery division for captive consumption," said Berry.
Britannia Industries shares settled at Rs 4,623.90 apiece on BSE on Friday, registering a 0.85 per cent increase from its previous close.