Bakery food company Britannia Industries reported a 19.55 per cent year-on-year (YoY) increase in consolidated net profit at Rs 586.50 crore in the second quarter ending September 2023, primarily attributed to a decline in commodity prices.
The company posted a net profit of Rs 490.58 crore, according to the company’s regulatory filing.
While net sales saw a marginal increase to Rs 4,370.47 crore during the quarter, compared to Rs 4,337.59 crore in the previous year, revenue from operations in the September quarter reached Rs 4,432.88 crore, reflecting a 1.21 per cent uptick.
Britannia Industries, known for brands like Good Day, Tiger, NutriChoice, Milk Bikis, and Marie Gold, recorded a 2.33 per centreduction in total expenses, amounting to Rs 3,685.56 crore.
During the quarter, heightened competition emerged as commodity prices softened, leading to price reductions in certain categories. To maintain competitiveness, strategic pricing corrections were implemented in key brands and SKUs, resulting in market share recovery.
