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Packaged Foods company Britannia Industries announced Q4FY24 & FY24 results:
Q4FY24 Financial Highlights:
- Britannia's consolidated sales for the Q4FY24 stood at Rs 4,014 crore, marking a growth of 3.1% over the previous year.
- The operating profit for the same quarter was Rs 708 crore, which is 17.6% of sales.
FY24 Financial Highlights:
- For the FY24, consolidated revenue reached Rs 16,546 crore, showing a 3.5% increase from the prior year.
- The operating profit for the year grew by 10.1% to Rs 2,869 crore, which represents 17.3% of total sales.
- The Board of Directors has recommended a final dividend of 7350%, which equates to Rs 73.5 per share with a face value of Re. 1/- each.
Commenting on the performance, Varun Berry, Vice Chairman & Managing Director, said: “In a tepid consumption scenario, our performance this year signifies resilience and competitiveness. Over the past 24 months, we have achieved a strong 19% growth in revenue, accompanied by a notable 43% increase in operating profit. Our market share rebounded as the year progressed as a result of strategic pricing actions to maintain competitiveness and intensified investments in brands, supported by distribution expansion.
We significantly expanded our distribution network, reaching approximately 27.9 lakh outlets directly and added around 2000 rural distributors over the past year. Our focus states surpassed other regions in terms of growth, despite a generally subdued rural demand. We bolstered our abilities to capitalize on rapidly growing channels like Modern Trade and Ecommerce, both of which experienced double-digit growth compared to the previous year.
On Cost & Profitability front, we will stay vigilant of the commodity prices & evolving geopolitical landscape. Our Cost Efficiency Program continues to yield operational savings of ~2% of revenues, ensuring healthy operating margins. We will continue to invest behind our brands and stay price competitive with a clear objective of driving market share while sustaining profits.
We remain committed to the ESG framework of People, Growth, Governance and Resources to build a sustainable and profitable business.”
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